Warren Buffet and Bill Gates discuss why a flat tax would be a mistake, how taxes on the wealthiest Americans are too low, and how the tax system has been tipped totally in favor of the wealthy. From a 2005 program on Nebraska public television.
Tag Archive for 'Wealthy'
Billionaire business leader Warren Buffet discusses the goods that wealthy philanthropist missionaries should heavily impact the future. Learn how to make 100% a month, straight from the adept trading horses mouth. AdeptPENNYtrading.info
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Pittsburgh, PA (PRWEB) June 28, 2006 –-
When leaving a legacy, wealthy individuals ought to think about their money in the context of “stewardship” and not “ownership,” according to Bruce Bickel, Ph.D., a senior vice president of PNC Wealth Management, in response to the recent philanthropic announcements by Warren Buffett and Bill and Melinda Gates.
“Rather than reaching a stalemate over how to share their wealth, they should explore their shared beliefs and values. How they spend their money and the legacy they leave then becomes an expression of the heart, not the power of the purse,” said Bickel.
In terms of how wealthy men and women view philanthropy, a recent survey conducted by PNC of nearly 1,500 affluent Americans, found very different perspectives. Men tend to donate greater amounts of money to political or advocacy organizations, religious and faith-based organizations, and educational institutions. Women, on the other hand, donate greater amounts to children and youth services, community foundations, animal rights groups and women’s organizations. Furthermore, women are generally more concerned than men about giving to charities and having enough assets for philanthropic purposes, Bickel reported.
Bickel oversees 16 private foundations across the nation for PNC Wealth Management and understands the motivation behind decisions of affluent people to donate one’s wealth to charitable causes, and the processes for foundations in dealing with a large inflow of capital, as well as managing the demands from the foundation’s viewpoint.
The survey was commissioned by PNC to identify attitudes about wealth among high net worth individuals, how it affects their lives and their needs in managing wealth.
The PNC Financial Services Group, Inc. (NYSE: PNC) is one of the nation’s largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
For more information, contact Alan Aldinger, PNC Corporate Communications, at 412-768-3711.
Survey Methodology
The survey was conducted online by Harris Interactive in October and November 2005 among a nationwide cross section of 1,485 adults (age 18 or over) with annual incomes of $ 150,000 or above (if employed), at least $ 500,000 of investable assets (if employed) or at least $ 1 million of investable assets (if retired).
Media Contact:
Alan Aldinger
(412) 768-3711
alan.aldinger @ pnc.com
www.pnc.com
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Gates, Buffett ask wealthy to give
SEATTLE — Microsoft Corp. co-founder Bill Gates and billionaire investor Warren Buffett are launching a campaign to get other American billionaires to give at least half their wealth to charity. Buffett, chairman and CEO of Berkshire Hathaway Inc., said in a letter introducing the concept that he couldn’t be happier with his decision in 2006 to give 99 percent of his roughly $46 billion fortune …
Read more on The Wenatchee World
Gates, Buffett press wealthy to give more to charity
The two richest Americans, Bill Gates and Warren Buffett, called Wednesday on wealthy Americans to give at least half of their assets to charity, saying it can have “a huge effect” on health and welfare of others.
Read more on AFP via Yahoo! News
Buffett, Gates make appeal to wealthy
Warren Buffett and Bill Gates are pressing fellow billionaires to commit at least half their wealth to charity in an effort to draw attention on the responsibilities the wealthiest have for aiding the needy.
Read more on thewest.com.au
Extremely wealthy people know how to make more money, because that’s how they became extremely wealthy people in the first place. They made more money. With that money they worked it to their advantage to get even more money. If you are to become one of the extremely wealthy, you need to adapt to the nine habits exercised by extremely wealthy people.
1. Respect The Benjamins
This is the foundation to your financial success. You must learn how to respect money, every penny of it. Did you know that you can actually achieve success one penny at a time. Over a period of 30 days, start off saving a penny and double the amount every day for 30 days. Do you know much will you have saved? The total is $5,368,708.80!
Of course, for the average person that is not possible. It is possible, however, to save your change every day or every time you have change. Another savings method wealthy people use is to save $1.00 a day.
Your goal in respecting the Benjamins is to become financially free, with your debts at a minimum or eliminated altogether.
Keep in mind, statements made by one of the world’s wealthiest billionaires who made the bulk of his riches from the stock market. Warren Buffett has several money rules by which he lives. Two rules, in particular, attributed to him are to never lose shareholders money, and to always remember the first rule.
If you preserve money like your life depends on it, you will have a firm respect for every other habit you need to incorporate in order to become an extremely wealthy person.
2. Manage The Benjamins
Once you’ve mastered respecting your money and started saving it, you’re ready to take it to the next level to understand how to manage your money. Here is what is meant by managing your money:
• Knowing how much to save.
• Knowing how much to invest.
• Knowing when to spend some on you.
