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Samba Donating Member (13 posts) Send PM | Profile | Ignore Fri Dec-09-11 07:59 PM
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32. Still too confusing.
First link talking about income - and income itself is pretty vague.

If the 150K earner forgot about the 20k of health policy and 10k worth of pension and 10k worth of 401k-match and 10k worth of paid vacation that makes their actual income more like 200k - and compare that to 150k that includes no benefits.

You feel richer making 150k and having the time and flexibility to catch little league games, pursue hobbies and volunteer time to causes? Still feel rich when its 150k made thru such grind that theres no time or energy for anything?

Point is - the meaning of 'income' varies - and that job security and the lifestyle demands of the job matter a lot.

Second link is about wealth - they use net worth.

They're comparing 6 cousins to 'one american family'. I don't think most people would think of siblings and cousins when they think of their family's worth. Still even comparing one Walton to one american family is such a huge difference.

But then they too mix wealth with income. When a Walton's worth goes from $20B to $24B - it would be logical to think that represents an income of $4B since we're used to earned income. From a Walton's perspective tho its an 'unrealized gain' and not income at all.

When people calculate their own worth - I'd bet they include the current value of their 401k/IRA but assign no 'worth' to a pension. Hey that account is definitely 100K - I can see it, touch it, withdraw it. The pension is 10k a year from 65 till I die - so ... given life expectancy of 75 ... its - probably - 100K of future income also but it could be $0 or $200k if I die young or live long - its uncertain so its worthless?

Not to confuse that sort of uncertainty with the uncertainty that a promised, contracted pension that says 10k/yr could be underfunded or get looted and only pay $5k/yr.

Clearly it has some worth - then so must 'social insurance' like Social security and medicare.

So whats the 'worth' of safety nets? Hope you never need them but if you ever should they can really add up.

So the 99% is income? or wealth? Is the $1M/year ballplayer in the same bracket as the Heiress who arranges for $1M/year in 'income' to pay the staff but has $50M in assets making another $4M/year of 'gains'?

