Current Events > C/D Truly self made billionaires are a myth

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KazGT6
08/27/23 10:04:27 PM
#1:


berkeley professor and former secretary of labor robert reich said this, and this was mostly directed at elon musk, after musk has said that he didn't grow up wealthy and that his father was not extremely wealthy or gave him money to start his busiiness..etc...Musk fired back, saying that reich was a liar and an idiot
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Fin_Dawg_004
08/27/23 10:06:36 PM
#2:


Lebron is pretty self made. Came from nothing and didnt exploit labor to become a billionaire. Though he is an exception and not the norm, obviously.

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SaltyWet
08/27/23 10:09:51 PM
#3:


What about those billion dollar lottery winners?

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haloiscoolisbak
08/27/23 10:32:48 PM
#4:


SaltyWet posted...
What about those billion dollar lottery winners?

What lottery gives away a billion dollars?

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__aCEr__
08/27/23 10:35:58 PM
#6:


haloiscoolisbak posted...
What lottery gives away a billion dollars?

The Powerball and MegaMillions have gotten that high a few times.

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WilliamPorygon
08/27/23 10:37:52 PM
#7:


__aCEr__ posted...
The Powerball and MegaMillions have gotten that high a few times.
Well yeah, but after taxes and the lump sum value you're back under a billion

Also you can make the argument they made it off the backs of all the compulsive gamblers who spent hundreds or thousands and lost

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creativeme
08/27/23 10:38:59 PM
#8:


SaltyWet posted...
What about those billion dollar lottery winners?

taxes turns that into half a billion.

Fin_Dawg_004 posted...
Lebron is pretty self made. Came from nothing and didnt exploit labor to become a billionaire. Though he is an exception and not the norm, obviously.

don't feel like athletes should really count since that's more gifted than self made. but if you want to include him, jordan, tiger and the other billionaire athletes than fine.

i know musk always says he did everything himself but he still needed investors and stuff.

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Fin_Dawg_004
08/27/23 10:43:13 PM
#9:


creativeme posted...
don't feel like athletes should really count since that's more gifted than self made.
Athletes bust their asses to be elite. Lebron doesnt just drive to the arena in his 21st season and naturally compete at a high level on game nights.

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electricbugs2
08/27/23 10:44:05 PM
#10:


Fin_Dawg_004 posted...
Lebron doesnt just drive to the arena in his 21st season and naturally compete at a high level on game nights.
Jokic does this, but he isn't a billionaire yet >_>

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Tenlaar
08/27/23 10:46:14 PM
#11:


Self made is only a thing when you intentionally ignore all of the ways that society played a role.
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Compsognathus
08/27/23 10:53:17 PM
#12:


Many of the upper-levels of celebrities are self-made billionaires.

But really the whole concept is hard to define. Like how poor does one have to start to be considered self-made? What level of external support does one need to receive before they no longer qualify? Does the type/source of that support matter?

Like if you consider having external investors to disqualifying, then yeah, there are no self-made billionaires. Because any business model that can make a person a billionaire is going to require an external capital infusion in some capacity. But in my mind there is a difference between coming up with a valuable idea that attracts investments and getting a no-interest loan from your wealthy uncle.

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EndOfDiscOne
08/27/23 10:55:25 PM
#13:


D. You guys are being too literal with the term.

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Turbam
08/27/23 10:57:26 PM
#14:


Nobody is truly self made.
You never make it anywhere without those that helped you reach your goal

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foreverzero212
08/27/23 11:21:41 PM
#15:


Damn TIL Lebron didn't exploit sweatshop labor conditions to sell his merch. Hand made everything himself.

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Fin_Dawg_004
08/27/23 11:39:28 PM
#16:


foreverzero212 posted...
Damn TIL Lebron didn't exploit sweatshop labor conditions to sell his merch. Hand made everything himself.
That's a fair point. If your criteria involves working with any company exploiting labor (i.e. almost all sponsorship deals and/or merch) then there are probably no self made billionaires.

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KazGT6
08/28/23 10:29:14 AM
#17:


bump
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ScazarMeltex
08/28/23 10:30:37 AM
#18:


creativeme posted...
taxes turns that into half a billion.

don't feel like athletes should really count since that's more gifted than self made. but if you want to include him, jordan, tiger and the other billionaire athletes than fine.

i know musk always says he did everything himself but he still needed investors and stuff.
And Musk was born rich. Which means it comes with access to resources that being born rich come with.

