Monday, October 22, 2012

Economics Class Homework (Due Thursday, Oct. 25th by classtime)

Wealth: Is It Worth It? by S. Truett Cathy


Chapter 1 - The Power of Wealth

What were your thoughts on your reading over this chapter?

There is a ten sentence minimum to your post. You do not have to reply to other people's posts.

Be sure to sign your name (first & last) and your class period (Econ 3rd or Econ 6th). ie: Shane Hall, Econ 3rd

33 comments:

  1. In this chapter, Truett discusses his childhood and how he was affected by not being born into wealth. He is grateful that he was taught the value of a dollar because he now knows what it takes to earn money. He learned this because as a child he had to work to support his family during the Great Depression. Truett says that he values the bicycle he bought for four dollars more than the bat mobile that he has today. The reasoning is that the bicycle is more valuable because he had to work hard for every nickel that would buy him the bike. Even though, he works hard for the money he makes today, he is saying that he values the simple things more such as a bike or a family memory. Throughout the rest of the chapter, Truett interviews other wealthy people to see what their opinion of wealth is. One of the men he interviewed was Warren Buffet who basically says that one receives more by giving. That is why Warren believes that he receives more benefit by giving away his money because what he gets in return is more important to him, love. The thing that I agreed with the most from what Truett had to say in this chapter was about how wealth can tear apart family relationships. Like he says, there are so many situations where a wealthy person will pass away, and his remaining children will fight over who gets the wealth. Therefore, I like how Warren Buffet says that wealth is not a dynasty, and everyone should make their own wealth, and it should not be passed down.
    Heidi Park 6th period

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  2. Allison Lange (Econ 3rd)October 23, 2012 at 6:30 PM

    In this chapter, Cathy interviews a few wealthy people, including Warren Buffett, Joe Ard, and Tony Dungy about whether worth is worth it. Warren believes that wealth means having enough, and I could not agree more. I think if you can go to sleep without worrying about how you are going to feed your family tomorrow, then you are wealthy. All the rest of that money that is not a necessity could be used to help those less fortunate. I enjoyed on how pro-giving he is. Even though he could use that money for his wants, instead he wants to use it for charities. He also expresses his disbelief in family dynasties because of his reasoning that people should work for what they earn. I agree, they shouldn't be given easy money because that can be quite damaging if they do not understand the worth of the dollar. I really liked Buffett's view on love, how you can never have too much, and if you don't give it out there is no way you can get it. Overall Warren's view is that wealth is worth it when you give it away, and it is not worth it if you do not work for it. Joe Ard emphasizes the limitations of wealth. Money can mean nothing if you are not happy, for it cannot buy true happiness. He wife was taken from him, and his wealth meant nothing to him because he could not get her back, even though he is a very wealthy man. I really like Dungy's point of how wealth is not eternal. I like how he points out that you really need to set down roots and think about your future rather than spending it on frivolous items. One of my favorite things about this chapter is the damaging effects of money on families. It really illuminates on how destructive money can truly be if not used correctly. So far, I think that wealth can be worth it if used right.

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  3. This chapter was great to show what money can do to people. The beginning of the chapter talks about how Truett Cathy grew up and how he appreciated the things he got while he was young. He had to work had for those things and loved them more than anything else he had ever owned. Then he talked about how his kids and grand kids will never experience the the sense of harld work that he experienced while trying to put food on the table for his family. The chapter then talks about 3 different guys. All of them were wealthy and about the same age of his son. Truett explains how the men made there money, but now some sort of bad thing has happened to them. Two of the guys got divorced and the other guy went bankrupt. This story tells about the bad things that money can do to a person. This chapter gives a good understanding of the bad thing that money can do. Truett talks about needing the seance of hard work to really appreciate what you have.