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  -Most Americans Say $150,000 Annual Income Makes You Rich (also, Walmart heirs $= Bottom 30%) onehandle  Dec-09-11 11:50 AM   #0 
  - Most americans think "rich" starts...  FBaggins   Dec-09-11 11:58 AM   #1 
  - That sounds like a failure of imagination  pscot   Dec-09-11 12:28 PM   #4 
  - You would be rich with $150,000 almost anywhere outside of  ThomCat   Dec-09-11 12:37 PM   #6 
  - I lived in San Diego  Beavker   Dec-09-11 01:01 PM   #7 
  - Cost of Mercedes S class 90K and up, Bertram 700 roughly 4 million, 2nd  zogofzorkon   Dec-09-11 01:03 PM   #8 
  - I draw a distinction between comfortable and rich.  Pacifist Patriot   Dec-09-11 01:23 PM   #9 
  - Yep... and there's another distinction to be made.  FBaggins   Dec-09-11 02:18 PM   #14 
  - If you are earning more then $157,000 a year you are in the top 9.0% of the population  happyslug   Dec-09-11 03:54 PM   #26 
  - ++  Samba   Dec-09-11 06:43 PM   #29 
  - If you have an income of $150,000, you could save  JDPriestly   Dec-10-11 01:24 AM   #39 
     - "I doubt that a person earning $150,000 would think that he or she was rich."  boppers   Dec-10-11 03:58 AM   #41 
        - Because when most people earn that kind of money, they  JDPriestly   Dec-10-11 06:28 PM   #59 
  - In the DC area, $150,000 joint income is barely middle-class and paying the bills.  leveymg   Dec-09-11 03:02 PM   #20 
  - $1200/mo for groceries? Seriously? Someone needs to go to Aldi  NickB79   Dec-09-11 03:06 PM   #22 
  - If you are earning more than $150,000, you are in the top 10% of all families  happyslug   Dec-09-11 04:06 PM   #27 
     - $150,000 a year here buys a decent house, 2 reliable cars, college education for 2 kids, puts food  leveymg   Dec-09-11 09:56 PM   #33 
        - The problem is is $150,000 is Petty Bourgeois  happyslug   Dec-09-11 10:20 PM   #35 
        - The PB aren't defined so much by income as by social class and an attitude toward money  leveymg   Dec-09-11 10:37 PM   #36 
        - The Traditional Definition of Middle class is the that group  happyslug   Dec-09-11 11:34 PM   #37 
        - Petit bourgeois?  ChangoLoa   Dec-10-11 08:56 AM   # 
        - Petit bourgeois is a Marxist term  happyslug   Dec-10-11 01:02 PM   #56 
        - It's Not the Income Dropping, It's the Expenses Rising  NashVegas   Dec-10-11 08:56 AM   #49 
           - What people look at is NET INCOME.  happyslug   Dec-10-11 01:08 PM   #57 
        - "one week at the beach"?  boppers   Dec-10-11 04:05 AM   #42 
  - It's all relative, but I agree, 150k sounds pretty cushie.  Shoe Horn   Dec-09-11 06:28 PM   #28 
  - You'd Be Doing Damn Well Pretty Much Everywhere  NashVegas   Dec-10-11 08:47 AM   #48 
  - I would be extremely rich with that income. I now live on $8376 and that  jwirr   Dec-09-11 01:34 PM   #10 
  - Most Americans don't understand the difference between income and wealth.  Xithras   Dec-09-11 01:41 PM   #11 
  - Perfect explaination.  Muskypundit   Dec-09-11 02:24 PM   #15 
  - Amen, brother. This is surely why so many pro athletes go broke  DinahMoeHum   Dec-10-11 09:59 AM   #54 
  - You're dead wrong.  truthisfreedom   Dec-10-11 02:06 PM   #58 
  - For most people , $150,000 a year would pay off the mortgage,  hedgehog   Dec-09-11 02:37 PM   #17 
     - What you've described is smack dab in "middle class"  FBaggins   Dec-09-11 03:14 PM   #24 
     - The median US home sale price in May 2011 was $166,500  panzerfaust   Dec-10-11 07:22 AM   #45 
  - Does  kcks   Dec-09-11 12:00 PM   #2 
  - The polling method indicates it was taken over all 50 states and DC. That's a good sampling overall.  onehandle   Dec-09-11 12:03 PM   #3 
  - Well, Certainly  RobinA   Dec-09-11 02:31 PM   #16 
  - Most americans are clueless or too young to remember the Great Prosperity.  Warren Stupidity   Dec-09-11 12:30 PM   #5 
  - Explain to me again very carefully exactly what essential function the  coalition_unwilling   Dec-09-11 01:42 PM   #12 
  - Why does everyone have to have an "essential function?"  Dreamer Tatum   Dec-09-11 02:40 PM   #18 
     - The crack addicts essential function is to make the crack dealer rich or  zogofzorkon   Dec-09-11 02:54 PM   #19 
     - Because nowhere is it written as a universal law that anyone has  coalition_unwilling   Dec-09-11 03:23 PM   #25 
  - I would posit...  watajob   Dec-09-11 01:51 PM   #13 
  - ...I can't even ever imagine making 150K  SoapBox   Dec-09-11 03:06 PM   #21 
  - Can't even imagine that kind of income  FirstLight   Dec-09-11 03:14 PM   #23 
  - Americans don't "get" money.  Karenina   Dec-09-11 06:51 PM   #30 
  - Summary: We have no idea how we are getting screwed  underpants   Dec-09-11 07:51 PM   #31 
  - Still too confusing.  Samba   Dec-09-11 07:59 PM   #32 
  - There are two ways to look at "rich"  jmowreader   Dec-09-11 10:15 PM   #34 
  - I like Chris Rock's distinction between wealthy and rich  lazarus   Dec-10-11 01:17 AM   #38 
  - Perfect summary of post #11  saras   Dec-10-11 11:46 AM   #55 
  - There's only one way to deal with this...  Scuba   Dec-10-11 03:33 AM   #40 
  - Than most Americans are buffoons  Ter   Dec-10-11 04:35 AM   #43 
  - It is when it is 2-4 times your income  Nikia   Dec-10-11 08:22 AM   #46 
  - So some of the rich bastids see themselves as poor do they  madokie   Dec-10-11 05:37 AM   #44 
  - Unrec - when one tenth of the top one percent controls so many assets -  TBF   Dec-10-11 08:38 AM   #47 
  - That's the stupidest unrec I've ever seen. Here's why.  GaYellowDawg   Dec-10-11 09:05 AM   #50 
     - You evidently didn't read all the threads after it complaining about folks making  TBF   Dec-10-11 09:38 AM   #52 
     - And, beyond your personal insults,  TBF   Dec-10-11 09:41 AM   #53 
  - VERY illuminating article.  GaYellowDawg   Dec-10-11 09:10 AM   #51 
  - More proof of how ignorant Americans are.  sendero   Dec-10-11 06:54 PM   #60 
  - $150,000 is not rich  harvey007   Dec-10-11 07:39 PM   #61 
  - 3 different - overlapping - 1%s  Samba   Dec-11-11 02:27 AM   #62 

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