In the new book American Masters: The Making of an American Master (Penguin Press, 2021), writer Lonnie Rashid tackles one of the most enduring themes in American history: wealth and power. His thorough and highly entertaining historical research not only confirms the importance of wealth to our national identity, but also shows how wealth has historically been used to manipulate and benefit those who possess it. Through a series of case studies and interviews, Rashid uncovers the lives and work of some of the most prominent men and women in American history – including the owners of the American Express, Morgan Stanley, Andrew Carnegie, and Oprah Winfrey – as they reveal the inner workings of their wealth and influence. With a wealth of information and personal insights, American Masters presents historical examples that make the reader think like an aristocratic citizen. At the same time, this book makes clear that there are limits to wealth and power, and that some people may not be born into affluence.
Beginning with his own experiences with money and wealth accumulation, Rashid traces the financial evolution of the United States through the ages. He presents the perspective of the average citizen against that of the fortunes amassed by the fortunes of the super-rich and argues that all humans have a right to pursue their potential for personal enrichment. Throughout the book, Rashid reveals the net worth of some of the country’s more prominent families, including the Gates Foundation, Ford Motor Company, AT&T, Wal-Mart, T&E, GE, and oil companies during their peak in the industrial age. Additionally, Rashid provides insight into the financial decisions made by the Federal Reserve, including its relationship to stock markets and the real effect of interest rates on the bottom line for corporations.
Lonnie Rashid Full Biography
|Full Name||Lonnie Rashid|
|Net Worth||$45 Million|
|Date of Birth||March 13, 1972|
Using well-researched statistics and a hypothetical net worth calculator, this book illuminates how individuals may use current wealth accumulation strategies to fuel greater wealth accumulation over time. The book concludes with a look at how future scenarios could play into current net worth trends and examines how new technologies may further drive down the barriers to wealth accumulation. Although Net Value of Money is largely theoretical in nature, the author provides a strong theoretical foundation for his arguments through a detailed look at the history of economic theory. Overall, this book provides an accessible introduction to a complex topic that provides statistical proof and practical recommendations. Additionally, the book uses a powerful example to illustrate how changes in investment strategies affect net worth.
A popular financial concept used by economists is the theory of potential income. The concept is used to explain how much money can be saved through careful planning and the use of specific tools. Through a combination of real figures and hypothetical figures, the potential savings is then converted into net worth. Through a number of exercises designed to make the potential valuation of assets more concrete, Net Value of Money demonstrates how easy it is to calculate the value of one’s wealth and how this value adjusts throughout the course of one’s life.
A key concept introduced in Net Value of Money is depreciation. The purpose of using an effective depreciation schedule is to make it easier to understand how people’s wealth varies over time. Through several exercises based on hypothetical Net Worth figures and a variety of hypothetical family structures, Net Value of Money provides many useful insights into the process of wealth accumulation through the use of simple tools. One of the exercises in the book calculates the effects of various minor increases in a family’s net worth over time on their annual incomes. The calculator determines whether or not this increase would substantially affect the families’ net worth.
Overall, the book provides an excellent introduction to the field of finance and the concepts often used to determine wealth. It takes a simple approach to presenting issues regarding wealth accumulation and depreciation and provides an easy-to-understand framework for calculating the value of one’s wealth. The author emphasizes that Net Worth is a living concept and not just something you calculate on a yearly basis. Therefore, the information provided in this book should be used as a guide and not the final word on such a complex topic. Lonnie Rashid Lynn Jr. is clearly a student of American society and has applied her knowledge of economic theory and real estate practices to provide a valuable introduction to the field of Net Worth.