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  4. In the first chapter of "Wealth, Is It Worth It?" by Truett Cathy it tells about the appreciation of oney works. If you are less fortunate and have to work even harder towards making an honest salary.The things you buy mean more and it makes you want to take better care of the items because of the fact you had to work hard in order to earn them. While when things are handed down to you or you have enough money that you can waste it on the item and still be fine finiancally, you do not appreciate the item as much and do not take as good care of it. Cathy explained that he bought the Batmobile that was in the movie "Batman Returns" yet when he was a kid and bought his first bike which was used and beaten up that had more meaning to him. This is because of the fact that he had to work for this bike and save up to get it. One point that I thought was intresting was the fact that when he was younger, during the winter his family did not know if they would have enough coal to last the whole winter! Cathy's example of the man who started making $100 and would give his 10% to the church was a great eye opener. As we make less we tend to be strick on what we buy and how we use our money. But then when we gain more money like the man did we forget what comes first and we lose sight of what we really should be doing with our money. Sure enough the man used the power of prayer to once again become better at tithing. Even though we might have plenty of money, it is not needed in excess because sometimes it can be the root of evil.

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  5. Chapter 1 of "Wealth, is it worth it?" showed the true perspective of Truett Cathy's childhood and the memories he has had in life. It was neat to see his personal examples in the book. For instance when he and his family were living during the Great Depression, Truett was forced to work not for himself but to supply for his family's necessities. In this first chapter we are able to hear different answers to the question that the book is titled with. For many people the answer was yes with some conditions. For example, if you earn the money honestly and share it with others then yes, many rich people would agree that wealth is worth it. But if money gets between you and your family or your relationship with God, like it did for the guy who stopped tithing, then wealth can be a dangerous thing to deal with. The answer though can be turned around to be no if the money isn't honest or if you don't share it. There were many quotes in the chapter pertaing to material wealth as well as the joy of giving. These quotes basically said it is impossible to be pleased with material possesions of this world and that the joy of giving what you have earned is far greater than the joy of actually making money.

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  6. I thought that the first chapter of Truett Cathy's book opened the door for some good discussions about wealth and managing it. Some of the most intersting points made in the first chapter was about wealthy people who had it all, but didn't manage their money so they either lost all of their money or their life. Truett did a great job of conveying this message by interviewing Tony Dungy. This was a great comparison because Coach Dungy has seen many guys come through the NFL and make millions of dollars. However, when they retire, they aren't used to being smart with their money since they hadn't been practicing managing money. An interesting fact was that 78% of retired NFL players go broke or file for bankrupcy. Managing your money is a very important skill to learn and is one that requires one to start early and learn through experience. Having enourmous wealth generally seems to be a good thing if used correctly. Wealth in the hands of the wrong people can have a very negative impact. Truett Cathy has seen both sides to wealth and poverty and obviously believes he'd rather be wealthy. However, he feels there are some great lessons we all can learn about poverty which is true for even the wealthiest of people. Brooks Stroud

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  7. I already typed this once and my stupid computer deleted it so this one is not going to be as good. In the first chapter, Truett Cathy talked about groing up in a home where it was difficult to make financial ends meet. Cathy has interviwed several wealthy men to get their take on the subject. Tony Dungy talked about success not being all about me, me, me, but it's about helping other people and building them up. Warren Buffet said that there is no point in having welath if you aren't going to give some away.It becomes stagnant and useless. There have been many instances in which wealth has been more a burden than a blessing. This happens when people make money the most important thing in their lives. They won't give any away and they accumulate too much wealth so that they cannot even enjoy it for themselves. One man talked about the limitations of wealth. No amount of money could have stopped his wife from dying of cancer. Money cannot buy the most important things in life. Wealth can be a blessing if you give generously. Businessness, family relationships, even lives have been destroyed because of having too much of the very thing everyone wants: wealth.
    Julia Peavy
    6th period econ

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  8. Truett Cathy should be a role model for all people. His story is on of the greatest because he rose up from poverty and through hard work he has become very very wealthy. His story about his first bicycle really stood out to me. He said he treasured that bike more than the Bat Mobile he had bought, because he had poured hours of labor into it so it had more value. Cathy from the beginning gave us examples of how wealth can destroy. He used the story of 3 men to really get us to think about the question, "is wealth really worth it?'. Cathy from the beginning has me thinking that wealth is not worth it. However I can see where wealth can be worth it if you do not let it destroy you. This chapter was a great way to start the book. This chapter really proposed the question to me and got me thinking.

