Oct. 25, 2018 - Freedomain Radio - Stefan Molyneux
16:05
4231 The Wealthy Work Harder?
Each week, 44% of the wealthy worked 11 hours more than the poor.For those with full-time jobs:86% of the wealthy worked 50 hours or more each week57% of the poor who had full-time jobs worked less than 50 hours each week.88% of the wealthy took fewer sick days.79% of the wealthy also networked 5 or more hours each month.55% of this networking was done over their lunch hour.65% of the wealthy had 3 sources of income.45% had 4 sources of income. 6% of the poor had more than one source of income.67% of the wealthy watched less than an hour of TV a day, 77% of the poor watched more than an hour of TV a day.63% of the wealthy spent less than an hour a day on the Internet.74% of the poor spent more than an hour a day on the Internet.▶️ Donate Now: http://www.freedomainradio.com/donate▶️ Sign Up For Our Newsletter: http://www.fdrurl.com/newsletterYour support is essential to Freedomain Radio, which is 100% funded by viewers like you. Please support the show by making a one time donation or signing up for a monthly recurring donation at: http://www.freedomainradio.com/donate▶️ 1. Donate: http://www.freedomainradio.com/donate▶️ 2. Newsletter Sign-Up: http://www.fdrurl.com/newsletter▶️ 3. On YouTube: Subscribe, Click Notification Bell▶️ 4. Subscribe to the Freedomain Podcast: http://www.fdrpodcasts.com▶️ 5. Follow Freedomain on Alternative Platforms🔴 Bitchute: http://bitchute.com/stefanmolyneux🔴 Minds: http://minds.com/stefanmolyneux🔴 Steemit: http://steemit.com/@stefan.molyneux🔴 Gab: http://gab.ai/stefanmolyneux🔴 Twitter: http://www.twitter.com/stefanmolyneux🔴 Facebook: http://facebook.com/stefan.molyneux🔴 Instagram: http://instagram.com/stefanmolyneux
I hope you're doing well. Little Twitter thing that happened.
Somebody was writing to me and said, disagree with you unfettered.
Capitalism would concentrate wealth and screw over the working class.
Those are facts. We've seen it in the past.
Care to move on? Or do you just want to continue to split hairs on enrich versus good and adds no value versus bad?
Frustrating. So, I've heard this before, and I just, I mean, it's kind of NPC talk, you know, working class, unfettered capitalism, unregulated, like, you know, all of the talking points.
And I replied and said, well, the rich...
Work harder than the poor.
And if you want to go out and start a business and tell me how easy it is to become wealthy or to have control over, quote, workers, go ahead and do it.
The real world is beckoning you.
And I mean, I do have a bit of an unusual broad spectrum of experience in this area.
I grew up, I guess my family was relatively wealthy when I was very, very young.
My parents split up when I was a baby.
And then there was the big fall from great single motherhood down to the dark and dank underworlds of the matriarchal manners known as the single mom farms government housing subsidized housing and so on and yeah we were very very poor face-to-fiction notices I've been paying my own bills since I was 15 years old and tunneled back out of that to become an entrepreneur chief technical officer very successful in the software field and then I now run this philosophy show,
which is 600 million views and downloads, and I guess you could say it's doing all right.
So I have seen kind of both sides.
I've mixed with the very wealthy, I've mixed with the very poor, and I've seen what it takes to go from one class to another.
So I do have this experience, which is not an argument, but I'm just telling everyone where I'm coming from.
So let's look at some of the data.
This is from the Rich Habits Study by Tom Corley.
Do... The rich, in fact, work more.
Let's find out. So, according to the study, each week, 44% of the wealthy worked 11 hours more than the poor.
Ah, very interesting.
Worked 11 hours more than the poor.
Now, he checked out both the wealthy and the poor who had full-time jobs, and he found that 86% of the wealthy worked 50 hours or more each week.
57% of the poor who had full-time jobs worked less than 50 hours each week.
So, the wealthy are working more, harder or more productively or whatever it is.
88% of the wealthy took fewer sick days.
Now, of course, IQ analysis helps us understand this.
High IQ is generally associated with better overall health and it's also associated with Capacity for managerial positions and wealth and so on.
And stable marriages as well.
79% of the wealthy also networked five or more hours each month.
55% of this networking was done over there.
Lunch hour. So, you know, while the poor of people are gossiping and flipping through magazines and surfing the web, well, the wealthy are networking, which means, of course, establishing relationships for the purpose of mutual business interests and advancement.
That is in addition to the 11 hours more that they work every week.
They're also working five or more hours networking.
And that's really, really important, especially when you get to higher levels.
Very few people network for a job at a restaurant, but when you're looking at a high-level executive job, networking is very important.
65% of the wealthy had three sources of income.
