The 1% grabbed 82% of all wealth created in 2017

[Amica Nostra 4,803]

25 minutes ago, jg121783 said:

As far as wealth goes if your net worth is more than $770,000 you are in the top 1% worldwide. Anyone who owns a home and invests wisely in a retirement account for a couple decades should be close to that if not well above that. Also despite the myth that all wealth is inherited 80% of millionaires are first generation. So basically to sum up the article using logic and facts if you work hard and invest wisely you will be in a group of people who collectively receive a majority of the world's wealth. There's no evil conspiracy here.

First world scenario

[JimandChristy 1,689]

Yes some people don't make good choices when it comes to their career but let's be honest don't criticize minimum wage workers. They're just as valuable to our society as the CEO, doctor or teacher.

[jg121783 3,907]

18 minutes ago, Il Mango Dulce said:

First world scenario

Doesn't matter what world scenario it is. Some are trying to argue that the article means some small group of elites are taking all the wealth and leaving even the first world middle class with nothing when the numbers just don't show that. Many people who complain about the 1% are actually part of the 1% themselves. I know I'm well on my way to being there (in terms of wealth). This is just a bunch of virtue signalling to push the failed ideas of socialism and wealth redistribution.

[jg121783 3,907]

6 minutes ago, JimandChristy said:

Yes some people don't make good choices when it comes to their career but let's be honest don't criticize minimum wage workers. They're just as valuable to our society as the CEO, doctor or teacher.

Not criticizing anyone except those who believe the 1% are some shadowy evil group who controls all the world's wealth.

[charmander 692]

[jg121783 3,907]

8 minutes ago, charmander said:

And some people believe being a millionaire is some evil thing and they all inherited their money.

[Steeleballz 7,550]

3 minutes ago, charmander said:

 

        Looks like they sprung for the platinum child care plan there. Obviously not a real world example, but if it was, I would like to hear this couple call the Dave Ramsey show. They could be doing a lot better. They could have that $640000 in student loan debt paid off in no time.

[Amica Nostra 4,803]

Just now, jg121783 said:

And some people believe being a millionaire is some evil thing and they all inherited their money.

And none of those people posted on this thread today.

[charmander 692]

9 minutes ago, Steeleballz said:

 

        Looks like they sprung for the platinum child care plan there.

$21K/yr daycare per child is considered cheap in Boston area. Sounds crazy but true. One would imagine they must be preparing the kid to Harvard, but it's average daycare nothing more nothing less.

Edited April 3, 2018 by charmander

[bcking 3,157]

2 minutes ago, charmander said:

$21K/yr daycare per child is considered cheap in Boston area. Sounds crazy but true. One would imagine they must be preparing the kid to Harvard, but it's average daycare nothing more nothing less.

Very average. My sister in Oregon was looking at daycare options in October. 1500 a month was typical (18,000). I'm sure places like Boston are worse.

 

Or, alternative, figure it's for private school which wasn't included in the list.

[Steeleballz 7,550]

3 minutes ago, charmander said:

$21K/yr daycare per child is considered cheap in Boston area. Sounds crazy but true. One would imagine they must be preparing the kid to Harvard, but it's average daycare nothing more nothing less.

 

      I think any single figure on that chart could be justified, but coming up with that overall budget on $500K income is just awful. IRL, it would be pretty sad to see someone come up with that scenario.

 

[Steeleballz 7,550]

5 minutes ago, bcking said:

Very average. My sister in Oregon was looking at daycare options in October. 1500 a month was typical (18,000). I'm sure places like Boston are worse.

 

Or, alternative, figure it's for private school which wasn't included in the list.

 

  The national average is $11000 for one child. Everywhere we looked at here was discounted for a second child. I think $42000 would be high end. 

 

  

[charmander 692]

1 minute ago, Steeleballz said:

 

      I think any single figure on that chart could be justified, but coming up with that overall budget on $500K income is just awful. IRL, it would be pretty sad to see someone come up with that scenario.

 

I took that image from this site https://www.financialsamurai.com/scraping-by-on-500000-a-year-high-income-earners-struggling/

It is for NYC. I don't think the situation in San Francisco/Bay Area is much different. Pays well, then sucks back well too. Boston cheaper than these two but not far back on the list.

 

[Steeleballz 7,550]

1 minute ago, charmander said:

I took that image from this site https://www.financialsamurai.com/scraping-by-on-500000-a-year-high-income-earners-struggling/

It is for NYC. I don't think the situation in San Francisco/Bay Area is much different. Pays well, then sucks back well too. Boston cheaper than these two but not far back on the list.

 

 

    Even if the expenditures are reflective of reality,  if it was me, I'd say reduce the 18k in charitable donations and forgo 1 or 2 of the vacations and get the student loan debt paid off faster. Down the road,  budget more to charity and recreation when you can afford it.

 

   The high cost of living in NYC does not change the fact that this budget reflects some poor choices. 

[Italian_in_NYC 259]

2 hours ago, charmander said:

Not really. The percentiles would surprise you. https://dqydj.com/2017-family-household-income-percentile-calculator-united-states/

 

Household income of $200K puts you in top 10%, $480K puts you to top 1%. You don't even have to make half a million to be in the top 1%. $10M annual income would probably put you close to the top 0.01%.

 

 

 

Exactly. A couple with kids in NYC making $480k is barely upper-middle class. And they have to work A LOT.