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December 10, 2013 – Comments (3)

I was recently treated to an article by Hope Yen that says that 1 in five Americans will earn more than $250,000 at least one year during their working career and that most of those have earned in excess of $100,000 annually throughout their career. 

 http://bigstory.ap.org/article/rising-riches-1-5-us-reaches-affluence  

Made up largely of older professionals, working married couples and more educated singles, the new rich are those with household income of $250,000 or more at some point during their working lives. That puts them, if sometimes temporarily, in the top 2 percent of earners. 

Apparently it is not really "all" though as the new rich do not really feel all that rich or secure.

 "I definitely don't see myself as rich," says Lott, who is saving to purchase a downtown luxury condominium. That will be the case, he says, "the day I don't have to go to work every single day."...

... But Sponder says she doesn't consider her income of $250,000 as upper class, noting that she is paying college tuition for her three children. "Between rent, schooling and everything — it comes in and goes out."

I was intrigued by the article and the new, at least new to me, idea that opportunity existed so I looked for other articles by the same author and found this one by the same author.

  Four out of 5 U.S. adults struggle with joblessness, near-poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream.

I am not sure this is what was intended by the supporters of trickle down who were promised the wealth built by tax cuts for corporations would trickle down to the lowest earners. I do think it is what was intended by the authors and promoters of trickle down economics.

 http://bigstory.ap.org/article/exclusive-4-5-us-face-near-poverty-no-work

Best wishes,

Steven 

3 Comments – Post Your Own

#1) On December 11, 2013 at 10:45 AM, devoish (98.58) wrote:

I was intrigued by the article and the new, at least new to me, idea that opportunity existed so I looked for other articles by the same author and found this one by the same author.

I would like to edit the above sentence to this:

 I was intrigued by the article and the new, at least new to me, statistic that this much opportunity existed so I looked for other articles by the same author and found this one.

Best wishes,

Steven 

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#2) On December 11, 2013 at 11:11 AM, JohnCLeven (81.91) wrote:

In my opinion, if $250k per annum is just enough to cover your expenses, then youre probably living a very lavish lifestyle and/or squandering alot of money.

"Between rent, schooling and everything — it comes in and goes out."

It's not how much income you make that determines your wealth, but how much extra you have left over AFTER expenses, and just as important, how you allocate that extra capital.

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#3) On December 12, 2013 at 6:06 PM, outoffocus (22.80) wrote:

So 1 in five are rich and the rest are struggling to get by.  Some trickle down.  Say goodbye to the middle class. lol

I agree with  JohnCLeven.  Even in the areas with the highest cost of living, if you don't have anything left after expenses making $250k a year, you are living too high off the hog.  If you are unsure where your money went, check your mortgage statement for clues. lol

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