And what that means, of course, is that if you get extra money, What you do is you invest it or you try and find some other way to have that money work for you, right?
I mean, the lower classes tend to work for money and the upper classes tend to try and make their money work for them in multiple effects and so on.
But that involves taking risks, right?
So if you invest in a stock, if you buy into some sort of Housing development, if you invest in real estate, if you buy bitcoins, there is a risk involved in that and knowing how to work that risk, knowing how to manage that risk, knowing what to do with your money and when to pull out and it's all complex and not always easy for the poor who may have IQ challenges as a whole.
So you have to diversify.
You have to manage your risk. And this is another reason why you'll work more.
When you have more sources of income, you have to spend more time each week managing and processing those sources of income.
So it just takes more.
45% of the wealthy had four sources of income, which again, if you have real estate and the stock market is doing well, maybe the real estate isn't doing quite as well, but your stock market is doing well.
It's the old Harry Brown thing where you want bonds, real estate, gold and cash.
I think your bond stocks, gold and cash, something like that.
You just sort of mix things up.
Only 6% of the poor had more than one source of income.
Now, if you look at what the poor spend their money on, it's not like it's impossible for them to save up and start investing.
I mean, I think I started investing.
Oh, I was in my teens.
I was in teens. Anyway. 67% of the wealthy watched less than an hour of television a day.
67% of the wealthy watched less than an hour of television a day.
Actually, I remember reading somewhere that...
Most CEOs shave on Sundays, which is just an interesting little tidbit.
It's not like if you shave on Sundays, you'll become a CEO, but it's interesting.
Because if you consume a lot of television, it doesn't really add much to your intellectual capital, and it does detract from all of the other things that you could be doing with your time.
77% of the poor watched more than an hour of TV a day.
Now that's also interesting as well, because if you understand that the rich don't watch television and the poor watch a lot of television, hours and hours and hours, sometimes a day, well, it's not like the people who make TV shows are unaware of this.
They know what kind of audience they're aiming at.
That's why daytime TV tends to be rather not stimulating intellectually.
But this is a growing gap, right?
So the more who are poor who watch TV and the less who are wealthy watch TV, the more the television is calibrated for the poor and to the exclusion of the rich.
63% of the wealthy...
Ooh, this might sting a little, my friends.
63% of the wealthy spent less than an hour a day on the internet.
Not a lot of gaming data here, but I'm pretty sure that the rich are not spending a lot of their times on Call of Duty.
So less than an hour a day on the internet now.
I do more than that, but that is kind of my job.
So that's important.
So yeah, these are habits.
The rich work more, they take more risks, they diversify more, they network more, they They're just working harder.
They're just working harder.
So, don't talk to me about the working class.
Come on. Just don't bother.
Don't bother. It's ridiculous. 74% of the poor spent more than an hour a day on the internet, right?
So 63% of the wealthy spent less than an hour a day on the internet.
74% of the poor spent more than an hour a day on the internet.
Now, again, on the internet is kind of vague.
You could be reading studies like this and communicating about them, or you could be doing lolcats, right?
So that's just the reality.
Now, what is going on here?
So 91% of the wealthy in this study were decision makers, right?
So they're making big picture decisions about marketing and sales and expansion and hiring and firing and so on.
So is that why they work more hours?
Well, let's put it this way.
The Census Bureau, this is in the States, reports that the average rich household defined by the IRS as the top 20% of income owners worked five times Five times as many hours as the average poor household.
Five times as many hours as the average poor household.
So this is a different slice and dice.
The other one, the one previous slide was more personal interviews.
This is more big picture data.
So they work five times, not five hours more.
Five times as many hours as the average poor household.
Five times. Now, what is this class gap?
Well, to some degree, this is why I talk about families and choosing responsible people to be the parents of your future children, the class gap has a lot to do with the parent gap.
And this is the case for me, where you start off in relative paradise in the middle class with a PhD-educated father, the parents split up, you fall and you fall and you fall and then you claw your way back up.
So the poverty rate in single-parent households is three times the rate of two-parent households.
So the poverty rate in single-parent households is 42% versus 13%.
95% of poor households have only one worker, of course, right?
75% of the wealthy households have two or more workers.
Unemployment. 60% of poor households have no one working at all.
60% of poor households have no one working at all.
And that is catastrophic.
Somebody said to me the other day, I know it was today, they were saying that, you know, if you have problem with the welfare, you lack compassion, you lack empathy, you lack concern and care for the poor.
Again, that's just dumb pre-programmed MPC language because The reality is that when you have 60% of poor households, have no one working at all.
Job skills have decayed.
Work ethic has decayed.
And the imprinting of the children on the parents, what do the children see?
They don't see somebody getting up and going to work.
They don't see somebody dealing with the challenges.
You know, when you're poor or when you're young, generally, I get these complaints.
