The Truth Behind “Self-Made” Billionaires | Robert Reich

Elon Musk’s father owned shares in an emerald mine in Africa.

Bill Gates’ mom helped Microsoft get a deal with IBM.

Jeff Bezos’ garage-based start was funded by a quarter-million dollar investment from his parents.

“Self-made billionaires” are a myth.

[georgesheffield]

A prof I had ( finance class ) said the easiest way to make a million dollars is to start with two million dollars.

[zoyadulzura]

4:03 "Billionaires are not made by rugged individuals. They're made by policy failures. And a system that rewards wealth over work." 👈

[johnspence]

My brother does this all the time. He’s a millionaire with no kids. He leaves out the part where our mom paid 7 years of his education.

[annefitz]

Corporate greed is off the rails. Then they spend millions or more to fight unions. Such hypocrites. Make them pay their part. Thx Professor. You’re the best

[こく月X]

I’ve been saying this for years. “Self-made” millionaires and billionaires are a fallacy.
Wealth is built in the backs of other human beings.

[montecristo]

That’s why I’m so damned tired of those stories about immigrant grandparents or great-grandparents who claim they “came to this country with less than five dollars in their pocket but within a few years owned a company.” I’m like, “Okay, either it was REALLY easy to succeed back then, or you’re leaving some major details out of the story.”

[hamburgermatty]

Still can’t wrap my head around the “wealthy” sports team owners who use public funds to build stadiums. 😂

[enricogattone]

The boss comes at the office with a brand new Lamborghini. When all of his employees gather to admire it, he stands and tell them: "If for the whole of this year, each and any of you will work very very hard, next year I'll be able to buy me another one"

[jibrilamvs]

The fact these billionaires became even richer during the Covid pandemic is utterly insane. We scrounge around for any kind of assistance and they take it in like any other typical Tuesday afternoon.

[charlottewalker]

Robert Reich is a blessing to many. I achieved success with easy steps below.

[Opus]

Most money is made off the hard work of others from their employees to the infrastructure they use, but don't want to pay taxes for...

[finnmcool]

I still can't believe people believe the idiocy that businesses hire people just because their profit margin increased. Businesses hire only enough people to meet demand. You want to create jobs? Increase demand by creating more customers. You do that by giving people that don't have it enough money to buy things.

[johnchessant]

"There is nobody in this country who got rich on his own — nobody. You built a factory out there? Good for you. But I want to be clear. You moved your goods to market on the roads the rest of us paid for. You hired workers the rest of us paid to educate. You were safe in your factory because of police-forces and fire-forces that the rest of us paid for. You didn't have to worry that marauding bands would come and seize everything at your factory — and hire someone to protect against this — because of the work the rest of us did. Now look, you built a factory and it turned into something terrific, or a great idea. God bless — keep a big hunk of it. But part of the underlying social contract is, you take a hunk of that and pay forward for the next kid who comes along." — Elizabeth Warren, 2012

[tgsiii]

As Reagan once said, "A rising tide lifts all boats". of us own yachts or even a rowboat.

[sirrellphillips]

Their greed is insane. Yet most people don't want to be billionaires. The rest of is just want to live comfortably. Pay our bills, own a home, being able to take care of our families and still have some money left to enjoy life. Not working 2-3 jobs and feeling stressed.

[saxyrep]

There will unfortunately always be a large swath of people who either won't see/believe it and will actively defend the system that generates billionaires out of hope they'll be one of them one day.

[joshstewart]

I’ve never excepted the self made label. No one, I repeat, no one is self made. Even if you originated an idea and did a lot of the leg work to get things going someone at some point helped you take it to the next level. Someone invested in your idea or company, someone advised you along the way, someone inspired you or supported you or made it easier for you to focus more of your time and energy into it. Maybe it was a parent, a friend, a spouse or someone else but for some reason the we give all the credit to the person at the top and almost no credit to anyone else involved in making a company successful.

[Craxin]

Hey, I'm not against a CEO being wealthy. I'm against a CEO taking everyone else's hard-earned money for themselves. We do the lion's share of the work, they take more than the lion's share of the money. They're like dragons hoarding treasure and need to be dealt with the exact same way. Greed destroys everything.

[jaredoliver]

'If you safety net to joining the billionaire class is remaining upper class, that's not pulling yourself up by your bootstraps. Nor is failing to pay your fair share of taxes along the way.' - Robert Reich'

[Shari]

Thank you Robert for speaking the truth. I'm tired of all the fairy tales we've been told for decades.