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Is 343k per year really "that low" too you? Sheesh. To me, that number is gigantic. I don't think I know anyone that makes that number. This includes directors and producers, executives, senior managers, doctors, and successful entrepreneurs. Most of these types of folks who are successful usually end up in the 150-300k range, which for any person is more than you need in today's world to live very comfortably on. 343k seems like the 1% to me.
And consider this. Roughly 15-18% of Americans are unemployed, discouraged unemployed, or part-time/underemployed. (That's true unemployment numbers) The next biggest majority of workers are making minimum wage which on average across the country is probably around $8 an hour. That's anywhere from $15k-20k per year. This is all a lot of people make. Then you have the next biggest majority, which is around 30-50k. Going above 50k, the numbers making above this start to drop drastically as the income gets higher. I would probably even say that only around 5% of people even make above 100k a year.
Just can't believe 343k is thought of as low... O_O
Is 343k per year really "that low" too you? Sheesh. To me, that number is gigantic. I don't think I know anyone that makes that number. This includes directors and producers, executives, senior managers, doctors, and successful entrepreneurs. Most of these types of folks who are successful usually end up in the 150-300k range, which for any person is more than you need in today's world to live very comfortably on. 343k seems like the 1% to me.
And consider this. Roughly 15-18% of Americans are unemployed, discouraged unemployed, or part-time/underemployed. (That's true unemployment numbers) The next biggest majority of workers are making minimum wage which on average across the country is probably around $8 an hour. That's anywhere from $15k-20k per year. This is all a lot of people make. Then you have the next biggest majority, which is around 30-50k. Going above 50k, the numbers making above this start to drop drastically as the income gets higher. I would probably even say that only around 5% of people even make above 100k a year.
Just can't believe 343k is thought of as low... O_O
I see your point, but you are not seeing mine, so I will try to explain. "Low" is a relative term, like almost all adjectives. I agree with you that it is not actually "low" at all. Anyone making $343K a year lives in a different universe than I do. However, we are talking about the 1%! A level of income which is attained by only one percent of the tax return filing citizens of the United States is a lofty level indeed.
I forgot to look if you listed what part of the country you live in, but that makes a difference too. In New York City, Washington DC, Chicago, Boston, and Los Angeles (just by way of examples) I bet MOST "directors and producers, executives, senior managers, doctors, and successful entrepreneurs" make that much money or close to it. (In my view $250K is "close to it"). In Kansas probably not. So where we live skews our perspective in one direction or the other.
Of course that amount of money is "for any person [...] more than you need in today's world to live very comfortably on". But that is completely beside the point.
I suppose anyone's reaction to seeing the dollar amount in AGI of the lower limit of the 1% will depend on the mental picture one already had of the 1%. My mental picture had always been of people who were really rich. $343K is very, very comfortable (well, beyond very comfortable), way above average, upper class for sure, but it's not "really rich". Unless - maybe - you live in Kansas or Mississippi or some other similar state.
I see your point, but you are not seeing mine, so I will try to explain. "Low" is a relative term, like almost all adjectives. I agree with you that it is not actually "low" at all. Anyone making $343K a year lives in a different universe than I do. However, we are talking about the 1%! A level of income which is attained by only one percent of the tax return filing citizens of the United States is a lofty level indeed.
I forgot to look if you listed what part of the country you live in, but that makes a difference too. In New York City, Washington DC, Chicago, Boston, and Los Angeles (just by way of examples) I bet MOST "directors and producers, executives, senior managers, doctors, and successful entrepreneurs" make that much money or close to it. (In my view $250K is "close to it"). In Kansas probably not. So where we live skews our perspective in one direction or the other.
Of course that amount of money is "for any person [...] more than you need in today's world to live very comfortably on". But that is completely beside the point.
I suppose anyone's reaction to seeing the dollar amount in AGI of the lower limit of the 1% will depend on the mental picture one already had of the 1%. My mental picture had always been of people who were really rich. $343K is very, very comfortable (well, beyond very comfortable), way above average, upper class for sure, but it's not "really rich". Unless - maybe - you live in Kansas or Mississippi or some other similar state.
Of course there is geographic differences in income. 300k salary in New York City could be like you were making 900k in some more rural state and city. Like some others have mentioned as well, a lot of these geographic differences get evened out using the idea of net worth. If you are making 500k in San Francisco, you likewise have much higher expenses across the board, so someone making 200k in Kansas could be much richer than you in net worth.
But let me just leave it at this. Do you find it hard to believe that only 1 out of 100 people make a median of 343k per year? I would find it hard to believe there would be MORE than 1/100 people making this wage. (Once again keeping in mind net worth to even out salary differences in different places).
Here's how it looks to me. This is just my impressions, but it's based on my network of professional acquaintances and (and family, friends, other individuals, etc) and it seems to line up for me.