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  9. In the beginning chapter of Truett Cathy's "Wealth: is it Worth It?" he goes right in to to discussing the opposite of wealth, poverty. He writes about how he experienced poverty as a young child. He explains that even thoughhe often times did not have the greatest of things, he had to make the greatest of the things he had. For example, Cathy discusses how little things like a family memory at this time seemed to be much more sweeter than anything he ever experienced in his life. He specifically remembers how proud he was when he earned enough money to buy a bike as a kid. In short, Cathy was presenting the idea that poverty showed him to be appreciative of what God has given you in life. I revere Cathy in this way because those times of the Great Depression had to be tough, but his family and him persevered through which ultimately gave them a more wiser view on the value of money and life. Also in this chapter on "The Power of Wealth", Truett Cathy interviews various wealthy and successful people on their view of wealth and the healthy ways of managing it. Specifically, in the interview with Warren Buffett, we learn that Buffett agrees on America background of equal oppurtunity for all. I agree with him that wealth should not be a matter of making a dynasty out of it, it is a matter of healthy giving for the betterment of others. I also love how Buffett explains that if you don't give out love, it will simply go away; I think that is a key lesson to which many should listen.

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  11. The first chapter of "Wealth is it Worth it?" describes Truett Cathy's viewpoint on wealth. He made many different statements and presented several ideas about money that I thought were very interesting. At several points in the chapter, he referred to his past and how that has helped him to understand the value of a dollar. When he was young, he and his family were in poverty. Everyone in the family had to work in order to ensure the family's survival. This really stood out to me. It made me realize how much I take for granted and also how much I have to be thankful for. Another main point of the chapter was that we shouldn't hold on to our money, but instead we should give it to other people. Money can damage relationships and families but it can also be a great blessing if it is used correctly. He also goes on to make the point that money really cannot buy everything and that we shouldn't put all of our hope in it.
    Summer Willingham
    6th period Econ

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  12. The story of Truett's journey from the poorest of poor to one of the wealthiest people in the world. I liked his point that he made about how, though he would never want his children and grandchildren to go through what he did(during the great depression), he is still so thankful for the things he learned through his past circumstances and wished he could share the things he learned with his children without putting them through what he went through.I also liked his interviews with what different people thought wealth was.I really enjoyed how one of the guys put it when he said that wealth was " having enough", Having enough so that you don't have trouble sleeping at night, or wondering where the money was going to come from for the next bill to be paid.
    P.S. For the record, I thought it was AWESOME that he bought the Batmobile.

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  13. I think it is amazing that Truett Cathy could live his childhood in such poverty, yet end up becomingone of the richest men in America. He describes how wealth can be described in both a good and bad way. It can be considered good if earned honestly, spent wisely, and given generously. So many people in the world spend their money so fast on worldly things that they are unable to give generously as much. However, wealth can be considered a very bad thing if it is not truly earned, spent furvently, not saved, and not given away. I personally enjoyed the story of the man tithing because often times we do not want to give as much as we need to when we are called to do so. When Truett explains that wealth does not necessarily mean rich, but rather able to provide for all that you and your family need, it showed me that the rest of the money is excess that could do others good. When we are given the power of money, we should have warm hearts that are willing to help those in greater needs. We cannot let wealth destroy the relationships we have with others because sometimes they can never be fixed. Wealth can be dangerous if used in the wrong ways, but it can be a blessing if used like one.
    Lauren Ellard, Econ 6th

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  14. Truett Cathy had such a rough childhood growing up in poverty, but still managed to become one of the most well known people in America. He was taught at a young age the value of a dollar. As a child he had to work for his family during the Great Depression. Working for his money made him appreciate things so much more.He believes people should work for what they earn.I agree with his point on how money can damage relationships with families, but also wealth can be a blessing when it is used correctly.
    Alysha Amerson
    3rd Period Econ

