➡️ Do the rich work harder than everyone else? Three takeaways from debunking this myth

Hi! Welcome to the 29th edition of 💡learnshiv. Here, you will find three things you should know or do to future-proof your life so that you adapt and thrive in a rapidly changing world — every OTHER week. (I’ve switched to bi-weekly)!

Here’s what we’re talking about in this week’s newsletter:

• 👉🏽 Capitalism teaches you that your level of financial success or failure is your fault. It’s not - and here’s what you need to know and how you can reframe your thoughts to move forward.

  • I love Robert Reich’s series on Debunking Economic Myths

  • Here’s my summary of the video “Do the rich work harder than everyone else?” with three takeaways to learn from and take action on.

1) The true drivers of wealth accumulation aren’t what you think they are
Lesson: Wealth often results more from systemic advantages and rule-setting than just hard work.

Explanation: The idea that the richest have worked the hardest is a myth. In reality, wealth accumulation is heavily influenced by corporate power structures, market monopolies, inherited wealth, and political influence. CEOs and Wall Street traders often set their own pay, use stock market manipulation tactics, and leverage insider information. Additionally, 60% of all wealth is inherited, making parental wealth a strong predictor of one's future economic status.

What you can do: Take proactive steps to enhance your economic literacy and awareness. Follow reputable economic analysts and thought leaders on social media platforms to gain diverse perspectives on economic issues. Make it a habit to dedicate at least 30 minutes each week to reading an article or watching a video about current economic trends. This consistent engagement will deepen your understanding over time.

2) Relying on one source of income is a thing of the past
Lesson: Relying solely on wages leaves you vulnerable in a system where corporate leaders have significant control over pay structures.

Explanation: While the pay of top executives has skyrocketed, average workers' wages have stagnated. This is due to workers losing economic power and political influence. Corporations have managed to lower wages through outsourcing, automation, and union-busting tactics. Diversifying your income sources is crucial to protect yourself and not rely solely on wages.

What you can do: Explore multiple income streams and develop skills that are less easily outsourced or automated. I understand this is much easier said than done. Still, if possible, many people explore side hustles like tutoring, new skills like cybersecurity, or micro-investing apps like Acorn, where their money can start working for them.

3) Remember, the collective is always stronger than the individual
Lesson: While individual economic power for average workers has decreased, collective action can still be effective.

Explanation: Corporations have weakened workers' bargaining power through various means. However, workers can counteract some of these trends by joining forces and advocating for more equitable economic policies.

What you can do: Explore ways to increase your collective bargaining power, whether through traditional unions, professional associations, or new forms of worker collectives emerging in the gig economy. Stay engaged in local and national politics.

By understanding the true drivers of wealth accumulation, diversifying your economic power, and leveraging collective influence, you'll be better equipped to navigate our complex economic system. These strategies will help you see through common economic myths, identify opportunities within current systems, and prepare for future economic shifts. Remember, staying informed and adaptable is key to remaining future-proof in our forever-changing economic landscape.

Thanks for reading our 29th newsletter. Find me on Instagram or LinkedIn where I post even more little tidbits about learning and my life.

Have a great week, and stay curious,

Shiv 💁🏽‍♀️