Yeah but they would never admit to being a 1%er here if they know what’s good for them
Comment on Wealth inequality will destroy America.
balsoft@lemmy.ml 3 weeks agoActually the top 1% in the US is ~600k per year. It’s a lot of cash but not entirely outside the realm of possibility for some extremely senior software architect/manager combo at some VC startup, which is also within the lemmy target audience.
wonderingwanderer@sopuli.xyz 3 weeks ago
Goodeye8@piefed.social 3 weeks ago
Yeah, in terms of the wealth distribution the 1% are closer to the 99% than to the 0.1%. It’s borderline incomprehensible how wealthy the 0.1% is compared to the rest of us.
CriticalThought@lemmy.world 3 weeks ago
I gather this is roughly true wrt income (other estimates place this closer to 750k per household), but not wealth (which i believe is ~14 million to be in the top 1% in the US). Note that this income estimate does not include unrealized capital gains and that a 10% return on a 14 million portfolio is 1.4 million per year in passive income.
Bubbaonthebeach@lemmy.ca 2 weeks ago
Most people in the lower 50% believe that anyone that has any money, especially $1M+ is part of the 1%. The complete lack of understanding of income and wealth escalation in the last couple decades is what keeps many people voting against their own interests. Many $1M-aires believe that with the right government policy and lower taxes, always lower taxes, they would quickly become part of the 1% and be “just like Musk”. They believe that the system that aides and abets billionaires would equally benefit themselves and cannot see that they are part of the riff raff, the same as a homeless person, in the eyes of the billionaire class.
VeniVerminiVomui@lemmy.ml 3 weeks ago
Why are you using income? It’s wealth that matters and that’s a ~$16M cutoff.
To reach that you’d need to be earning ~600k per year for 2-3 decades, to invest the majority of it, and to get absurd stock returns on top of that.
MonkeMischief@lemmy.today 2 weeks ago
Which is still, just insane to think about.
Like holy crap I can hardly imagine seeing 4 dollar-digits of liquidity in my account. In my lifetime, and I think I work hard in a role in society like anybody else.
Something like that would require the most unlikely of windfalls. To think there’s people out there, somewhat “commonly”, going “Hmmm yerrs, let’s put $20k into these stonks. Indeeed…”
…and then they go on and start businesses with “risk” (but not much, proportionally) and then publish books about “quitting the rat race and following your dreams.”
And they might be a few zip codes away. It’s nuts to me. Incomprehensible, really. Just…damn.
I don’t wanna be rich, that sounds awful. I just wanna stop forever bracing against the next inevitable-but-untimeable calamity that threatens to throw us all out on the street.
VeniVerminiVomui@lemmy.ml 2 weeks ago
What do you mean by 4 dollar-digits of liquidity? Like $1000? That feels a bit low unless you’re in a country where the yearly income is 1-2K.
It’s even lower than you’d think. The cutoff for basically never needing to work again in your life is around $1M so top 18% of the US. At that point as long as you’re willing to live off 30-40K and invest in index funds statistically you’ll only ever get wealthier. (at least historically for the last several decades)
MonkeMischief@lemmy.today 2 weeks ago
Haha yeah sorry I was struggling to convey that properly. US American here.
Like, after the paycheck comes in, and we pay all the bills, yeah having some 1000’s just left over to decide what to do with would be quite cushy.
We’re a couple that both work decently paying part times. Living with family makes that possible, but unavoidable debts (and climbing insurance rates) the last few years balanced it out.
So I mean, we live comfortably and we’re materially content. But also times are really scary where another 2008 could hit us real bad.
So it’s still weird imagining people just having lots of padding floating around. Lol