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  15. The first chapter discusses many different things. the part about Truett Cathy's childhood surprised me. I never knew that was the way he grew up. The examples of the men at the conference and how their wealth was a great part of their downfall was also surprising. I've heard of the saying "more money, more problems", but this example really put that in perspective for me. Asking the question, "Wealth, is it worth it?", is hard to answer with a striaght yes or no answer. There are many reasons you can say yes, and many reasons to say no. One for yes is if you earn it honestly, and one for no is if you spend it frivilously. Those who come up with almost instant wealth most likely don't know how to handle it and spend it without thinking or saving. Also, one should give their wealth away. This doesn't mean they should not take care of themselves first and then give away the excess that would just be sitting in the bank not being used. Money just sitting there can be used by many. The best form of giving is anonymously, like the Lobachs.
    Mary Lanphier, Econ 3rd

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  16. The first chapter discusses many different things. The part about Truett Cathy's childhood surprised me. I never knew that was the way he grew up. The examples of the men at the conference and how their wealth was a great part of their downfall was also surprising. I've heard of the saying "more money, more problems", but this example really put that in perspective for me. Asking the question, "Wealth, is it worth it?", is hard to answer with a striaght yes or no answer. There are many reasons you can say yes, and many reasons to say no. One for yes is if you earn it honestly, and one for no is if you spend it frivilously. Those who come up with almost instant wealth most likely don't know how to handle it and spend it without thinking or saving. Also, one should give their wealth away. This doesn't mean they should not take care of themselves first and then give away the excess that would just be sitting in the bank not being used. Money just sitting there can be used by many. The best form of giving is anonymously, like the Lobachs.
    Mary Lanphier, Econ 3rd

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  17. Truett Cathy starts his book citing how to live with wealth and the consequences of living with the wrong attitude towards wealth. Cathy describes first how he does not take pride in the expensive things which came into his life, but the simple things like his first bike in which it was hard to save the money for and therefore he cherished that bicycle. Cathy makes it evident wealth is just as easily lost as it is gained as he cites throughout the first part of his book the friends he had who lost their fortune or the 78% of professional football players who are bankrupted two years after they retire. Cathy goes into depth describing the upsides and downsides to wealth in three "Yes answers" and three "No's:" the yes answers stated that wealth can be earned honestly by hard work, wise spending and saving, and generous giving; the three no answers include money not earned, frivolous spending and no saving, and a void of generosity. Cathy explains that a hunger for wealth is bad too, that it destroys a man, as he references 1920's entrepreneurs who made it big, but suffered and some even killing themselves in the great depression. Cathy also cited his father who, after the depression, was not seen with a smile as he was impoverished and wasted in want for wealth. Truett Cathy's biggest word of advice to gain wealth yet have a happy life is to give and give again, both he and Warren Buffett agree that giving makes wealth worthwhile. Cathy specifically explained how giving does good as his a family that lived in his mother's boarding house was well-to-do, but childless. They knew that the Cathy family struggled to pay bills and would help out. In the end Cathy's sister ended up taking care of the old couple in their nursing home. Wealth if used in the wrong way in a family though can cause disaster as Cathy exemplified a family who had run a company, but after the death of the older generation it fell apart due to the fight for the fortune. Cathy overall made great points in his argument. He put forth the need to give as money sitting is rotting and if it is not given in the lifetime of the philanthropist it can potentially be given wrongly.

    -Alex Nelsen, 6 period

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  18. The first chapter in, "Wealth, Is it Worth It?" surprised me when reading it. I never knew that Cathy and his family struggled with money. Cathy interviewed Warren Buffet, Tony Dungy, and Joe Ard. The interview with Buffett really stood out to me. Cathy asked buffett how he defined wealth. He responded, "Wealth is having enough." I believe that in order to be wealthy, you have to have everything essential to your everyday life. Joe Ard defined being wealthy as "If a man can go to sleep at night and not worry about how he is going to pay the bills, he is wealthy." That relates back to buffets definition of wealthy. Another thing that stood out to me in buffetts interview was when he said, "Somebody once said that success is getting what you want; happiness is wanting what you get." That is so true, if we love everything that we have, we will we happy. I think that if one becomes wealthy, we should take the advice of these wealthy people and distribute our wealth to people who need it around the world.

