How Warren Buffett Earns More Money In Two Days Than Lebron James Earns In An Entire Year. : ThyBlackMan.com

Monday, April 21, 2014


How Warren Buffett Earns More Money In Two Days Than Lebron James Earns In An Entire Year.

December 21, 2013 by  
Filed under Business, Money, News, Opinion, Weekly Columns

(ThyBlackMan.com) Warren Buffett is rich, very rich.  This past year, Buffett’s wealth grew by a stunning $12.7 billion dollars, up to $59.1 billion.   All of this according to Wealth-X, a firm that studies the nation’s super rich.  This means that Buffett’s wealth grew by $1.5 million dollars per hour, every hour of the year and by about $37 million dollars per day.

The richest man in America is still Bill Gates, who has $72.6 billion in wealth.   Most of the wealth gain came through the growth in the stock market.  Even the guy who runs the Facebook page you sprint to every morning, Mark Zuckerberg, gained $10.5 billion dollars this year himself.  He doesn’t use Facebook to find out what his friends are doing or to engage in long, meaningless conversations about stupid topics.  Facebook is his personal ATM machine.

This is a lot of money.  You don’t need a PhD in Finance to know this.  But to put it all into deeper context, let’s do some quick comparisons.

LeBron James earned $60 million dollars last year, which means that Buffett earned James’ entire salary in less than two days.  He earned thisWarrenBuffetLebronJames money without being able to dribble a basketball, or even being able to jump.  In fact, LeBron James would have to play basketball for nearly 1,000 years in order to match the wealth that Warren Buffett has right now.  Wait, scratch that.  He would have to play for 200 years just to earn the money that Buffett has earned this year alone.

For LeBron James, his primary source of capital is his body.  For Buffett, his source of capital consists mainly of a series of financial investments that work for him, like a bunch of employees in a factory.  He earns more interest in two minutes than the average American worker earns for an entire year’s work.  It may not be right, but it’s a FACT.

I am not here to engage in the glorification of the super-rich.  America is a greedy country, to be honest, and the gap between the rich and the poor is going to be one of our great downfalls in the coming decades (Buffett also seems to agree, and does a good job of giving a lot of his money away).  But the truth is that, should America fall under the weight of it’s own greed, most of us will either be old or dead by the time that happens.  And even then, those who control wealth are going to hold all the cards.

The lesson to learn here as you engage in your own Financial Juneteenth is to understand the power and importance of capital ownership as a key to wealth.   As black folks, many of us are taught to go to school and work hard so we can get a good job. But a job will rarely give you the kind of wealth and power necessary to transform a nation.  If you want to become wealthy, you should focus on building capital: a series of financial investments that can go out and work for you when you are not lifting a finger.  You can’t get ahead by renting yourself out to corporate America, that just doesn’t work.

That’s what we can learn from Warren Buffett.  Don’t teach your kids to dribble basketballs.  Teach them how to juggle good investments instead.  The key to our liberation as a people is to learn to harness our wealth.

Staff Writer; Dr. Boyce Watkins 

Dr. Boyce Watkins is the founder of the Your Black World Coalition.  For more information, please visit http://BoyceWatkins.com.

 

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Comments

9 Responses to “How Warren Buffett Earns More Money In Two Days Than Lebron James Earns In An Entire Year.”
  1. i said it says:

    Shaquille is wealthy and you and Jesse are broke. Don’t blame the NBA because players don’t have money management skills.

  2. Like Jesse Jackson said, NBA are kinda Slave owners. 60% NBA players broke after five years retiring, Chris Rock said SHAQ is rich but his BOSS is wealthy.

  3. Mike Harris says:

    Satchel I understand ur point, but our community is hard pressed on the facts of wealth, we take it that wealth will solve all our problems, when in reality wealth is power nothing more nothing less if we ever start valuing wealth over being the most loyalists consumers since the advent of consumerism with nothing to show for it, then that’s when the build can start, also kept quiet in our community on purpose is that wealth is a group thing not a singular person thing, like many have been tricked into thinking in the black american community, spending money on bs, is because our images are about promoting a few things bossip, celebration of celebrity, and materialism.

  4. hoodgirl says:

    Totally agree with Satchel………..Wealth is relative! This article is completely off base. Lebron James is a young man earning a multi-million dollar salary to do what he loves which is far more than what Buffett earned when he was Lebron’s age. The difference between Buffett and too many others is Buffett “earned and saved” his money which is the cornerstone to empowerment.

  5. Julie says:

    There are people who think that many Black men who were lynched, were looking at White women or were killed for other reasons. The reality is most who were killed were entrepreneurs!!! Dr. MLK in his last speech before he died asked our people in Memphis to remove their money and put it in Black banks. This is what Dr. MLK was doing with his own money. We need to wake up and smell the coffee!!! Ther is book called “Our Black Year” that I strongly recommend. We should all buy Black not just for one year but forever. All the other communities in a subtle way boycott us, we should do the same!!!

  6. Julie says:

    There ar people who think that many Black men who were lynched, were looking at White women or were killed for other reasons. The reality is most who were killed were entrepreneurs!!! Dr. MLK in his last speech before he died asked our people in Memphis to remove their money and put it in Black banks. This is what Dr. MLK was doing with his own money. We need to wake up and smell the coffee!!!

  7. Julie says:

    I recommend strongly our people to read “Dear White America” by Tim Wise. He is one of the few Whites who denounced (and by the way he received death threats because of that) how his people with White Supremacy used historically (until now) people of color to be rich. He is fearless to talk about White privilege!!!

  8. The reasons why our most popular athletes and entertainers aren’t making the money they deserve, is because they don’t value themselves or know their value. But as a community, neither do we. They have to have a mindset of ownership rather than endorser. We as a community have to have a mindset of supporting and creating Black businesses, rather than always being known for being the largest consumers on the planet, of other community’s products and services.

    Every community is making a great living off of our hard labor, while we struggle to make ends meet. Sound familiar. There’s something wrong with this picture, but we don’t see it. I know why? Spending a trillion dollars in everyone’s community but your own, and then complaining about not having something is a sickness we need to start working on. This is an illness that we have control over and can cure, when we finally realize we have this illness.

    Black Unity means financial independence and happiness

  9. Satchel says:

    The nations obsession with wealth and making lots of money is, in my opinion if I may, corrupting our young peoples minds, to worship money. Children are born to loving money, they are taught this by us grown ass want-a-be rich, no asset having folks in their immediate communities. Ask any kid, before they are contaminated with all this overindulgence, what they want to be, and they will tell you they want to be happy and have fun.It doesn’t take a $250 mens belt or a $2,500 women’s purse, to have fun and be happy.

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