For being one of the most affluent and inspirational business leaders, what surprised you about Warren Buffett's lifestyle and spending philosophy? I was surprised by Warren Buffett's spending philosophy despite being one of the most affluent and inspirational business leaders. He has spent less than 1% of his earnings, and plans to give back 99% of his wealth to society. He believes that it is foolish to hold onto money that could be used to help those in need. It is remarkable that he is willing to give away such a large portion of his wealth. Additionally, I was impressed that he did not fall into the trap of investing in "the next big thing," which is a common practice among investors. I agree with the idea that compounding interest is “The Eighth Wonder of the World” after watching this documentary.
As Albert Einstein once said, “Compound interest is the eighth wonder of the world. He who understands it, earns it . he who doesn't . pays it.” Einstein’s quote makes it easy to understand the concept of compounding interest. If you do not understand how to invest your money correctly, you will end up paying instead of earning. After watching the documentary, I reflected on my spending and investing habits and realized that I needed to make some changes. The documentary inspired me to invest my money early and diversify my portfolio. As Warren Buffett advised, I learned not to put all my eggs in one basket and to be patient when investing. Overall, the documentary has taught me valuable lessons that I plan to apply in my own financial journey. It surprised me that the Berkshire Hathaway shareholder meeting is more of a "fun festival" than a typical professional meeting.
Thirdly, he looks at the company's profit margins, especially if they are growing. Fourthly, he considers what is unique about the products the company sells. Lastly, he evaluates how much of a discount the shares are trading at. According to Investopedia, "Buffett looks for companies that have a good profit margin, especially if profit margins are growing" (Radcliffe).
A penny saved may be a penny earned, just as a penny spent may begin to better the world. Andrew Carnegie, a man known for his wealth, certainly knew the value of a dollar. His successful business ventures in the railroad industry, steel business, and in communications earned him his multimillion-dollar fortune. Much the opposite of greedy, Carnegie made sure he had what he needed to live a comfortable life, and put what remained of his fortune toward assistance for the general public and the betterment of their communities. He stressed the idea that generosity is superior to arrogance. Carnegie believes that for the wealthy to be generous to their community, rather than live an ostentatious lifestyle proves that they are truly rich in wealth and in heart. He also emphasized that money is most powerful in the hands of the earner, and not anyone else. In his retirement, Carnegie not only spent a great deal of time enriching his life by giving back; but also often wrote about business, money, and his stance on the importance of world peace. His essay “Wealth” presents what he believes are three common ways in which the wealthy typically distribute their money throughout their life and after death. Throughout his essay “Wealth”, Andrew Carnegie appeals to logos as he defines “rich” as having a great deal of wealth not only in materialistic terms, but also in leading an active philanthropic lifestyle. He solidifies this definition in his appeals to ethos and pathos with an emphasis on the rewards of philanthropy to the mind and body.
Moreover, Carnegie believes a rich man shouldn’t leave a fortune to their families and men shouldn’t wait until death to donate money for public uses. In addition, Carnegie (1889) portrays that, the only mode for a rich man to use their fortune is, “to produce the most beneficial results for the community- the man of wealth thus becoming the.
Select and identify TWO concepts presented in the video you find significant as an early educator and explain why you selected these concepts (7 descriptive/detailed sentences)
In the end, he gave away about 90% of his own money to various causes. He also preached to others to do the same as in giving money for education and sciences.The problem, however, was that there was such a contrast between the rich and the poor. By this he was referring to the inequalities in rights, hereditary powers, and such things. He also felt we should have a continuum of forward progress, i.e.
This statement is true, but the money that sustained the philanthropic ways of the Industrialists was obtained in a way exemplify the qualities of a Robber Baron. A list of Rockefeller's major donations added up to about $500,000,000. While this money went charities and hospitals, the money was made from unethical business practices and the undermining of employees. The Saturday Globe’s political cartoon of Carnegie shows him cutting wages and giving away libraries and money. Industrialists took money that went from their workers away to practice philanthropy. The money might have gone to great causes, but the way it was obtained is characteristic of Robber Barons. Andrew Carnegie's essay, “The Gospel of Wealth” he describes the role of the wealthy in the community. Carnegie class the millionaire a “trust for the poor” and states that the wealthy know how to best invest n the community. This role taken on by Carnegie and other wealthy Americans of the late 19th century is reminiscent of that of an oligarchy, where a small group has control of the community. The oligarchical position of the wealthy in Carnegie's essay is against the American values of freedom and individuality, and very discriminatory towards the
The argument that I would make concerning utilitarianism that presented in this film is if wages for the rich keep rising it should also be applied the working class as well otherwise it is double standard which implies that the working class should not be allowed to get better wages and get a hard in life in rather than staying at the bottom.
