Rich and poor

The income gap across the country is in the news because many candidates are offering ways to close the gap which means taking from the rich and giving to the poor which begs the question, what is the difference in the way these two groups live. Take the middle and low income group and divide them into two extremes. One group spends all of their income and borrows to spend even more. On the other end of the spectrum is the group that lives beneath its means. They save a little for an emergency fund, a little for a college fund and a little for retirement. Most fall in between these two bookends. On the rich end some inherited their money and some earned it by innovation. Sam Walton's three children own 50% of Walmart stock which means 1.5 billion shares. The dividend gives them $3 billion dollars per year. They live modestly and are well known for sharing their wealth. Other billionaires earn their money through innovation. Prominent members of this group are Bill Gates, Warren Buffett and Jeff Bezos. Most in the group live ordinary lives in that they work at expanding or creating new business.