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#11
05-03-2006, 04:05 PM
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Re: how hard is it to become wealthy?
[ QUOTE ]
[ QUOTE ] Depends greatly on where you live. I've lived almost my entire life in the SF bay area. If you make 150k/yr, you're well off. [/ QUOTE ] Really? That's in the ballpark of what I made living in SF, and I never felt like I was well-off. -Al [/ QUOTE ] So how do the people making 30K a year feel? 
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#12
05-03-2006, 04:06 PM
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Re: how hard is it to become wealthy?
A more interesting question might be...
How hard is it to move up one or more social classes during your lifetime. And is it even worth trying to do this? Fussell's model classifies Americans according to the following classes: Top out-of-sight: the super-rich, heirs to huge fortunes Upper Class: rich celebrities and people who can afford full-time domestic staff Upper-Middle Class: self-made well-educated professionals Middle Class: office workers High Prole: skilled blue-collar workers Mid Prole: workers in factories and the service industry Low Prole: manual labourers Destitute: the homeless Bottom out-of-sight: those incarcerated in prisons and institutions Removing the want to get past low prole would probably make life more enjoyable for most imo. Manual labour would be much better for me personally from a health point of view. Right now I exercise for free [img]/images/graemlins/crazy.gif[/img] and it would be nice to feel like I was "making" something while I exercised. Anyone want to commission a pyramid? Actually the removal of "want" for anything other than what you need to survive would probably cure the human condition. Why are we so needy?
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#13
05-03-2006, 04:09 PM
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Re: how hard is it to become wealthy?
Really? That's in the ballpark of what I made living in SF, and I never felt like I was well-off.
Yeah, really. You might want to reassess your expectations. Across the US in 2001 dollars, 150k is 95th percentile. Obviously, cost of living matters, but the 80th percentile for the country was 83k.
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#14
05-03-2006, 04:09 PM
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Re: how hard is it to become wealthy?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Depends greatly on where you live. I've lived almost my entire life in the SF bay area. If you make 150k/yr, you're well off. [/ QUOTE ] Really? That's in the ballpark of what I made living in SF, and I never felt like I was well-off. -Al [/ QUOTE ] So how do the people making 30K a year feel? [/ QUOTE ] I guess I'm talking SF specifically (although the East Bay is also very high cost of living). And I was definitely comfortable. But I define "well off" as, I donno, being able to easily buy, say, a house in the area. Cause "well off" to me is pretty close to "wealthy". -Al
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#15
05-03-2006, 04:10 PM
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Re: how hard is it to become wealthy?
So how do the people making 30K a year feel?
Damp and chilly.
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#16
05-03-2006, 04:10 PM
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Re: how hard is it to become wealthy?
[ QUOTE ]
It is easy to become wealthy... IF you play WAY ahead AND you invest. Let's say you're 22 years old and have your first real job. You decide that $5k/yr are going to go into savings/investments out of your annual income. If you make 10% on that $5k/yr, by the time you are 62 you'll have $2.5mil. Make 12% and you'll have $4.25mil. These are very realistic numbers for a passive investor. Nobody, except the 99.99999th percentile gets "rich" just by saving money. Getting rich just takes a little foresight and a little time. [/ QUOTE ] yes maybe it is easy for someone who can afford to save 5k a year, what about all the people who can't ? i'm not sure that makes it *EASY* to become wealthy. these threads always depress me [img]/images/graemlins/tongue.gif[/img]
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#18
05-03-2006, 04:14 PM
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Re: how hard is it to become wealthy?
[ QUOTE ]
[ QUOTE ] 150k a year is relatively wealthy imo [/ QUOTE ] Depends greatly on where you live. [/ QUOTE ] ...and how many kids you've got. [img]/images/graemlins/tongue.gif[/img]
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#19
05-03-2006, 04:16 PM
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Re: how hard is it to become wealthy?
[ QUOTE ]
[ QUOTE ] It is easy to become wealthy... IF you play WAY ahead AND you invest. Let's say you're 22 years old and have your first real job. You decide that $5k/yr are going to go into savings/investments out of your annual income. If you make 10% on that $5k/yr, by the time you are 62 you'll have $2.5mil. Make 12% and you'll have $4.25mil. These are very realistic numbers for a passive investor. Nobody, except the 99.99999th percentile gets "rich" just by saving money. Getting rich just takes a little foresight and a little time. [/ QUOTE ] yes maybe it is easy for someone who can afford to save 5k a year, what about all the people who can't ? i'm not sure that makes it *EASY* to become wealthy. [/ QUOTE ] That's where poker comes in, gorie :0) I realize that it isn't easy for the general populace to save $5k/yr, but for somebody who plays poker on the side, it certainly should be.
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