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How do you fix income inequality wealth inequality there are absolute huge issues facing almost every developed country out there including america how do you fix this today i’m going to share with you guys exactly how we can fix it good day subscribers thank you so much for joining me today i am jeremy this is the financial education channel in today we’re
Talking about how do you fix income inequality how do you fix this wealth inequality in america there’s two different things there’s one is the income side which is basically people making such low wages and some people making such high wages there’s also the fact that the majority americans have little or no net wealth meanwhile the richest have the biggest amount
Of wealth they’ve controlled in the united states since before the great depression guys it’s gotten worse and worse over the last few decades we’ve heard a lot of talk about it but you know what we haven’t heard some solution now i hate when i cut some solution we have not heard any solution i have some solutions here some things that would actually work you
Know what’s the only solution and there’s four different points i’m going to bring out and this first one is one of the points is not let’s tax the rich let’s just take all their money and leave them with those you know the smallest amount of the possible that’s the only solution i’ve heard and i used to think yeah that’s a good solution i used to be very naive
And i used to think yeah texas rich people why do they need all that money tax and let’s tax them and then i kind of got any layton’s of some things and i really thought deep about it i really thought how could we really get out of this situation how have i seen other people get out of the situation so one of the ways is not just taxing rich because that won’t work
You just say okay let’s tax a 90 percent tax bracket on the richest people so you made ten million dollars ninety percent of your money gets taken you get left with a million dollars you know what’s going to happen those rich people will either find tax loopholes and get that tax rate way down world they’ll move out of the country that’s exactly what i would do if
Somebody’s told me if i was making ten million of dollars a year from youtube and book sales and whatever right i was making ten million dollars a year and somebody told me jeremy you know what we’re sir texting you 90% or 80% or 70% you want to do peace i’m out of here i mean i love america i absolutely love america but when you mess with my money that’s when it
All ends that’s when the end i’ll go move to singapore where they have no tax i’ll move to dubai i don’t care i’ll move somewhere else you’re not going to take 70 80 90 % of my money that i work my ass off for you’re not taking that i’ll leave in a hot second and so long a massive amount more of the wealthy people so you have all those people leaving that’s less tax
Revenue as a whole in america right because then they just left they went to another country they became a citizen of another country that’s more competitive because they don’t want their money getting taken at the end of the day and then you have a smaller pool of people that are the job creators people that are making the money that are paying the mass amounts
Of taxes that are spending mass amounts of money in america of creating jobs and those kinds of things guys so that’s exactly why that plan will never work that’s just super tax the rich let’s take you know a whole bunch of their money not going to work at the end of the day because if they got a lot of wealth they are smarter than that and they’ll figure out a
Way to get out of that or they’ll just move out of the country as simple as that so that’s definitely not one of the ways in my opinion the best way at all the first way which is number two point entrepreneurship why does entrepreneurship matter so much entrepreneurship is absolutely a way of taking away wealth from some of the superior rich people in basically
Bringing wealth to yourself in my opinion it’s the best way to get out of a hard situation in life by far it’s by far the best some people say oh it’s education it’s going to college getting a job no no no no no it’s entrepreneurship entrepreneurship the one thing that will give you a level playing field or as close to a level playing field as possible the dimm
Doesn’t matter where you came from how poor your whatever entrepreneurship is that way things about this way right i started my photo and video you know marketing company for real estate i started that in late 2015 or early 2016 right think about it this way let’s say i do $30,000 in revenue from that business i wish i focused on it more but i don’t really have
Time because the youtube thing that’s another story is a much bigger platform for me and will give you me much better chance to earn a lot of money right let’s say i make thirty thousand dollars a year right my biggest competitor in that space is a big company who will remain unnamed but they’re a big company they’re in several markets colorado here in las vegas
Few other markets right somebody owns that a company they’re making a lot of money they’re probably making million dollars a year two million dollars three million dollars maybe five million dollars a year i come in here and i take thirty thousand dollars of business away from them so then also net ceo that owned that company that’s maybe making a million dollars
Of profit a year now making thirty thousand less dollars a year and i know there i take direct customers away from them because a lot of my customers say i used to use such and such company now i use you you provide better service better quality of product and you’re cheaper so i go with you now let’s say there’s 10 more jeremy’s out there in now all sent 10 times
30,000 everybody’s doing 30,000 in revenue let’s let’s just assume that number then all son were taken $300,000 away from that person i was making a million dollars now they’re making $700,000 a year entrepreneurship is absolutely the way to be the whole income inequality the reason you have so much incoming inequality in america is you have too many companies
Completely dominating their spaces which makes a massive amount of wealth in income go to the top people running that company or owning that company because there’s not enough competition when there’s a lot of competition guess what everybody’s income goes down then who’s affected by that the most the people at the top because they have a lot of people coming in
