Sunday, April 17, 2016

Short: What is the 1%?

If you work hard, save your money, and don't run into bad luck, can you propel yourself into the 1%? Those characteristics describe my family (along with having good education and middle-class jobs). So, I wondered, could I possibly be in the 1%? There are times when I feel maybe I could be or should be. (One of those times is right now, after a hard week at work and me finishing up my tax returns. Shouldn't my hard work and careful ways have raised me up?)

Well, not according to this. You need at least $5 million not including your house and $500K of income yearly. Oh well... maybe in the next life if there is one.

Mercedes Benz - favorite car of the 1%


Dangerous said...

Sounds like you had a pretty cushy upbringing, MP.

It takes either tremendous luck or world-class talent in something hugely valuable to a lot of people to get into the 1%. And you have to make a lot of money for a lot of other people along the way so that you can keep a little of it.

The only other way to enter the 1% is to be born into it. And the 1% is VERY careful about allowing anyone else in and to defend their positions. But if you have some decent talents and work hard and are careful with money and not unlucky, you can probably have some financial security in your life, although happiness is hardly guaranteed.

I probably had a very similar upbringing to you and probably have similar financial security, meaning I'm not rich but own my comfortable home. I'll have to work into my 60s, but it will be doing something I take pride in. Besides, being in the 1% is a pain in the butt. Someone always wants to get their hands on your money.

ModeratePoli said...

@dangerous, i started thinking about being in the 1% because of some erroneous information on a local radio program that $700K in wealth puts one in the 1%. Well, that info was dead wrong, but it triggered an avalanche of thoughts.

Issues of wealth are fraught for me, as they are for many people. It's even more so now with the sense of insecurity. I've been reflecting a lot on wealth and inequality, and should write more about it soon.