Rich people don’t hoard cash. They have assets that are valuable. A billionaire doesn’t have a billion dollars on their bank account. Hell, they probably don’t even have a million in there. All that wealth is tied to investments that either increases in value or for the very least holds it.
Making money is incredibly easy if you have a lot of money to begin with. Going from zero to million is hard. Going from million to a hundred million, not so much.
…so you can’t just look at a person’s wealth and say “nobody should be that rich” or that they’re “hoarding money” when the wealth you’re criticizing could not even be money to begin with but a company called SpaceX or Tesla that’s valued in the billions.
Wealth is not synonymous with money in the bank. You could be incredibly wealthy because you own a rare painting, but having that painting on your wall doesn’t pay your bills.
That’s why they need to horde that much money.
Nobody gets rich or stays rich by hoarding money. That’s not what being wealthy means.
Please explain. You mean they invest and are actually very smart and earned their wealth by working hard?
Rich people don’t hoard cash. They have assets that are valuable. A billionaire doesn’t have a billion dollars on their bank account. Hell, they probably don’t even have a million in there. All that wealth is tied to investments that either increases in value or for the very least holds it.
Making money is incredibly easy if you have a lot of money to begin with. Going from zero to million is hard. Going from million to a hundred million, not so much.
It’s hoarding none the less. I assume the previous commenter didn’t mean literally cash, neither did I. So yes you’re right.
Is Elon hoarding money because he owns multiple succesfull companies?
I don’t think so. Hoarding means sitting on a pile of something that you don’t use/need.
Exactly!!
…so you can’t just look at a person’s wealth and say “nobody should be that rich” or that they’re “hoarding money” when the wealth you’re criticizing could not even be money to begin with but a company called SpaceX or Tesla that’s valued in the billions.
Wealth is not synonymous with money in the bank. You could be incredibly wealthy because you own a rare painting, but having that painting on your wall doesn’t pay your bills.