15/100 are in the unemployed group
~40/100 are minimum wage group
~25/100 are that 30-50k group
~15/100 are the 50-100k group
4/100 are above 100k group
1/100 making 343k or above
EDIT: I'm well traveled and have lived and worked in places where rent for 1 bedroom apartments were over $2500/month min, and in other places where you can find the same size apt. for $400. $343k would make me feel rich in either of those places, and definitely in a very rare spot (the 1%) to be.
I guess sports figures would make up a lot of the 1% earnings wise?
Heck... There are some City and State employees brushing up against the 350k
They often point to forced overtime... still, it's amazing.
It's typical for Public Safety in parts of California to push six figure in retirement.
One guy retired from the city of Oakland at 52 with a 180k pension and lifetime medical... got bored and went to work for another department and earns 130k plus adding to his pension...
Could just be the Bay Area has a lot of high paying jobs.
I guess sports figures would make up a lot of the 1% earnings wise?
Heck... There are some City and State employees brushing up against the 350k
They often point to forced overtime... still, it's amazing.
It's typical for Public Safety in parts of California to push six figure in retirement.
One guy retired from the city of Oakland at 52 with a 180k pension and lifetime medical... got bored and went to work for another department and earns 130k plus adding to his pension...
Could just be the Bay Area has a lot of high paying jobs.
No wonder CA taxes are so high and the state and many municipal government there are bleeding and running deficits year after year and people there don't wake up and get up and leave.
I guess sports figures would make up a lot of the 1% earnings wise?
Heck... There are some City and State employees brushing up against the 350k
They often point to forced overtime... still, it's amazing.
It's typical for Public Safety in parts of California to push six figure in retirement.
One guy retired from the city of Oakland at 52 with a 180k pension and lifetime medical... got bored and went to work for another department and earns 130k plus adding to his pension...
Could just be the Bay Area has a lot of high paying jobs.
Do you think that more than 1% of all public employees in the country are making more than 394k? (And it's 394k as of 2012, likely over 400k as of today). Indeed, it is not possible. No public employee in most states and none in the federal government are making that, excepting coaches and a handful of school administrators. Abuses of a system are bad, and firefighters and cops do have unsustainable "3@50" pensions in California. Still, these kind of examples just serve as convenient proxies for exaggeration about how public employees are compensated
Full disclosure: I'm a new federal attorney and I make less than 60k.
People who earn $343,000 per year aren't rich --- they are lower upper class that still needs to worry about paying the bills of life. Many brain surgeons earn $500,000 a year but still lose sleep over the mortgage, kids college funds, etc.
The true 1% don't need to ever worry about paying the bills.
Define rich for me because in my book $343k would, in most cities, match my conceptualization of wealthy. If a brain surgeon making $500k was losing sleep over affording his lifestyle (even one living here in my affluent Seattle suburb), it's because he's still living beyond his means... a millionaire living like a billionaire.... he could still afford the best private schools, a beautiful large home, upscale dining and cars and take many vacations on $500k, he just may have choose between a 2nd vacation home OR a yacht.
Define rich for me because in my book $343k would, in most cities, match my conceptualization of wealthy. If a brain surgeon making $500k was losing sleep over affording his lifestyle (even one living here in my affluent Seattle suburb), it's because he's still living beyond his means... a millionaire living like a billionaire.... he could still afford the best private schools, a beautiful large home, upscale dining and cars and take many vacations on $500k, he just may have choose between a 2nd vacation home OR a yacht.
Is 343k per year really "that low" too you? Sheesh. To me, that number is gigantic. I don't think I know anyone that makes that number. This includes directors and producers, executives, senior managers, doctors, and successful entrepreneurs. Most of these types of folks who are successful usually end up in the 150-300k range, which for any person is more than you need in today's world to live very comfortably on. 343k seems like the 1% to me.
And consider this. Roughly 15-18% of Americans are unemployed, discouraged unemployed, or part-time/underemployed. (That's true unemployment numbers) The next biggest majority of workers are making minimum wage which on average across the country is probably around $8 an hour. That's anywhere from $15k-20k per year. This is all a lot of people make. Then you have the next biggest majority, which is around 30-50k. Going above 50k, the numbers making above this start to drop drastically as the income gets higher. I would probably even say that only around 5% of people even make above 100k a year.
Just can't believe 343k is thought of as low... O_O
Do you live in a small city in the Midwest or the South? The income distribution you're describing is about right in those places. But the U.S. also has large populations in New York, Boston, Washington, and California, where incomes and COL are much higher.
About 20% of American families make over $100K. That is largely because of two-income households. A police captain married to a nurse practitioner in Chicago makes over $200K and can approach $300K. A high school principal married to a school teacher with 20 years' experience, same thing.
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