Body - WEALTH PAGE 1 Introduction to Wealth and Poverty The...

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WEALTH PAGE 1 Introduction to Wealth and Poverty The celebrity climbs out of his black, fancy new car; of course, in the latest model. He straightens his suit and makes his way to the party. Camera flashes surround him as the Paparazzi snap their photos. The man flashes a handsome grin before stepping into the building. He parties until late into the night. Later, he drives home to his million dollar mansion, going to sleep only to wake up and live the same carefree, rich lifestyle that he did the day before. Does this sound like wealth to you? Many people picture a similar scene when they hear the word “wealth.” They picture glamour, fancy nice cars, and a whole lot of spending money. However, what most people don’t know is that this does not define wealth. As described in Resource Management for Individuals and Family, wealth is the state of being rich and having high net worth. Goldsmith’s main point is that “to be wealthy means living within one’s means, choosing an occupation well, being satisfied, building net worth, and keeping aware of changes worldwide” (Goldsmith, 2013). Many might not think that it’s possible to become wealthy, but that is incorrect. If one practices Goldsmith’s main point of wealth, they too can become wealthy. Even those living in poverty can be considered wealthy if they are satisfied and building net worth. Background In this section we will talk more about wealth and how some of the wealthiest people aren’t necessarily rich. We will also talk about some definitions of poverty and what can cause poverty. Types of poverty will also be explored in this section. According to Udaya Wagle, a doctoral candidate in the Public Policy Program and a faculty member of the College of Public and Community Service, poverty is the state of lacking
WEALTH PAGE 2 the basic means of survival (2002). The poverty line is defined by minimum requirement of food, shelter, clothing and other essential needs. These other needs can be things like education and health services. The poverty line can also be depended on amount of income. If income is lower than what one needs to provide for oneself or family then they are living in poverty. “Half of all adults in the United States will be in poverty at some point before they reach the age of 65” (Hanson, 2014). This doesn’t mean that all of them are in deep poverty for long periods of time. There are three different types of poverty: Cyclical, temporary and chronic poverty. Cyclical poverty is caused by the government’s economy and goes up and down with

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