Oh, my boss is terrible. Of course your boss is terrible.
Because if your boss is good, he gets promoted or she gets promoted to managing more complex workers.
The guy who's in charge of the people cutting the lawn is usually not an expert boss, because if he was, they'd put him in charge of something more complicated, something more challenging.
So we all have to break through.
This, you know, terrible boss, bad coworkers kind of situation.
And then you break through to something better, but it's bad at the beginning.
So kids don't see that in these poor households.
Now they've lost their work habits.
They've lost their work experience.
They have no resumes. They've lost their work ethic, lost their work skills and can't advise their children on how to navigate working.
And the worst thing is in some ways, the culture of the poor is like the crabs in the bucket pulling each other down.
The culture of the poor has a lot to do With resentment against people making better decisions.
They will try and pull you back down.
They will try and encourage your worst aspects.
They will not police you to help you make better decisions.
They will not teach you how to learn from their own mistakes.
They generally will be, oh, you think you're just better than us, or, oh, you're getting up and going to work, aren't you, the whatever, whatever, right?
So it's a big culture.
And Now that the poor are stuck in this, right, the whole point of the welfare state was to help the poor become middle class, and what it's done is created a permanent crusty underclass of people who don't work.
And when the US is $20 trillion in debt and is facing $180 trillion, more than 10 times the GDP, $180 trillion of unfunded liabilities, what is going to happen to these poor people who've lost their skills when the money runs out?
When the money runs. There's compassion that's just stupid compassion, which is just give someone what they want in the moment.
You know, it's called enabling. It's like, oh, the guy wants a drink.
He's a drunk. Let's give him another drink.
Guy wants cocaine. He's a coke addict.
Let's go. Right? It doesn't.
That's not compassion. That's enabling.
And it's terrible. And real compassion is to recognize the disasters that are coming down the pipeline and help soften the blow by weaning people off, which is sort of the point of getting people into the workforce and off welfare.
So the idea that compassion is just the government buying votes through printing money or going into debt, that's not compassion.
It's not compassion. Compassion is recognizing that the money is going to run out.
And what are these people going to do when that happens?
That's compassion. But it seems to be kind of rare these days.
So yeah, don't talk to me much about the working class.
It's just NPC language and it's nonsense.
The working class is people.
How is there a working class?
Just think about it. The working class are the employees.
Really? Okay, let's just say that that's true.
How do they have jobs?
Jobs don't pop out of the ground.
They don't grow on trees. Jobs have to be created by entrepreneurs taking risks and significant risks.
I mean, I remember back in the day having to sign huge notes that I would be personally responsible for in order to make payroll just to bridge my cash flow is king just to bridge to the next payroll to make payroll in the in the company I mean and if we hadn't made it I'd have been in debt for years I mean that's terrifying stuff it's it's not easy doing that kind of stuff being creative and working hard and listen I I work very hard I've been doing a video a day mostly audio a day two a day for the first couple of years For like 12 years.
I mean, I'll outwork anybody.
It's just, I like to work and I know that what I'm doing is important.
So yeah, don't talk to me about the working class and so on.
Yeah, there are rich people who inherit their money.
So what? Some people are born beautiful and they can make it as models.
Some people are born with great singing voices.
Some people have rich FM voices that they can use for ads, right?
Some people, it doesn't, you know, Everybody's different.
I mean, some people are born with advantages, but those advantages aren't always advantages.
It's a funny thing too, because if you're like me, when you're a kid, you look at the rich kids and you're like, oh man, that looks great.
I wish we had that. But given where I am in life, which is a wonderful place to be, everything that happened led me here.
And if you look at the rich kids and drug use and so on, and laziness and lack of appreciation for the value of money, right, what they call rags to riches to rags in three generations, or shirt sleeves to shirt sleeves in three generations, it's not always the best thing in the world to inherit money.
Sometimes people make a good job of it, but a lot of times they don't.
And the unreality of wealth Is something that breeds a lot of socialists.
It's almost like the accumulation of wealth is a pendulum that swings too far.
And when you inherit a lot of money, these champagne socialists, all the people who, you know, live in largely white neighborhoods who love diversity, but don't want to live anywhere near it.
It breeds a kind of unreality that tends to dissipate the accumulation of capital over time.
And there's a huge churn in a free market in terms of classes.
People are regularly going from poor to middle class to wealthy to middle class to poor again and happens all the time.
So it's no great gift to inherit a lot of money.
And of course, if you are very rich and you didn't earn it, there is the temptation to think that you're a good person because you're rich when you didn't do anything to earn it.
That creates a false self, it creates an insecurity, and it creates a doubt as to whether people are into you or just into your money.
So... There are some facts for you.
I hope that it helps.
And thank you so much for watching and listening.
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