Are the 1% Greedy or Ambitious?
Since the Occupy Wall Street protests started, there has been much talk about the greed of the 1%, some even calling it a crime. But is it really greed, or just ambition? What is the difference?
Defining Greed
The Merriam-Webster dictionary (online) defines greed as "a selfish and excessive desire for more of something (as money) than is needed". It also gives an example: "He was a ruthless businessman motivated by naked ambition and greed". So are greed and ambition the same? Is the reference to money relevant? The same dictionary, however, defines ambition as "an ardent desire for rank, fame, or power" and gives an example: "He lacked ambition and couldn't compete with the others". No mention of money. So ambition is needed to compete, but if it results in more money "than is needed" then it is greed. Right?
Who Are the 1%
So are the 1% greedy or ambitious? Well let's look at who the 1% really are. The New York Post recently reported that 80% of the millionaires in the U.S. are first generation; they made their money themselves and did not inherit it. This group is composed of the following professions:
Doctors Athletes Business Professionals
How about the pro athletes? They definitely have the ambition to compete. If they lose the ambition, they likely won't make the team and their career can be over. They do the best they can and, as a result, if they are successful, they are highly paid. Are they greedy?
The same can be said about entrepreneurs and other business professionals. They need the ambition to compete or they could be out of business. In the process, if they are successful, they can make a good deal of money. Does that make them greedy?
In fact, all of the professions mentioned above, yes even the financial pros and bankers, have an ambition to be the best. They would not be where they are without it. At what point do you say to them "stop doing the best you can and be like everyone else?" Each of them was given specials skills and abilities, whether in business, the arts, science, or sports. Each is using those God-given gifts to be successful. What if they didn't try to be the best they could, and had no ambition to succeed? Now that would be a crime.
David Chitester
Defining Greed
The Merriam-Webster dictionary (online) defines greed as "a selfish and excessive desire for more of something (as money) than is needed". It also gives an example: "He was a ruthless businessman motivated by naked ambition and greed". So are greed and ambition the same? Is the reference to money relevant? The same dictionary, however, defines ambition as "an ardent desire for rank, fame, or power" and gives an example: "He lacked ambition and couldn't compete with the others". No mention of money. So ambition is needed to compete, but if it results in more money "than is needed" then it is greed. Right?
Who Are the 1%
So are the 1% greedy or ambitious? Well let's look at who the 1% really are. The New York Post recently reported that 80% of the millionaires in the U.S. are first generation; they made their money themselves and did not inherit it. This group is composed of the following professions:
- 33% - Entrepreneurs and business professionals
- 16% - Doctors
- 14% - Financial professionals and bankers
- 8% - Lawyers
- 7% - Science and computer professionals
- 2% - Professional athletes and artistic performers
Doctors Athletes Business Professionals
How about the pro athletes? They definitely have the ambition to compete. If they lose the ambition, they likely won't make the team and their career can be over. They do the best they can and, as a result, if they are successful, they are highly paid. Are they greedy?
The same can be said about entrepreneurs and other business professionals. They need the ambition to compete or they could be out of business. In the process, if they are successful, they can make a good deal of money. Does that make them greedy?
In fact, all of the professions mentioned above, yes even the financial pros and bankers, have an ambition to be the best. They would not be where they are without it. At what point do you say to them "stop doing the best you can and be like everyone else?" Each of them was given specials skills and abilities, whether in business, the arts, science, or sports. Each is using those God-given gifts to be successful. What if they didn't try to be the best they could, and had no ambition to succeed? Now that would be a crime.
David Chitester
Posted by David Chitester at 11/25/2011 2:48 PM 
Categories: uncategorized
Tags: greedy 1% david chitester entrepreneurs
Categories: uncategorized
Tags: greedy 1% david chitester entrepreneurs
David,
Not sure if I am a 1%'er but feared I was from the start of all this. Even had a person label me that and walk away @ a recent party!I like your logic on this one!
Reply to this