Carnegie did not believe in spending his money on frivolous things, instead he gave most of his fortune back to special projects that helped the public, such as libraries, schools and recreation. Carnegie believes that industries have helped both the rich and the poor. He supports Social Darwinism. The talented and smart businessmen rose to the top. He acknowledges the large gap between the rich and the poor and offers a solution. In Gospel of Wealth by Andrew Carnegie, he states, “the man of wealth thus becoming the mere agent and trustee for his poorer brethren, bringing to their service his superior wisdom, experience and ability to administer, doing for them better than they would or could do for themselves” (25). He believes the rich should not spend money foolishly or pass it down to their sons, but they should put it back into society. They should provide supervised opportunities for the poor to improve themselves. The rich man should know “the best means of benefiting the community is to place within its reach the ladders upon which the aspiring can rise- free libraries, parks, and means of recreation, by which men are helped in body and mind” (Carnegie p. 28). Also, Carnegie does not agree they should turn to Communism to redistribute wealth. Individuals should have the right to their earnings. Corporations should be allowed to act as it please with little to no government
A wealthy person, with the desire to do well with their fortune, could benefit society in a number of ways. Carnegie has verbally laid a blueprint for the wealthy to build from. His message is simple: Work hard and you will have results; educate yourself, live a meaningful life, and bestow upon others the magnificent jewels life has to offer. He stresses the importance of doing charity during one’s lifetime, and states “…the man who dies leaving behind him millions of available wealth, which was his to administer during life, will pass away ‘unwept, unhonored, and unsung’…” (401). He is saying a wealthy person, with millions at their disposal, should spend their money on the betterment of society, during their lifetime, because it will benefit us all as a race.
Michael Moore used comical tactics as a way to appeal to his audience in this piece of literature. Michael Moore’s argument is that capitalism is destroying the nation’s economy rather than helping to develop it. The poor are suffering, while the richer are getting richer. The arguments that Moore used may not be considered tangible by all, but he definitely did have the evidence to support his argument. Michael Moore purpose was to expose this ground breaking issue of the dominance of corporate America through video. He used the web source as a source to get his message across because he knew the internet would be accessible to many people. Moore in this film used the different elements of reasoning to identify the message he was sending to his audience.
...y the end of his life Andrew Carnegie had given away nearly 350 million dollars putting even more into the Carnegie Foundation to continue his philanthropic efforts.
...“The Gospel of Wealth.” In it he literally pitched to the rich not to show off to the world how wealth they were, and to give their money to the greater goods.
Born and raised in Dunfermline, Scotland, Carnegie grew up in poverty and moved to the US at the age of 13 for his first job. He sailed to the US, knowing that he would start at the very bottom of his career, but he saw opportunity. His hard work continued throughout his adult life and at one point this lead him to becoming the world’s richest man. Needless to say, he was a huge success through his modern business tactics in the steel industry. Carnegie was the first for many things in the world of philanthropy and business, “Many persons of wealth have contributed to charity, but Carnegie was, perhaps, the first to state that the rich have a moral obligation to give away their fortunes.” (Columbi...
Andrew Carnegie does not believe wealth is distributed properly (Carnegie 485). In fact, he has a few different ideas of how to distribute wealth. In Carnegie’s essay, “The Gospel of Wealth,” he states, “There are but three modes in which surplus wealth can be disposed of .” The first way he suggests to dispose of wealth is to pass it down in the family after the one with wealth passes away. The second way to dispose of wealth is, after death, distribute it for public uses. The third and final way one can dispose of wealth is by giving it to others while he or she is alive. This idea most reflects the idea of a communist in the case that the surplus wealth is distributed and becomes the property of many. All of the above are different ways that Andrew Carnegie felt wealth could be distributed among people. He says that the third and final way to distribute wealth is a lot like the beliefs of Karl Marx in the sense that Marx strongly believes in communism.
Bill Gates once said “ I believe that with great wealth comes great responsibility , a responsibility to give back to society.”(Cesinski 100). Here Bill Gates is saying that people who are more lucky money wise should give back to society to help the people who don't have as much luck it's almost like it's their responsibility. In this quote Bill Gates believes everyone with great wealth should give back to society like he does. Bill Gates is an important figure in American History because he gave back to society unlike most people with that amount of money would. He is trying to get developing countries who are struggling to get an Education and a clean water source.
The second lesson concentrates on the importance of financial literacy. There is one rule to follow so as to understand financial literacy – “Know the difference between an asset and a liability, and buy more assets.” In order to do this, you need to be able to understand and comprehend numbers instead of jus...