More on “income inequality” and financial planning

“The rich get richer and the poor get poorer”

By Rick Kahler CFP®

One of the pillars of my profession of financial planning and counseling is to help people get richer. For many people, this statement might evoke the idea of “income inequality” as summed up by the phrase “the rich get richer and the poor get poorer.” This is a common money script around a topic that evokes a lot of difficult emotion.

Of course, there are people who have wealth that tends to increase over time. This includes some who inherit vast wealth and others who achieve wealth through business ownership or creative successes. It also includes those who live on less than they make, invest the difference, and make sound investment decisions with the money they have saved.

Goals of financial planning

Regardless of the economic class people start out in, one of the goals of financial planning is to help them expand their lifestyles—in in other words, to get richer. We help them build wealth so they can afford to send their children to college, or can take care of themselves in old age, or can someday not have to work for an income. We help the poor to become middle class, the middle class to become affluent, the affluent to become rich, and the rich to become richer.

When I frame “the rich getting richer” in that manner, people typically respond, “I never thought of it that way.” It contradicts the popular interpretation that the way the rich get richer is by taking from the poor, hence “the poor get poorer.”

Certainly it’s true that some rich people and companies do exploit the poor or try to influence legislation in their own interests. The artificially high prices they charge can be one factor in causing the poor to get poorer. Examples of this might include the secondary educational system as well as industries where excessive regulations limit competition.




However, just as most of the rich don’t get richer by exploiting the poor, most of the poor don’t get poorer by being exploited by the rich. Some get poorer because they lack education or don’t know how to access help. Some get poorer by events out of their control, such as job layoffs, serious illnesses, or cultural, racial, or sexual discrimination. There are many reasons.

Some get poorer through choosing careers with little future, not taking care of their health, or making poor money decisions such as financially enabling children. Others are caught up in destructive behaviors like addictions or compulsive gambling. A few even choose poverty for religious or philosophical reasons.


As with many things, income inequality is complex.

For example, some people choose to take large risks that could result in their becoming very rich or very poor.

Others choose the security of a steady paycheck. There could ultimately be a huge wealth gap between the entrepreneur who hits it big and the more conservative person who wants to play it safe. Does that mean the gap is inherently bad, or that the risk-taker doesn’t deserve the rewards of success?

Certainly, the risk-taker could have ended up far worse than the person who played it safe. Does that make one right and the other wrong? I don’t believe so.


Just as with other money scripts, “the rich get richer and the poor get poorer” is true in some circumstances. At other times, the truth can be that “the rich get poorer and the poor get richer.” It can also be true (think of the 2008 economic crash) that “the rich get poorer and the poor get poorer.” And the final truth—one that financial planners work toward—is to help “the rich get richer and the poor get richer.”


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TOP 50: The Digital Health-Trend Hype Cycle


Emerging Digital Health Trends

BY Bertalan Meskó, MD PhD


Digital technologies have completely transformed our lives in the last couple of years and started to entirely reshape the landscape of healthcare. Yet, this is only the beginning. Huge waves of changes are on their way. The future of healthcare is shaping up in front of our eyes with advances in digital healthcare technologies.

And so, here is the latest research, from the Medical Futurist’s Hype Cycle Of The Top 50 Emerging Digital Health Trends.
The Medical Futurist’s Hype Cycle Of The Top 50 Emerging Digital Health Trends

Quantum Computing
3D Bioprinting
Facial recognition in hospitals
Vocal biomarkers
3D printing prosthetics
Robots in hospitals
Augmented reality in patient education
A.I. in drug design
Augmented reality in medical education
Medical transportation platforms
Private 5G in healthcare
At-home lab tests
3D printing drugs
Medical drones
A.I. in diagnostics
Voice-to-text apps
A.I. in medical decision-making
3D printing equipment
Virtual reality in patient education
Portable diagnostic devices
Augmented reality in surgery
Portable ultrasound devices
Virtual reality in staff training
Robots in rehabilitation
A.I.-based prosthetics
Longevity research
Nutrition devices
Employee wellness programs
Clinical trial recruiting
Clinical trial management
Remote care apps
Cloud computing
Nutrition apps
Robot companions
Medication management solutions
Personal genomics services
Microbiome testing
Remote care platforms
Digital health insurance
Wearable health devices
Personal Health Records
Electronic Medical Records
Smartphone health apps
Mental health apps
Fitness trackers
Virtual reality in pain management

Bertalan Meskó, MD
The Medical Futurist



Your comments are appreciated.

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™




METAVERSE MEDICINE: Doctor, Patient Avatars Ahead?

By WebMD

In what some are calling the next iteration of the internet, the metaverse is an unfamiliar digital world where you could be an avatar navigating computer-generated places and interacting with others in real time. In this space, the constraints of our physical, bricks and mortar world and travel habits fade. And new opportunities and challenges emerge.







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Try (or learn about) Entrepreneurship


One of the greatest things about the virtual economy is the expanded opportunity for people to branch out on their own and create something using their own expertise. Related to this is the growing societal desire to have more free time and a more balanced, efficient life overall. 

In fact, years ago when I was in business school, I learned that during a recession when jobs were sparse – folks would either go back to school to re-engineer and re-educate OR start their own business.

Today – If the pandemic taught us anything, it’s that we need to be able to pivot when circumstances call for it. In the years ahead, there will be a premium on flexibility, portability, and improvisation; knowing how to earn income outside the traditional employer-employee relationship will continue to be an especially valuable skill. 


ASSESSMENT: So, if you are a physician, nurse, medical professional or financial advisor in the healthcare space, think about what you’re naturally good at (or at least interested in), and determine if there’s an opportunity to monetize it in some way on your own. Your career might thank you for it!

Your thoughts and comments are appreciated.

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“Deep Tech” Entrepreneurial Start-Ups


By Dr. Jeffery Funk

All 12 Ex-Unicorn Deep Tech startups are unprofitable and another 20 privately-held #Unicorns appear to be far from profitability.

These 32 include biotech/health (12), AI/Big Data (8), sensors/AVs (4), wearables (3), satellites/space (2), and one for 3D printing, storage, and fuel cells. Of ex-Unicorns, 10 have losses greater than 30% of revenues.

Why are these #deeptech #startups so unprofitable?

My conclusion is fewer #breakthrough #technologies are coming out than decades before and ones coming out are taking longer to successfully commercialize. #AI/#BigData, sensors/#AVs, wearables, satellites, 3D printing, and fuel cells have all been over-hyped, their costs and performance are still disappointing, and their diffusion continues to be slow.

Overall, a successful example of a breakthrough #technology is hard to find since iPhone was introduced in 2007, other than OLEDs and solar cells. Yes AI, #EVs, drones, VR, AR, and IoT are diffusing and thus an analysis in 10 years might come to different conclusions, but for 2010s, there was little to commercialize. #innovation #ipo #ipos #venturecapital #vcs #vc






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