Where does the upper class make thei money in chi?

[marothisu]

Originally Posted by ChiNaan

Key word being "some." More specifically, very very few.

The point is and has always been - drive through an area with some expensive (not necessarily ridiculous, but decently expensive) homes. There are not just a small handful of ways in which these people may have gotten their money. You could guess one of many, and that is one of the many ways. Nothing is guaranteed and none of this was ever that "oh man they all make so much money." The point was that it's possible to make a lot of money in that field if you're good and that some people in the Chicago area are definitely at that level.

[southkakkatlantan]

Originally Posted by JacksonPanther

Correct decisions in order to gain wealth, from a guys point of view:

1. Go to college to study a high earning field. Law, medicine, engineering. Or get your MBA from a top school as soon as possible.
2. Do not be a regular guy at work. If you're a doctor, be chief resident. If you're a lawyer, get on the partner track. If you're corporate, you should be flying up the management ranks.
3. Have your parents die and leave you everything, including life insurance.
4. Marry young. Nothing wastes money more than being single, blowing money on a bachelor apartment and lifestyle. Chasing women is super expensive.
5. Working spouse, with similar income. No teachers or nurses! Remember the Huxtables - a gynecologist married to a lawyer == a huge brownstone in NYC!
6. Choose a spouse who's parents have already "made it." If her parents have expensive cars, boat, vacation home, ski condo in CO, you get to use all this stuff for free, whereas your peers have to pay for that lifestyle.
7. No kids! Ok, that may be unreasonable. Kids are fine, but no stay at home mom! Back to work 6 weeks after giving birth.
8. Have her parents nearby willing to provide free day care.
9. Buy a house at the top of your income level. Play the game of assuming the market will go up, and you will therefore make larger sums of equity than if you had bought a cheaper home.
10. As your incomes increase (remember, you're almost a partner in your firm by this point) buy a more expensive home.
11. Repeat #10 as desired.

12. Publish points 1-11 in a book and have Oprah interview you about it.

[Bardot]

I don't want to make this into a larger argument, but to simplify: the wealthy make most of their money off of the stock market (not through their salaries, which admittedly, are gratuitously high) and to compound matters this money is grossly under-taxed. For example, I'm merely middle class and had a higher tax rate overall than Mitt Romney had to pay on his investments. There is something grotesquely wrong with that picture. I don't mind paying high taxes at all, as long as multi-millionaires pay their fair share as well (which, sadly, isn't happening).

You can yap on about how many companies are headquartered in Chicago or how many businesses hire here, but getting hired isn't even enough anymore. Most Chicago salaries are not enough to, for example, buy a house. I make higher than the average Chicago salary, but can not even afford a car (let alone ever dream of home ownership). And lucky me, I have to pay $50,000+ in student loans!

P.S. These days law degrees are worthless (and debt-inducing).

[chet everett]

With homes in many Chicago neighborhoods trending downward in price that really opens up some options:

A More Realistic Look At What You Need To Earn To Buy A Home In Chicago: Chicagoist