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WingsOfGood
08/28/23 10:30:51 AM
#19:


CONFIRM

Even someone like J.K. Rowling did not brute force herself. It is well known you need luck and a good agent to get a book into the publishers. Then it comes down to how they handle it. Then there is the movies.
Had the Harry Potter movies stunk she would not be a billionaire.
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firedoom666
08/28/23 10:34:36 AM
#20:


I would agree in the vast amount of cases. There might be some athlete, actor, of musician who became rich without help. But I'm pretty sure most of those are only millionares not billionaires

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KazGT6
08/28/23 10:37:13 AM
#21:


ScazarMeltex posted...
And Musk was born rich. Which means it comes with access to resources that being born rich come with.
musk has come out very fervently at times and said , oh no, i was not wealthy when i was growing up. His father has refuted him on this though
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Oatcakes
08/28/23 10:40:27 AM
#22:


In the way that you didn't start with a wealthy family to begin with, it's possible.

Tenlaar posted...
Self made is only a thing when you intentionally ignore all of the ways that society played a role.

But, this really

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Tenlaar
08/28/23 10:40:34 AM
#23:


firedoom666 posted...
I would agree in the vast amount of cases. There might be some athlete, actor, of musician who became rich without help. But I'm pretty sure most of those are only millionares not billionaires
Those people tend to have entire teams of people behind their success. Managers / agents, assistants, financial advisors, producers, so on and so forth.
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KazGT6
08/28/23 10:42:05 AM
#24:


Oatcakes posted...
In the way that you didn't start with a wealthy family to begin with, it's possible.

But, this really
yeah that is a huge distinction imo. If you were born with no wealth at all and made it to a billionaire. Which the vast majority of billionaires did not. Almost all of them were at least kinda wealthy growing up
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ScazarMeltex
08/28/23 10:43:02 AM
#25:


KazGT6 posted...
musk has come out very fervently at times and said , oh no, i was not wealthy when i was growing up. His father has refuted him on this though
Yes, Musk is a fucking liar. In previous interviews he has talked about having money from his daddy's apartheid emerald mines. It wasn't till after he decided to change to "I'm self made" that he changed that story.

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the_pika
08/28/23 10:43:20 AM
#26:


Most billionaires and even millionaires are never self made, you need money to make money.

some athletes, lottery winners and female-millionaires (fan site owners, stars, etc) are the exception, but not the norm.
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FactsKeepHurtin
08/28/23 10:44:16 AM
#27:


EndOfDiscOne posted...
D. You guys are being too literal with the term.

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the_pika
08/28/23 10:44:56 AM
#28:


ScazarMeltex posted...
Yes, Musk is a fucking liar. In previous interviews he has talked about having money from his daddy's apartheid emerald mines. It wasn't till after he decided to change to "I'm self made" that he changed that story.

musks parents literally owned an emerald mine in South Africa in the apartheid times. Some jewelers have stories of the shithead musk kids, before the were teens, walking into the stores with emeralds in their pockets trying to sell them to them.

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froghunter75
08/28/23 10:45:59 AM
#29:


No one is truly self made but in the sense I think TC is talking about I'd still say there are no self made billionaires and it is unethical to be a billionaire. Not to say all billionaires are mustache twirling villains or whatever but no one person should control that amount of wealth especially when there's people who are homeless and hungry.

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WingsOfGood
08/28/23 10:45:59 AM
#30:


Oatcakes posted...
In the way that you didn't start with a wealthy family to begin with, it's possible.

nope

Not even J.K. Rowling who was literally homeless
is self-made

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KazGT6
08/28/23 10:49:21 AM
#31:


EndOfDiscOne posted...
D. You guys are being too literal with the term.
how so? what is too literal?
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Oatcakes
08/28/23 10:51:55 AM
#32:


WingsOfGood posted...
nope

Not even J.K. Rowling who was literally homeless
is self-made

I'm not here to argue the toss, because to become a billionaire there is a colossal amount of "off the back of others". But there is a distinction between turning a family fortune into a billion plus Vs starting from lower down.