There is a school of thought that promotes saving 10%, giving 10% away to church/charity and spending the remainder on yourself. Part of the 10% you save will become what you eventually invest. If you desire to achieve financial security over the long haul, this method will work. If, however, you are looking for early retirement and your goal is to become an extremely wealthy person, you’re going to have to step it up a bit.
The formula for financial success should be closer to the following:
• Pay all your bills on time.
• Evaluate your spending.
• Reduce your spending by 10%, if at all possible.
• Save 10%.
• Give 10% away.
• Out of the remainder, divide it in half. Invest one-half, spend the rest.
3. Procrastination
Bottom line – don’t do it. Don’t ever put off till tomorrow what you can do today. Take charge of the day and time. Use it to your advantage. Get ahead of the game, if at all possible.
The time you lose in procrastinating will often overwhelm you when attempting to catch up. It also takes the fun out of doing business when you’re always catching up.
4. Meet Your Commitments
If you commit to do something, do it. If you commit to provide a product by a certain time and place, follow through. It is easy to over commit when you have aspirations of becoming an extremely successful person, but don’t do it.
When asked for something by a specific date, evaluate your time. Can you really commit to it? If not, provide one that’s more workable.
5. Stellar Plan
A stellar plan is always a factor in establishing a stellar foundation to a business. You must have a solid business plan that includes the following:
• Define what becoming an extremely success person means to you – determine at what point you arrive at your goal.
• Product/service you will be providing.
• Identify goals that will help you arrive at your financial success.
• Work the plan.
• Visit/update the plan quarterly throughout the life of the plan.
6. Execution
Sometimes the success of a plan is all in how it is executed. Before you execute your plan, write down all the different media you will use to advertise the launch of your new business. After you do, broadcast the launch of your new business.
7. Watchful Anticipation
You don’t stop monitoring your business once you’ve launched it. You watch it, obtain different statistics to see how it’s moving along, and monitor sales and feedback you receive. Anticipate success and always be upbeat when responding to questions or criticism about your business.
8. Scope Change
It often happens whether you’re launching a new business or maintaining a current one. The scope of the business may need change, or you just may need to adjust how you’re doing business in order to achieve greater success.
9. Charity Investments
Giving to church or charity is actually an investment, an investment in someone else’s life. It’s amazing what you get back when giving to a church or charity. The typical standard is 10% of your income. The sense of satisfaction or selflessness you get in giving regularly is something you will not experience doing anything else.
It’s also a way to remain humble in your achievement of wealth. It helps keep your wealthy world in perspective and makes you less self-centered and self-focused.
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A true story about wealth accumulation.
One day to my very own surprise, a relative of mine told me that I was rich! No, I had not inherited a fortune from some deceased uncle, or won the lottery, no such luck. But, I was driving a brand new Porsche 911 one of two I owned. I became a pilot and purchased an airplane. I took vacations to distant, exotic places…she was right, my mother was right! How did this happen? Was it instant internet wealth?
We need to get one thing out of the way first, In My Humble Opinion, there really is no such thing as instant internet wealth. In fact even winning the lottery or inheriting wealth are not instant. So let’s settle down and get a grip. This crazy idea that anyone can become instantly rich has never, to my knowledge, happened in recorded history. Someone, somewhere, had to create that wealth in the first place. However, it does happen from time to time in fairy tales.
Ignore the hype about instant internet wealth, or any other kind of instant wealth…
Among the many things that being wealthy has allowed me to do is become a certified private pilot, now that’s a story for a future article. The point is that flying really is a complicated endeavor, but by breaking the process down into its logical steps, we make it a manageable and even enjoyable experience. Building wealth is no different, we can analyze it and determine the rules for success. By practicing these rules and conducting your life by them, you too can become wealthy. No one showed me how to become wealthy, but maybe I can show you.
The first rule of building wealth is to live well within your means.
Never spend more than you make, NO MATTER WHAT HAPPENS! So either, we have to earn more than we spend or, spend less than we are making. We must establish a balance. Do we really NEED that new big screen TV right away? If you have to buy it on credit, I guarantee you, you don’t NEED it! Warren Buffett, one of the richest men in the world still lives in the house he bought back in the 1950′s! Need I say more?
It’s kinda funny, I never had time to watch TV! I was to busy learning how to become wealthy without even knowing it. That’s part of the secret, don’t let anything or anyone STEAL your precious, valuable time. You actually start to create wealth the moment you start being in YOUR moment, not someone else’s.
One day, Mr. Zazaki, discovered that he had accidentally become wealthy. You are invited to visit with him at: instant internet wealth or his other base in cyberspace, how to become wealthy, and find out more about this accident.
Wealthy clients looking for plans they can trust
“Warren Buffett has a great saying, that when the tide goes out, we get to see who’s been swimming naked,” said Adam Butler, a director of wealth management and associate portfolio manager at Richardson GMP.
Read more on Reuters via Yahoo! News
