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Old 02-16-2014, 07:32 PM
 
Location: The Land of Reason
13,241 posts, read 11,135,338 times
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We should note that the “middle class millionaires” – the well-compensated professionals, savvy investors and small businessmen who towards the declining side of middle-age have amassed a couple million dollars – are not 1%ers. Even those who have crossed the magic 1% threshold aren’t genuinely wealthy. For wealth you’d have to examine the top 10% of the top 1%, or even further. And most of those people didn’t climb to their lofty perch from being good lawyers or doctors or small business owners, who started early, saved prodigiously and invested wisely.

A freind of mine who is a multimillionaire once told me that you are not considered to be wealthy unless you are making over 30 million a year. so assesment in the middle class millionaires is spot on



Indeed, most people could not. But every huge corporation of 30,000 people has hundreds of senior managers, directors, senior-scientists/engineers etc. who could conceivably do a better job than the incumbent CEO, but will never rise. To reiterate, of the 30,000 people in the company, perhaps 500 are worthy of the top echelons. Of those 500, maybe 20 will get there. So of course it takes talent, motivation, skills, preparation and so forth. But it also takes luck, human-relations skills and other, less than savory aspects of character.

Agree, but most of all it takes connections and the willingness to do some rather unethical things as well




An excellent point! What drives the income of the 1% is corporations having more products to sell, or in other words, corporate profits. The American consumer is saturated. So who are these new consumers, who would buy new products? They are the global middle class, the hundreds of millions of former subsistence-farmers who finally have enough wherewithal to buy household appliances, electronics, internet access, brand-name household products, etc.

....And go into deep servitude trying to pay it all off or just survive.




These are not the 1%. They are the 0.001%.[/quote]

I'm pretty sure that the Rockerfellers and the Bush famillies are in the 1% range. None of the "new money" are there yet but many of them are into the top 10%
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Old 02-16-2014, 07:45 PM
 
140 posts, read 195,915 times
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Quote:
Originally Posted by Pinkmani View Post
I'm not envious at all. I'm just wondering how the 1% got so rich, so that I could do the same.
If you want to get wealthy, you don't have to look at just the 1%. That's extreme wealth. You can look at the top 20%. The truth is that it varies, almost impossible to generalize. But if you want to get rich, you better have great ideas, great people, and be very hard working. The more gain, there more risk there is.

Or, you can get rich slowly. This strategy works well for a lot of people. Life, ultimately, isn't about money alone. It's just that money can make your life more comfortable.
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Old 02-16-2014, 07:46 PM
 
2,455 posts, read 3,168,441 times
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There is really a dramatic difference between people at the bottom of the 1% and those at the top of the 1%.

People at the bottom of the 1% derive most of their income through a salary - in other words, they made most of their money by getting up and going to work every morning. They just get paid a lot for it - doctors, lawyers, CEOs of small companies, etc. These aren't really the people who are accumulating wealth by gaming the system.

Good explanation of it here -

Who Rules America: An Investment Manager's View on the Top 1%
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Old 02-16-2014, 07:54 PM
 
140 posts, read 195,915 times
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Originally Posted by BigJon3475 View Post
Not really. Access to global markets and a very large and growing world wide middle class is how the 1% are getting so fabulously wealthy.
It is not just how they became extremely wealthy. It is how they plan to stay wealthy in the future.

The world economy is integrated. There is one labor market and one consumer market. You would not run out of cheap labor anytime soon, but you do have an incredibly large consumer market.

The American middle class will give way to the international middle class. American national economic discourse is part of the global economic discourse. Decisions are no longer made for the U.S. only, by the U.S. only.
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Old 02-16-2014, 07:58 PM
 
140 posts, read 195,915 times
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Quote:
Originally Posted by drive carephilly View Post
There is really a dramatic difference between people at the bottom of the 1% and those at the top of the 1%.

People at the bottom of the 1% derive most of their income through a salary - in other words, they made most of their money by getting up and going to work every morning. They just get paid a lot for it - doctors, lawyers, CEOs of small companies, etc. These aren't really the people who are accumulating wealth by gaming the system.

Good explanation of it here -

Who Rules America: An Investment Manager's View on the Top 1%

And yet many people say the wealthy mostly inherited their wealth. 1% maybe, but not the 10% or the 20%. These are the people who actually made most of their success, instead of been given the means.
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Old 02-16-2014, 08:06 PM
 
4,750 posts, read 3,783,711 times
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Quote:
Originally Posted by iowa4430 View Post
Uh huh. Sure.