I agree that's it's literally impossible based on the phrase "self made"

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WingsOfGood
08/28/23 10:53:30 AM
#33:


Oatcakes posted...
because to become a billionaire there is a colossal amount of "off the back of others".

and that is what this thread is asking

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bigblu89
08/28/23 11:18:44 AM
#34:


In the literal sense, you have to say confirm, because no matter what, some outside force (whether its customers, bosses, ownership, etc) have to give you money to start building capital/wealth.

But theres plenty of examples of people that didnt come from generational wealth to end up building their own generational wealth.

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Tyranthraxus
08/28/23 11:21:58 AM
#35:


Carnegie was a literal rags to riches story

"Self made" just means you didn't start with a wealthy inheritance. It doesn't mean you literally did everything on your own.

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royic
08/28/23 11:29:13 AM
#36:


Maybe Stephen King if he was a billionaire. Just wrote a bunch of books that lots of people wanted to buy. Not a ton of wage slaves involved in marketing and printing books. Too much merchandising and movie **** going on with Harry Potter for JK to qualify

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KazGT6
08/29/23 9:22:33 AM
#37:


Tyranthraxus posted...
Carnegie was a literal rags to riches story

"Self made" just means you didn't start with a wealthy inheritance. It doesn't mean you literally did everything on your own.
Carnegie grew up very poor? Extremely rare for billionaires
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LeoRavus
08/29/23 9:51:08 AM
#38:


Didn't Jeff Bezos start Amazon out of a small apartment?


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Tyranthraxus
08/29/23 9:58:38 AM
#39:


KazGT6 posted...
Carnegie grew up very poor? Extremely rare for billionaires

Super super poor in Europe. When he came to America his first job he got he made $4 a week which is something like $150 a week today. That's like a part time minimum wage job.

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ai123
08/29/23 10:04:03 AM
#40:


No man is an island etc.

But if someone became a billionaire through IP for which they were solely responsible, or through a talent they had, I'd call that self-made.

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RyukSan
08/29/23 10:07:19 AM
#41:


I haven't done enough research to know if it's a myth.

I will say this, most if not all of the "self proclaimed self made billionaires" I see in media aren't actually self made.

Two easy self proclaimed darlings that can't help themselves to make the news, Trump and Musk.
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DepreceV2
08/29/23 10:09:35 AM
#42:


Fin_Dawg_004 posted...
Lebron is pretty self made. Came from nothing and didnt exploit labor to become a billionaire. Though he is an exception and not the norm, obviously.

This exactly

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TripleDouble
08/29/23 10:12:15 AM
#43:


Even if they are self made doesn't make it okay. Someone born in Harlem with $5 to their name and becomes a billionaire by having kids in China make shoes through slavery in inhumane conditions is just as bad as a billionaire who inherited their father's business.

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DepreceV2
08/29/23 10:15:28 AM
#44:


TripleDouble posted...
Even if they are self made doesn't make it okay. Someone born in Harlem with $5 to their name and becomes a billionaire by having kids in China make shoes through slavery in inhumane conditions is just as bad as a billionaire who inherited their father's business.

That is a strawman right there. Yes it is awful having kids in China make shoes through slavery but you can't say that for every self made billionaire. Especially athletes, actors, artists, etc.

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Kimbos_Egg
08/29/23 10:15:53 AM
#45:


Lebron, oprah, Jk rowling. There a tons of people.

This is just another stupid "all rich people are bad" topic.

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TripleDouble
08/29/23 10:19:05 AM
#46:


DepreceV2 posted...
That is a strawman right there. Yes it is awful having kids in China make shoes through slavery but you can't say that for every self made billionaire. Especially athletes, actors, artists, etc.
You're right, I wasn't trying to say it was for every self made billionaire, I was just saying just because they are self made doesn't necessarily mean they are 'good'.

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foreverzero212
08/29/23 11:01:00 AM
#47:


DepreceV2 posted...
Yes it is awful having kids in China make shoes through slavery but you can't say that for every self made billionaire. Especially athletes,
You can especially say this about athletes and I already did.

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KazGT6
08/29/23 11:26:09 AM
#48:


foreverzero212 posted...
You can especially say this about athletes and I already did.
Yeah why can't you especially say that about athletes?
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BewmHedshot
08/29/23 11:27:31 AM
#49:


creativeme posted...
i know musk always says he did everything himself but he still needed investors and stuff.
Musk got fired from PayPal twice, he was born on third base, stole home on a wild pitch and claims he hit a home run.
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