What if. What if we redistributed all of Americas wealth?

Ok. So I have had this thought in my head for about 6 months now. I floated it a couple days ago on Facebook and with a few friends. Now, this is not intended to start a fierce debate as to what side of the fence you are on, but to open up a dialogue with sound thoughts and opinions without attacking others.

My question is what if. What if we redistributed all the wealth here in America equally between all adults from 22-65? That’s right let’s get Gate’s and Buffett’s money also and everyone starts over from where they are now. How long would it take for the “haves” to have again and the “have nots” to have not again.

There are definitely 2 sides. Some would say that the “haves” are lucky. They have gotten all the breaks. They have been in the right circumstances and have been allowed to flourish off of the backs of hard working people. The people on this side typically believe that the wealthy should take care of the less fortunate and “give back” more.  It is not uncommon to hear from someone in the middle or lower class state that if they only had what the rich have things would be better. And if they could only walk through my shoes they would understand.

Then there is the other side that feels the “have nots” typically chose to have not. This side would say you make your own destiny and choices. They do not equate their success to luck, chance, and circumstance; but to hard work and determination. It would not be uncommon for someone rich to say that they earned their money and why should they give it to people just to blow. And if the less fortunate had their money it wouldn’t take long for them to blow it.

Now being in the financial services arena I have a biased opinion. And it is just that, an opinion. But for the most part I believe it would take less than 2 years for things to go back the way they are. It is because of conditioning and education.

See the “Jones” have been conditioned to keep up. I get a car, you get a car. I get a house you get a bigger house with a deck. All the while there is little thought of putting away more money and accumulating wealth. There is also the thought of education. Because most people are not taught how to become wealthy and they do not seek out the knowledge, it would be hard to maintain or grow their newly acquired wealth.

What I have learned is that the wealthy are prepared. They put money away no matter what. My fear is that the conditioning and lack of education would have the middle and lower class out there purchasing more and more. I was taught at a young age never buy your toys with your hard earned money. You buy them with what your money has earned.

But that’s my thoughts…How bout you?

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3 responses to this post.

  1. Posted by Mike on August 20, 2010 at 8:17 PM

    If money was redisributed I feel things would go back to how they are now in less than a year. I see people spending more than they have all the time. People cry broke all the time but they have more lavish things than anyone. A cell phone with tv and all types of applications where there bill is about 100 dollars more than mine and I have more money. Over time I have learned to prioritize better and I’m still not perfect but I don’t spend what I don’t have any longer.

    Reply

  2. Things would definitely return to pretty much the way they are now. I know of people who declare bankruptcy, walk away from their debts just to get caught back up in debt a short time later.

    Reply

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