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  19. In the first chapter of "Wealth, Is it Wortgh It?", Cathy starts off by talking about how he started from nothing. He talks about how wealth can both be good and bad but it despends on how you use it. i think it is a good example for life how the old bike that he worked really hard for meant more to him than the Batmobile that he now owns. Him interviewing Warren Buffett is a good example of how wealth can be worth it. Warren is very similar to Cathy because he too is a big giver. Cathy brought up how money can be evil if used in the worng ways or it can be a great thing if you use it the right ways and not let it corrupt you.

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  20. in the first chapter, i found it interesting to read that Truett Cathys family had financial problems, and how he had to work for evreything that he wanted. like how he had to work, to save up money to buy a four dollar bike. i dont think that we appreciate what we have, as much as we should. he talked about how when he was young teenagers had jobs, to support their families, and how his grandchildren, and great grandchildren wont have to work as teenagers to support their families. if they have jobs, the money that they earn will be theirs, and they can do whatever thtey want with it, he also talked about how in his childhood, he struggled with money, and now he is wealthier than most people today, and he said that he preffered the wealthier lifestyle, and i think that most people would; but when he told the story about the man who was wealthy, and always tithed, but became so wrapped up in the luxuries of wealth, then he cpuld nolonger afford to tithe. it made me think if wealth really is worth it. -Martha Shiver

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  21. The section of the book talks about wealth breaking and building people lives. Wealth has the power to build or destroy lives. It can make a better place for everyone to live in. Truett's best meomries were those of his youth simpler days. When he worked day in and day out for a old bike that needed much work. In the long run anything you work hard enough at you will get a favourable result in most cases. Warren Buffet is asking the same thing is wealth worth it? It seems that everyone wants to know! He is giving a large of his wealth. That is how he makes wealth worth it for himself. He give to those in greater need of the money.
    3rd period
    Patrick Hague

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  22. In the first chaper, Truett Cathy starts it by saying his family started at the bottom. Example that his father was in the Great depression. Wealth is a big thing in the life of every person on the earth.Truett talks about the good and bad of wealth how it can joy to people or how it can bring you and debt and make you a totally different person. An example was in the recent years Truett Cathy had a love forunusal cars when the price was right. And he had an opportunity to purchase the Batmobile and so he purchased it and displayed it at the Chickfila home office. He could have shown his first ever bike that he purchased a long time ago that he worked so hard on. This is saying that even though the big pricy stuff that you have may seem beautiful but the thingds that arent so cheep but you take pride in those are the best!:)Money can become very devilish inm a way make you want to do anything for it. be anything for change anything for and becoem not yourself.

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  23. I think it is really interesting how Truett Cathy started his life without much money. I think he is completly right about wealth bringing you joy or being able to make you completely miserable. People who have a lot of money can get messed. Such as people in Hollywood. They spend money on things that don't really matter, such as nice cars and huge houses. People who don't have a lot of money may not have everything but they don't have to worry about having the best things in life. Wealth totally has "The Power to Build or to Break Down".

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  24. I learned a lot about Truett Cathy in this first chapter. I think his experience in poverty has helped him view his wealth in a different way than most people do. Instead of hoarding it he realizes that what really makes him happy is to give away what he cannot use to people that need financial aid. Cathy also says that what he has come to realize is that those who keep their wealth are the least likely to be happy and those who help other people with it are the most likely. In the first chapter Truett asks many people whether they think wealth is worth it or not. Almost all the responses end up something like "Wealth is only worth it if you treat it right, if you don't then it does more harm than good". There are also some facts about Truett Cathy that surprised me. He lived as a youth in povery and his dad was very stingy with money. His son now owns Chik-fil-a. All in all, this was a very interesting chapter to read.

