Advancing Philanthropy magazine published an enlightening report recently on worry and the rich ("What Worries The Wealthy," September-October 2006, page 46).
Quoting The U. S. Trust Annual Survey of Affluent Americans, AP reported the top "worries" of the rich this way:
1. Terrorism in the U. S. and abroad will negatively impact the economy and the securities markets (right at 90% ranked this concern first, up from 86% in 2003).
2. Concerns for the next generation's financial difficulties (75% cited this as a major worry, down from 82% in 2003).
3. Fear that taxes will rise steeply in the next few years (70% expressed this worry, up from 59% in 2003).
U. S. Trust, a New York-based financial management company conducts the annual poll that seeks information and opinions from a representative sampling of the top 1% of the wealthiest Americans. The "wealthiest Americans" by this poll's definition are individuals with adjusted gross incomes of more than $325,000 annually or net worth of greater than $5.9 million.
16 comments:
So on the #2 is this the next generation of the rich they are talking about or next generation in general. Because if it's off just the rich I believe they are a bit out of touch with reality.
On another note, are you going to check out the program on ABC's 20/20 Jan. 26 about the children growing up in poverty. I plan on watching it and recording. Thanks for your blog and the reminder to keep fighting for those in poverty just as Jesus would.
Amanda
Amanda, thanks for the post. The concern of #2 worry has to do with the children of the wealthy.
Yes, at your rec I will try to watch and/or record the program.
http://abcnews.go.com/2020/story?id=2819991&page=1
I'm hopeful you can cut and paste this URL - it's on ABC News website.
Check THIS out concerning your buddy, John Edwards (The Breck Girl).
Sounds like he could do a lot for that "other America" if he didn't spend so much on himself.
just for the record, ann coulter above is not me.
Maybe the Breck Girl thinks it will be the North Carolina White House.
No, I am not Justin. I just found the story at his blog.
Think about what The Breck Girl could do if he only built a house half that big. It would still be huge, and he would have a lot of money left to help, say, Central Dallas Ministries!
Does he have any credibility left when speaking about poverty issues? Remember, this is the same guy who tried to get a PlayStation 3 from Wal-Mart before they went on sale to the general public.
I have never understood why people are so quick to criticize a person like Edwards for his success simply because he is standing up for the poor. The fact that he is successful and yet concerned about the poor shows credibility, to me; if he were poor, his argument would be self-interest.
Re: Playstation 3 -- is really reprehensible for using his influence/power to try to make his kids happy with a surprise like that? Would such behavior be more acceptable if he were just another pro-rich Republican?
For some reason I just don't think I believe this John Edwards article. For one, it's on a website (supposedly the Carolina Journal) which contains no other content, as it claims this is hoarding so much of it's bandwidth. Second, there is no other reference to this information on the web.
Even if it is true, I think I'm gonna wait a little before I go making my judgments.
Good post Larry... I think security is the number one value of people in America -- and I think all three of those relate.
New York Post "Estate of Denial" Dec. 27, 2006
Just google John Edwards new house.
anon 5:40
The problem with the ps3 thing isn't that he was trying to use influence to get something for his child, but that he rants and raves about the evils of walmart yet shops there himself.
I wonder what such a list would look like if it was on the church and its worries...
Justin and Ann: My response to your "outing" of John Edwards' house is: "so what". There are many, many wealthy people with houses that are similar to Edwards' house and none for them speak up for the poor like Mr. Edwards. Really, you should be thankful that a person with the type of power and platform that Edwards has is shining the light on the very issues that I know you care alot about. Would you rather Edwards not work and speak out for the poor and take poverty off his platform? I would not let your jealousy get in the way of seeing what good things this man is trying to do ( action that other wealthy people would never do because it would not be "politically correct" in their social circles). People like you will find something wrong with everyone. By the way, it looks like he did kick some big corporation booty along the way for the common man... and that is always good to see... I know you will agree on that Justin.
The issue I have about Edwards and others is that they like the idea of using the sword to bring economic justice (the sword that they wield) but they are unwilling to make sacrifices on their own. If you are going to stand out there and make striking judgements on society, you better be ready to live a lifestyle that backs it up.
It just comes off as very hypocritical to me and others.
BTW, I was thinking today about non violence (which I subscribe to). We say that we shouldn't use military force to create some sort of justice because, basically, two wrongs don't make a right and we are called to love our enemies, and you can't love them when you are killing them... so how is it any different to use the sword to take money from others, rob from the rich and give to the poor essentially. Robin Hood justice doesn't seem Christlike to me. Can anyone else help me understand that?
It seems to me that the second and third on the list would not be considered "new." Running into financial difficulties and being taxed too much have always been the concern of the rich. As far as the first worry, I believe worry over the effects of terrorism on our economy should be a worry for all classes, since we would all feel the repercussions. Also, it would be very interesting to view a more middle class and working class list of worries. Perhaps the worry of feeding a family would never concern a wealthier person.
Justin - why does it matter where other people "stand"? Instead of focusing on other people's money and success and berating them for it, why not focus on what people of any income bracket do for those that are less fortunate. I am so sick of reading entries by people who have an ax to grind with anyone who has made money. There are rich people who are very concerned with poverty and with helping those in need, and there are rich people who could not care less about poverty. The same holds true for every income level. Lets focus on the good these people do and not tear them down because they happen to be wealthy people helping others. The petty jealousy I read here is such a turn off to wanting to keep reading this blog every day.
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