Romney did not just get that $21,600,000 a year income for nothing, but rather worked hard to reach a position where he earned that much.
Mitt Romney had to work hard and learn how to do the things that got him to where he is today. He achieved in school and was able to get into a select program at Harvard. While in this program, a joint business and law course, he worked hard and strove for success. At the same time he was raising three children with Ann, and living part of this time in a basement apartment. Because Romney was committed to his schooling, he graduated in the top third of his law class and the top five percent of his business school class.
Mitt Romney’s education made him very attractive to businesses willing to hire. Romney chose the position he took, a management consultant, because the experience he would gain would help him achieve more in the future. Romney took the experience he gained from his first position to Bain & Company. In 1978, Romney became a vice-president of the firm. He was so successful that he saw more clients than some of the senior partners.
In 1983, Bill Bain, one of the founders of Bain & Company, offered Romney a position as head of a new venture capital firm called Bain Capital. As opposed to Bain & Co. which did managing and consulting, Bain Capital would invest in companies, both new and old. Through Romney’s leadership Bain Capital became a success, with such recognizable investments as AMC Entertainment, Brookstone, Burger King, Burlington Coat Factory, Clear Channel Communications, Domino’s Pizza, Dunkin’ Donuts, Guitar Center, Sealy, Sports Authority, Staples, Toys “R” Us, and The Weather Channel.
He left temporarily to run for Senate, but returned after losing the race. In 1999, Romney left Bain and took the position of CEO of Salt Lake Organizing Committee for the Olympic and Paralympic Winter Games of 2002. Before his arrival the committee was in complete disarray, but through Romney’s leadership the situation was turned around.
In 2002 Romney ran and eventually elected Governor of Massachusetts. Romney came into office with an unemployment rate of 5.8% and left office with an unemployment rate of 4.6%. Romney did not seek a second term in office, so that he could run in the 2008 presidential race.
If you think Romney has not given any of his wealth back, you would be wrong.
- After his father’s death in 1995, Mitt Romney donated his inheritance to BYU’s George W. Romney Institute of Public Management.
- He declined his governor’s salary during his term.
- He has donated the earnings from his book: No Apology: The Case for American Greatness
- The Romney’s donated $1,000,000 to the 2002 Salt Lake City Olympics, as well as the $1,400,000 he would have earned as salary.
- The Romneys give anywhere from 14% to 16% of their income to the Church of Jesus Christ of Latter-day Saints, which does humanitarian work around the world.
- (Update): In 2010, the Romney family’s Tyler Charitable Foundation gave out about $650,000, with some of it going to organizations that fight specific diseases such as cystic fibrosis and multiple sclerosis.
It is because of his own determination that he was able to achieve such positions that earned him his money. And he uses that money to invest, something most of us cannot do on the same scale. Because of this ability to invest Romney is able to again make money off the returns in such investments. He earned his way to the top, and so can you, if you work hard and achieve.