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undergroundpanther Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-07-05 05:58 PM
Original message
Your real chances of getting rich in America
The ugly truth.. EVERY American should know.

Congratulations to those roughly 40 folks per year who make it against all odds in America to get truly wealthy without the benefit of inheritance or marrying into riches!

http://www.jmooneyham.com/your-true-chances-of-getting-...
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CrispyQ Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-07-05 06:08 PM
Response to Original message
1. Interesting reading, although a sad commentary on the current status
of the American dream.

"Turns out inheritance of wealth is by far your best bet. Flip side? If you have no such prospects your chances of ever attaining riches dims substantially.

"It appears that 69% of everyone qualifying as rich today basically inherited their wealth."



No wonder they want to implement the Paris Hilton tax relief plan.
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scipian Donating Member (24 posts) Send PM | Profile | Ignore Sat May-13-06 03:38 PM
Response to Reply #1
10. Not always
Edited on Sat May-13-06 03:42 PM by scipian
Granted, it's not likely a person will all of a sudden make 10 million dollars. But what do you expect? A family making 50k to get millions? To get "rich" by yourself you'd need to be a really high professional. Both partners being prominent doctors, lawyers, actors, businesspeople, whatever. So a person gets rich and passes it down to their children. Their children inherit the money.

But quite a lot of people get moderately rich. The "American" dream isn't to be a millionaire. It's to be well-off, which is very possible if you get educated and get a good job. 100k,200k is a region that professionals often get. All you need is a good job. My Dad is an engineer and he's in the 100k region. He's not a genius but he went to college, got a bachelor's, and worked hard.

EDIT: And the really rich often got so because of hard-working smart ancestors. The Rockerfellers had a very enterprising man who started the wealth.
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brmdp3123 Donating Member (336 posts) Send PM | Profile | Ignore Sat Nov-19-05 06:06 AM
Response to Original message
2. There are 2 rather basic flaws in this argument.
First, the author states "I explain how and why I conclude that a household or family with an annual income at least ten times that of the average-- with no one in the family actually working to make it-- qualifies as rich in America today." and then concludes that people only get rich by inheritance, marriage, or crime, not by working for it. Well, gee, if you take 'working for it' out of the definition...

Second, even if the wealth of today's rich is inherited, SOMEBODY in the family earned it, or else they couldn't have inherited i!
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undergroundpanther Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-23-05 02:58 AM
Response to Reply #2
3. In the earlier days
of the south and such land was stolen from the tribes there.There were land giveaways...the slaves imported to America built the capital too..than as industry started up you had robber barons that used the capital from thier previous situations as it passed from generation to generation.It is very hard to risk it to get rich while paying rent...The wealthy few families made smaller fortunes that were the basis of the super wealthy fortunes today.
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Dark Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-14-05 09:41 PM
Response to Reply #2
4. Later on he says that the 26 % actually get it by "other means"
No clarification.
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hfojvt Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-15-05 04:53 AM
Response to Reply #2
5. I do not like that definition of "rich" either
What he describes is not rich, it is super-rich. The top 20% should be considered rich. Also it cannot just depend on income. Assets and employment status matter too, and so do expenses. My father and I make the same amount of money, but he owns alot more, and I work and he does not. To me, that makes him rich, and me just lower middle class, but I do not feel that I am doing that bad. I certainly am not poor, although I am not nearly as rich as I would be if I had gotten my decent job ten or even five years ago instead of last year.
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sandnsea Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-22-06 03:13 AM
Response to Reply #5
8. $88,000 isn't rich
That's the fallacy that the writer in the OP is pointing out, people don't earn as much as what most Americans think. You would probably be able to get rich with a household income of $157,000; but only the top 5% earn that much.

http://www.census.gov/hhes/www/income/histinc/h01ar.htm...
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Sammy Pepys Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-19-06 04:44 PM
Response to Original message
6. I'll definitely have to work to get "rich"
So that's what I'm doing.
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Indy_Dem_Defender Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-19-06 05:50 PM
Response to Original message
7. At least a third of those people
are first round draft picks in the NBA Draft! :rofl:
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anewdeal Donating Member (130 posts) Send PM | Profile | Ignore Thu May-11-06 09:44 PM
Response to Original message
9. unfortunately for your arguement
the acronym "NBA" shows that well over 40 folks a year go from poor to super rich.
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