Essay on Wealth and Poverty

Published: 2021-08-11 17:32:17
1178 words
5 pages
10 min to read
letter-mark
B
letter
University/College: 
University of Richmond
Type of paper: 
Essay
This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

Poverty is a state of deprivation, while wealth is the condition of having adequate or even surplus resources often measured in terms of money and assets. These two conditions contrast each other, and a person lacking in one of them is considered as having the other. These terms define the two broad classes of people in the society. These classes lead lives that are directly opposite of each other. While poor people struggle to afford basic life needs like clothes, shelter, and food, their wealthy counterparts drive luxurious vehicles and live in leafy suburbs. Poverty is as a result of multiple factors. For instance, lack of education can lead to poverty. In particular, uneducated people lack decent and secure job since they do have academic papers to prove their skills. On the contrary, the wealthy people are very learned and they occupy the jobs as architects and engineers (Michael 46). They are also affluent chief executive officers of multibillion companies since they have attained the highest level of education. The background from which a person comes also plays a role in their socio-economic status. People whose parents and grandparents were industrialists and rich businesspeople inherit estates which project them to wealth (Reiman & Leighton 14). On the other side, children of poor immigrants and paupers do not inherit any wealth and are not educated due to the poverty of their parents. However, these reasons do not hold true at all times. There have been stories of men and women who have beaten all odds to become successful regardless of their backgrounds. Therefore, the gap between wealth and poverty is created by the lack of will or luck, and the acquisition of these two attributes is the solution to poverty.

Although higher education improves ones chances of landing a well-paying job, it does not absolutely mean that students who do not go past high school end up constituting the lower class in the society (Quaye & Harper 23). There are people who have made meaningful strides in the world of business, theatre, and innovation without having a bachelors or masters degree. After failing to acquire the grades to propel them to high education, people with a will to succeed in life begin laying the alternative foundation in their lives at that very moment. In common cases, high school graduates get jobs as grocery store attendants or vendors of fast food in hotels. There are many other opportunities that these people get after completing their high school education. Immediately after getting that job, a person willing to succeed develops a saving culture and refrains from extravagance. When their college counterparts are completing their college education and struggling to pay student loans, they have already saved enough money to start a lucrative business. A person who takes this trajectory is bound to become wealthy due to having the will of doing so. Since they have mastered the art of saving and meager spending, they succeed in business and eventually employ graduates to develop their companies.

Luck is another factor that can propel people to wealth. There are many lottery and casino games that are advertised on the television and other media. Some of these require a player to spend a lot of money to win, while some of them depend on sheer luck. Wining a jackpot in these games can change the lives of poor people. The jackpot in most of these games is in the counts of million dollars, and this money is all what anyone needs to be successful. Although luck is an abstract concept, it also takes the will of a person to become lucky. Playing a lottery game takes the will of a poor person, especially when they have to balance the little money they have between gambling for a game and buying essential commodities. Nonetheless, luck has led many people to wealth regardless of their family or education backgrounds.

The will to succeed comes from the understanding of the problems associated with poverty. Understanding these problems comes from experience of being poor or listening to the stories of people who have been under the oppression of poverty. In most cases, a person who has been poor is not likely to become deprived again, while a wealthy person is more likely to become poor. A wealthy individual can turn poor for many reasons. First, their estate can be destroyed by fire or natural calamities. For example, having several restaurants in the coast is a symbol of wealth. However, the position of the hotel is prone to natural catastrophes like tsunamis and hurricanes. When one of these disasters occurs and the assets are not insured against them, a previously wealthy person can become poor as a result. Secondly, the deterioration of health can contribute in the conversion of wealth to poverty in a matter of time. Servicing medical bills without a medical cover is very costly and can drain very many resources to the hospitals. Additionally, a sick person cannot effectively manage their estate. Therefore, the businesses are left in the hands of people who do not understand the strengths of the company in the market. This condition can lead to the collapse of a previously successful firm. On the other side, a poor person can become wealthy through a number of factors. However, as argued before, there is the need to have a will and a strong commitment to any of these paths. Beginning a business is one of the method through which a person can empower themselves financially. The government gives an incubating environment for small business to grow. Many commercial banks give low interest loans to small enterprises. The will to do business begins with acquiring the basic information on management. This information is easily gotten from friends and the Internet. In a nutshell, the mentality of an individual determines the kind of pathway to take. Those with a strong will to succeed strive to begin a business, while those poor people who are complacent in the status quo remain in poverty forever.

While higher education and a rich family background contribute to wealth in the future, the possession of a winning mentality is the greatest factor in becoming wealthy. A rich person with a defeatist mentality can become poor in a matter of months, while a poor individual with a strong will and commitment of changing their life can do so successfully. Wealth and poverty are abstract concepts, although they can be measured in terms of tangible assets. When the assets of a wealthy person are destroyed by natural calamities without the replacement by an insurance company, the wealth disintegrates and the person becomes poor. A poor person who endeavors to save and start a business can own assets and prepare their path to wealth.

Works Cited

Bond, Michael. "When the rich get richer." New Scientist 230.3069 (2016): 46.

Quaye, Stephen John, and Shaun R. Harper, eds. Student engagement in higher education: Theoretical perspectives and practical approaches for diverse populations. Routledge, 2014.Reiman, Jeffrey, and Paul Leighton. The rich get richer and the poor get prison: Ideology, class, and criminal justice. Routledge, 2015.

Request Removal

If you are the original author of this essay and no longer wish to have it published on the customtermpaperwriting.org website, please click below to request its removal: