The gap between the rich and the poor has widened more and more as the years goes by. What does it mean to be rich, or to be poor? In the current world we live in, being rich refers to having possession of wealth while the poor people have limited assets. Examples of being rich would be a millionaire, being poor would be anywhere from having just enough money to survive each day to being homeless without a shelter to live under. The rich people have the ability to participate in multiple investment activities whereas the poor people have to use their income to pay off bills and such. It is now very common to see different sorts of people that carries different sorts of wealth, some may be wealthy in terms of money while others may be wealthy in terms of happiness. To understand better on the aspect of the difference between the rich and the poor, this essay aims to provide a discussion of the possible solutions to reduce this gap between this two groups of people.
Rich people tend to become rich because they admire other rich and successful people. As they associate with them, they see them as role models, inspirations and they decided to look up to them and follow the footsteps they took down the path of being a wealthy person. On the other hand, poor people have to face the struggle of simply surviving each day. Those that are really tight on cash would search for affordable housings. It is quite common to hear this stereotype where poor people are poor because they are lazy, but it is not completely true. The poor people actually work longer and harder than majority of us. More than 80 percent of impoverished children have at least one parent who works, and 60 percent have at least one parent who works full-time. They are more likely to use drugs and alcohol more than anyone else would. They would more or less have a shorter life span than the rich people. There is a 10 to 14 year gap in life expectancy between the rich and the poor, poor people’s life expectancy has declined in the recent years.
One difference between the rich and the poor is that the poor plans, and the rich executes. Planning and execution are both mandatory when it comes to accomplishing goals. Poor people makes multiple plans but still fail to execute them. On the contrary, rich people never gives up until they succeed in meeting their expected targets. They are always busy in exploring new wats to convert their plans in to success. Another difference between the rich and the poor would be the habitual of finding solutions. Normally, rich people are solution seekers. They are always coming up with new ideas and solutions for problems all the time which poor people find it as a hard nut to crack. Rich people are always committed to finding the best solutions for them because, it comes to “if not me then who?” Unlike poor people who have a penchant for going through problems, rich people try to see the opportunities to find solutions to the problems. One last difference between them would be the way they set their goals. Many of the rich and wealthy people write targets and goals down for the following day so when they wake up, the first thing they visualize and image would be the goal that they are going to act on. Rich people have crystal clear goals and they do not just write to-do lists, but structure their goals in a manner where they know which ones come first, which ones they outsource, and which ones they should be erasing.
To reduce the gap between the rich and the poor, one possible solution would be to tax the rich people at a reasonable rate. It is pretty clear that the rich people are getting a big break on their taxes and they should have been paying more instead. The idea is not to take this huge sum of money that taxation, in and of itself, closes the income gap. It is to use that tax money to fund programmes such as public educations, that could give not only the rich people but everyone a fair shot at success in this current economy that only serves the rich and wealthy people. Another solution to this problem would be to reign in big number of donations to political campaigns. The rich people these days have the ability and access to either essentially buy or heavily influence political campaigns. The limits on campaign spending would help level the playing field and ensuring that the majority of the people which includes people of all sorts of wealth background, not the minority of the rich, elect our representatives. One more possible solution to reduce this widening gap between the rich and the poor people would be the rich people giving their money to the poorer ones. Giving those unfortunate poorer people cash as a form of charity should not be thought of as a bad idea. Reason for it is because by giving the poorer people money, they are doing a good deed as the money given to the poor people may save their lives. For example, they can use the given money to purchase food to survive another day. Or they can simply use it to good use by providing clothes to their children if they have any. Although giving money to the poor may be good as we can help them meet the basic needs like food, water and shelter and so on, but the rich are not able to possibly help every single poor people out there. Even if the rich people do donate their money to the poor, that does not mean it would completely perish poverty. These donated amounts would only last for a limited period of time and soon money would be needed again.
In conclusion, this essay has addressed a number of significant issues which show why the gap between the rich and the poor is widening. One of the main reasons why this is happening is because of money, as the annual income rich people have is a lot more than what the poor people have earned. It is without a doubt that the rich people will never stop getting richer as they are constantly placing their money in to various forms of investment. However, this essay is only limited to the difference between the rich and the poor people. It was not possible to completely cover the middle class who are neither too rich nor poor. It is clear that everyone should be treated equally, no matter how rich or poor they are. The rich people should start lowering down their participation when it comes to investments, as they may be rich but one wrong move and it would lead to them losing everything. As for the poor people, maybe they can try searching around for a higher paying job. Finally, it is reasonable to predict that the gap may not be solved completely despite the solutions recommended as the rich people would still be continuing earning large sums of money whereas the poor people would still continue to struggle financially.