Here at the bottom here guys so when you have a situation where not a lot of people are interested in entrepreneurship becoming entrepreneurs and competing with some of these big corporations or maybe smaller corporations when you have that situation you have a lot a lot more people that are employees of these companies instead of trying to eat them they just join
Them and basically every person you take our marketing becomes an entrepreneur so one less mart that’s one less employee that the companies have higher so think about this way everything supply and demand in this world though all whole economy is run on supply and demand we have a lot of supply of employees then in employers maybe don’t have a stronger demand then
They can pay really low wages for these employees they can because they’re dime a dozen they’re a dime a dozen but guess what when those employees leave they start their own businesses to compete with those companies and they don’t work for them guess what the companies have to do there’s a much smaller supply of employees to even hire out there so those companies
Have to pay much higher wages because they’re trying to get and maybe there’s not a good a quality talent out there now at this point so they have to pay much higher wages which then takes out of the whole the owner pockets rate and goes into the employees so entrepreneurship is absolutely in my opinion without a doubt the strongest and best way to help manage this
Whole income inequality the whole wealth inequality in america guys because you basically just have a lot of people that are just want to be employees not enough people that want to open up businesses start businesses to actually compete out there and take business away from those guys and gals that are making millions of dollars tens of millions of dollars have
100 you know million-dollar and billion dollar valuations on these companies guys you start more businesses you’re going to eat into that number three number three is people deciding this is a personal finance one people are starting to take out less debt and invest more money basically at the end of the day what you have is you have a situation here in america
Specifically i’m talking about misses most of developed world where people take out massive amounts of debt where they don’t even have a dollar to their name like they’re negative because they might only have $30,000 in a bank they open up a $250,000 mortgage so they’re now 200 and what two hundred and twenty thousand dollars more in depth than they have actual
Equity so they have no money to invest because they’re trying to pay off that expensive car that expensive home those student loans all this stuff guys and guess what that leaves way less money any money at all to invest and actually create them wealth so they’re just working like a slave mentality of okay let me take out all his debt let me just try to you know
Pay off this debt which was never going to get paid off you’re going to be paying it off for the rest of your life you’re an old person right and meanwhile they could be investing that money if they wouldn’t have taken all that debt and paid all that interest which is just helping the people at the top that own those stocks are on those banks or whatever guys so
If they invest it more in things and took out less debt then they would have a situation where they’re in the position of power instead of a position of weakness which is when they only owe so much debt and they don’t have any money to invest a tenday if you want to make money in this world if you want to build wealth you got to invest money whether it be in real
Estate or stocks or whatever if you that’s the way you build wealth not by paying off that house for the next eight hundred years or paying off that expensive car that cost you five hundred six hundred dollars in payments a month and takes out money you could be spending over here and investing guys so people taking out less debt and just investing more it would do
Dramatic things to the whole in income inequality type situation guys in wealth inequality and number four the last one here number four is people need to stop being so complacent at their work what we have is a situation where a lot of people like to complain about their job other people like to say i never give raises or i only get two percent raise a year or you
Know i’m sick of this job but they don’t ever do anything they don’t do about it they don’t do anything to just okay well i guess that’s the way it goes and they don’t try to get a job at a better workplace they aren’t really applying a job they’re really trying to start a business on the side that they can maybe build into a business where they can actually quit
Their job and start focus on that business full-time they’re not willing to ever take a step back and sometimes they can’t take a step back and leave a job to go try to be an entrepreneur and trying to make a business work because of number three they have so much damn debt that they have to pay out constantly and they don’t want to be seen as a failure and all
My car got repossessed and my house got repossessed and this got repossessed because the owner on the step they don’t want to be seen as a failure in public socially because that’s how people were viewing wow that the person’s a loser they got the you know this repossessed and that so they just keep working at this job they you know and being complacent instead of
Trying to get out go out there and get a better job or start business and be an entrepreneur just they just want to complain about a job and you know i never get raises or hardly ever get a big raise at all it’s like little teeny raises here and there and that’s just the way it works and people are just very complacent instead of going out there and grinding and
They have too much debt and it’s just it’s a mess guys so you really want to fix it income inequality wealth inequality start businesses entrepreneurship take out less debt invest more money and if you do work a job don’t be complacent that go get a better job fight for your pay for your money at the end of the day and put yourself in a position of power and then
We’ll start getting that that hole okay the 1% they own this much wealth we’re in the bottom you know 99% we own this amount to all sun you know it’s starting to get more in balance than those kinds of things guys so that’s a way to do it and will it happen absolutely not it will never happen because people are lazy by you
Transcribed from video
How to Fix Income Inequality in America! Wealth Inequality! By Financial Education