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  25. I think that it is really interesting how Truett Cathy started off by telling us how his family was very poor and it helped him on his view of wealth. The poverty that him and his family experienced helped him to learn how to use money properly and how not to use it for the wrong reasons. As an example he worked long hours every day just to get the bike that he wanted. Because of his hard work and determination he was able to create a flourishing business that has helped him in the long run. He also figured out that something that made him truly happy was to give people financial aid if they needed it. "Wealth is it worth it?" is a hard question to answer with just a yes or no answer. To me the only way that wealth is worth it to someone would be if that person earned it through hard work, determination, and earning it honestly.
    Will Barkley
    Economics
    6th Period

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  26. in this chapter Truett Cathy talks about many things like about his family and how they really didnt have much money. he says that changed the way he thought of money and wealth. he talks about how it is bad sometimes when people are wealthy. wealth can become someones happiness. he talks about how it makes people mean and arrogant. later on as he grew up he wanted to help people that didnt have much like him when he was a kid. he wanted to make other people happy instead of worrying about himself. he did a very good job and explaing how people are in the world when either they have a bunch of money or no money. people need to be more like him and give some of there miney to the people who reall need it instead of being greedy.
    Megan Greene
    Economics 6th

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    1. I really enjoyed reading this first chapter of "Wealth, Is it worth it?". It gave me a lot more insight on the economic world, which was very fascinating. Not all wealthy people are misers who hoard their money for themselves. I thoroughly liked hearing about Mr. Buffet, who has set up a specific process whereby he will donate his money to charities throughout his life. I was a little bit suprised as well to find out that Bill Gates was in on this group of wealthy people that are pledging to help others with their money. If other wealthy people/corporation owners/billionaires/etc. woukld learn from examples like Mr. Gates and Mr. Buffet, the world would be a better place. I also liked how the chapter went into the fact about not forgetting what is most important in life. God, which in this case means remembering to give to your church. A valid point was made in the parable of the wealthy man. The pastor said (paraphrasing here,obviously), "It is better to make less money and give what you should to the Lord, than to make lots of money and waste it on material things or let it go to your head."

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  27. ^^^ Lily Garnett, 6th Period Economics

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    1. i agree that no matterhow much you start out with you can end with whatever you work for.

      bowen lader

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  28. in this cahper Truett talkes about how he grew up and how money was problem during his childhood. nothing was givin to him and he had to earn and work for everything he wanted. in the interiew with Buffet, i dissagree with his defention of wealth. just because you have enough doesnt mean you are wealthy. Joe Ard also says something that i dont believe, just beacause you dont worry doesnt mean yopur wealthy because tyhere are other things that you worry in life other thsn money. also somthing that stood out to me was the fact that you dont have to stay in the rut that your were born in to. your can make your self in to anything you want to be with the Lords help. Truett made him self in to the man he is to day with his strong fait. i believe that the childhood he had helped him in the long run because he realized just how hard life can e and you have to earn everything.

    bowen lader
    3rd

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  29. i thought Truett Cathy did a good job stariting out the book. He told a little about himself. He let s know that he has the experence to wirite the book. I did not know that he was that old, and he lived through the great deppresion. I liked the story he told about the poor guy that tithed, then as he became more wealthy he did not tithe. I think it is important to tithe, proof is look at Truett Cathy today. i think it was a good choice to write thhis book. Truett Cathy is write, Wealth can be a good thing for some people. It can be a bad thing if it is not used correctley tho.

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  30. Managing, spending, and investing your money wisely is very important in this world. Truett goes into depth in this first chapter about many things, but a couple stood out to me. The first thing that stood out was when he was saying how small things in his childhood made the greatest memories. As a child, Truett didn't have much but of what he did have, he decided to make the most out of it. Not only did he decide to make the most out of things, he did it in a honorable and just way. In this chapter, he interviews Warren Buffet. The main jist of what Warren says is that one recieves by giving to others. Truetts first chapter gives more advice than anything else. I also enjoy the quotes/versus he incorperates in the text. Its a good way of tying his points together.

    Sam Pope
    Econ,6th

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  31. I found it interesting that Warren Buffet, a very very wealthy man, classifies wealth as having enough. Im sure he gives plenty of money away to different charities and its even mentioned in the next question that he will give away billions of dollars within ten years of his death, but still. Does he need all of that money that he has right now? is that what enough is for him? I think it would be interesting to ask him that and see what he thinks. I really liked Joe Ard's view on wealth. He said that even though he had money and friends and a successful business, when he lost his wealth he lost a very important person. She was a huge part of him that money couldnt buy. I would like to think that the same very important things in my life are people and friendships, not just money.
    Jeremy Overman

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