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"Income inequality" is a meaningless concept and a waste of time to worry about. Who cares how much more or less money someone has than you? The important thing is whether your standard of living has improved, and for most Americans who have put in a modicum of effort it has.
The anawer is for the low-enders to get up off their asses,p snd go after it just like the successful have.
You had better wake up. Based on your own numbers you at the midway point in your career. You are going to need Socialist Security and Mediwelfare so start thinking ahead. The average financial analyst doesn't spot the next recession coming. How do you think that you would do with all of your distractions.
First - you don't scare me, so stop trying.
Second - the future does't scare me, so stop trying to scare me with it.
Third - Why do I need to wake up? Because I can do math and recognize that number that equals my current federal income tax burden is a larger number than my original salary in the world of IT? What exactly should I be waking up to?
Fourth - What distractions, such that I cannot both spot and survive the next recession, as I have survived all the ones before it? What distractions would those be?
Fifth - I have dutifully paid into both Socialist Security and Mediwelfare for the entirety of my working life, which so far is 34 years and change, with another 18 to go. I will reclaim at least what was taken from me by both, no doubt, but I have both medical and retirement savings aplenty outside of those two things, so I hae been thinking ahead for about 3 decades now.
Any other non sequitur scolds you'd like to throw my way, or were you finished?
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,610,214 times
Reputation: 9169
Quote:
Originally Posted by Open-D
The anawer is for the low-enders to get up off their asses,p snd go after it just like the successful have.
You clearly don't understand the hierarchy of the labor market or the fact that if people started flocking to a high paying industry, it's wages would drop due to a labor glut
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,610,214 times
Reputation: 9169
Quote:
Originally Posted by mirage98de
It’s my opinion this is what separates Democrats from Republicans.
Not religion, abortion, opinions on race, sex, etc.
Democrats believe that most people are not capable of achieving success on their own.
Republicans believe that most people with average physical and mental health can achieve whatever they are willing to work for.
Wrong, we correctly believe that anyone can, operative word one, as in certain individuals, but we unlike you guys correctly acknowledge that everyone can't. If they could, who would work all the low paying jobs out there?
It's that simple. For example, two successful religious groups in the U.S. are Mormons and Jews, because they have a tradition of self-discipline and pursuing success. People working at McDonalds for years have a loser mentality, low dignity, laziness. The Left will of course deny this because they believe everyone is exactly the same and "privilege" is what causes someone to be more successful than another. Anyone who lives in the real world and not Leftist Clown World knows the truth that some people are just wired to be permanent members of the underclass.
You think Paris Hilton has more ambition, intelligence, and diligence ?
The vast majority of income inequality is natural and can be explained for the most part by Price's Law.
Unnatural income inequality is a different story and most instances of it should be fought against.... but it's not much of an issue in the US these days.
I gave 2 examples where a person who would work hard, has next to nothing invested could make $100K/year with NO high school education or college. Then I also stated that I earned $60K mowing plus made extra delivering pizza at night, but could also add fall leave cleanup and clearing snow and bring my own personal company income to $100K. After taxes that is roughly $72,708 take home (here in Kansas, other States will vary but you can look that State up at the same source given). Source on tax info: https://neuvoo.com/tax-calculator/Kansas-100000
That amount equals a take home of $1,398.23 per week. That is just ONE person working. You cannot tell me that in most of reasonable home markets (California, especially San Francisco and other similar high price areas are NOT reasonable home markets) a person can't save and invest $250/week for their future. If they cannot live on $1,148.23 per week income there is something very seriously wrong. If they are married and don't have kids and both are working, there is no reason they can't double that income and quadruple their savings and investment portfolio to $1,000 per week.
But let's start with a portfolio of investing $250 per week for a single person who is 20 years old, picking up dog poop, making $100K per year and since you were born after 1960, 67 is the age you can retire and get full benefits. Many investors say they should expect about 12% return on market investments BUT I'm going to put my pessimist hat on and only go with an expected return of 8%, just because this is so easy I want to scream at everyone who says it can't be done. Use Dave Ramsey's investment calculator and plug in the following numbers. Age 20. Amount already saved $0. How much will you contribute monthly (appx 250x4 so) $1000. Estimated annual return 8%. Then calculate. Source https://www.daveramsey.com/smartvest...ent-calculator
The amount shown in your retirement at the figures I gave, per Dave Ramsey's calculator is $5,869,585 is what you can expect to have in your investment portfolio at the age of 67. That's based on $1,000 per month (I prefer to do it per week because it's really a little more at $1,083.33/month but that's just...) screw it here's the figure at $250 per week, retiring at 67. Now it's $6,358,698 in you portfolio.
But you're married and no kids so we can invest much more since both of you are working. So again, 20 years old retire at 67. Amount already saved $0. How much will you contribute monthly (appx 1000x4 so) $4000. Estimated annual return 8%. Then calculate.
The amount shown in your retirement at the figures I gave, per Dave Ramsey's calculator is $23,478,344 is what you can expect to have in your investment portfolio at the age of 67. That's based on $4,000 per month (I prefer to do it per week because it's really a little more at $4,333.32/month but that's just...) screw it here's the figure at $1000 per week, retiring at 67. Now it's $25,434,793 in you portfolio. These numbers can be income TAX free if all that money was invested via a ROTH IRA, but I personally would only put 1/2 to 3/4 in a Roth and the rest via traditional money market accounts, just in case an emergency happens.
Call me stupid for saying it, but if you can't do the work I said, saving and investing the amounts I showed for your future, you DESERVE to fail. Why they aren't teaching this in elementary and middle school is beyond me. Sacrificing a LITTLE, paying your self out of EVERY paycheck and saving and investing that for your future is a NO BRAINER...
Are you going to do that working at McDonalds or working earning $15 per hour? No, you wont but the work I'm talking about isn't THAT difficult and doesn't require an education, it requires hard work, getting up early working all day and likely working most weekends, but most people want to sit in an air conditioned building, playing on the internet while their supposed to be working, having the latest and greatest $1,000 cell phone in their pocket, driving a fairly new car, financing this and that... wasting money by buying stuff on credit.
If you only really knew how simple this was and is... when you were 16, then started as soon as you started working, always paying yourself first... You too could retire like I did at 50. Thank GOD one of my foster parents taught me this at 16 because he was an investment advisor.
Is THAT enough wealth when you retire from picking up dog poop, cleaning gutters or doing lawn care and snow removal? STOP with the damn envy of people who make millions and people who are worth billions. IF you follow a SIMPLE plan, you CAN have millions if you work and sacrifice!
Those examples don't explain why middle class wages have been stagnant since the 1980's while most of the gains have gone to the upper class. I don't think peoples work habits suddenly changed but housing, education, healthcare and the cost of living in general has increased
The last few decades the disparity has increased greatly
I don't know of any country that has a successful civilization without taxes, that is the 3rd world country model.
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