Generally, those who talk about "1%" people have an agenda of some sort.
I wonder if you have a reading comprehension issue. I already stated my agenda: To get rich

Quote:
Originally Posted by iowa4430 View Post
ahh....the fair share argument.
Oh, maybe you do have a reading comprehension issue. No, it's not the fair share argument. I'm just looking for ways to get rich.

Quote:
Originally Posted by manbylake View Post
If you want to get wealthy, you don't have to look at just the 1%. That's extreme wealth. You can look at the top 20%. The truth is that it varies, almost impossible to generalize. But if you want to get rich, you better have great ideas, great people, and be very hard working. The more gain, there more risk there is.

Or, you can get rich slowly. This strategy works well for a lot of people. Life, ultimately, isn't about money alone. It's just that money can make your life more comfortable.
That's very true. Growing up, when I would ask my mom how to get rich she said, "Win the Mega Millions". Thanks for your input!
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Old 02-16-2014, 08:07 PM
 
Location: The Land of Reason
13,241 posts, read 11,135,338 times
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Quote:
Originally Posted by iowa4430 View Post
ahh....the fair share argument.

We do not have a revenue problem in this country. We have a SPENDING problem in this country. A spending problem with our politicians who spend money we don't have.

It's sad and foolish that so many of you spend so much time demonizing the "rich" (define rich please) when in all actuality, you should be demonizing and scrutinizing our gov't leaders. Politicians are THE PROBLEM and are the worst of the worst issues in our society.

The "rich" simply operate within the bounds that the gov't sets. Nothing happens in regards to the "rich" unless there is a slimy politician standing there with their hand out. Crazy how people don't get that.

Imagine for just one second if politicians weren't allowed to receive lobby $. Imagine if they weren't allowed to implement pork barrel spending and hiding billions and trillions of wasteful spending inside bills.

Imagine if being a politician wasn't a full time job? Imagine if their SOLE purpose once elected wasn't just to GET RE ELECTED!

Imagine if the politicians actually answered to the people and didn't set their own salaries and benefits. Didn't simply ignore things that the public clamors for simply because they know it would negatively impact their way of doing things. They stand right there in front of us and LIE. Lie about things that just happened that everyone can see yet the minions just nod in agreement because they love them some political power! Idiots

Politicians are the problem. yet THE POLITICIANS and the complicit media have convinced ALL of you that it's the "rich" people who are taking money from you. LOL. Just a bunch of sheep.

The "rich" pay more than their "fair share".

Someone define "rich".

And stop acting like there is one big pie of wealth and money out there and these darned "rich" people took it all and there isn't any left for the rest of us. BS.

/rant

Well since you are going to be "all truthfull and stuff", I guess that you have a valid point
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Old 02-16-2014, 08:09 PM
 
140 posts, read 195,915 times
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Originally Posted by swgirl926 View Post
Just out of curiosity, and I'm not trying to start an argument, but what studies have you seen that show that the 1% specifically were self made? Are you talking about aggregate wealth? And what exactly constitutes "self-made"? The Horatio Algernonsense of a random person born in dire circumstances who just happened to acquire a fortune, independent of mentors, employees, favorable legislation and other conditions, has got to go.
I never said the "1%" was self made. I was talking about the wealthy, which is much broader than the 1%. "Self-made" is up for interpretation, and I'm not interested in word games. In the end, nobody is purely self-made because their parents have to make them first and give birth to them.

And no one argues that a wealthy person has to have had no mentors, employees, favorable legislation and other conditions. If they had employees, likely they created the need for employees first, didn't they? Their employees won the opportunity to work there because they outcompete others. These employees can be quite successful as well, and to some degree, "self-made" even though they didn't create the job they have.
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Old 02-16-2014, 08:10 PM
 
140 posts, read 195,915 times
Reputation: 76
Quote:
Originally Posted by Pinkmani View Post
I wonder if you have a reading comprehension issue. I already stated my agenda: To get rich



Oh, maybe you do have a reading comprehension issue. No, it's not the fair share argument. I'm just looking for ways to get rich.



That's very true. Growing up, when I would ask my mom how to get rich she said, "Win the Mega Millions". Thanks for your input!

To get rich is not the same thing as to become the 1%. The top 20% is quite wealthy.
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Old 02-16-2014, 08:11 PM
 
Location: Somewhere in America
13,345 posts, read 12,243,622 times
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Quote:
Originally Posted by Mnseca View Post
I pay way more than 15%, and so did my parents. My husband and I right now are in the worst tax bracket - enough to pay a lot of tax, too much for a lot of deductions (like student loans).
Student loan interest IS tax deductible.
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