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One reason the rich matter (Read 711 times)
mick
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Re: One reason the rich matter
Reply #30 - 08/11/10 at 00:48:46
 
As for me I consider myself above average.
there are many of you way smarter than me ,Starlifter, Jerry,Serowbot,midnightrider,to name a few.
My income is way lower than all of you ,yet I still consider myself middle class,does that make sense ?
When I was working I always had lots of money,did I save any ?
Nah,well maybe a little,enough to pay for materials to build my self a one bedroom one bath appartment on my Sisters farm, it will be there's when I die.it did up value the property and my beloved niece will
reap the benifits,meanwhile I live rent free,as well as material I got a dish washer,washer and dryer,very nice stove and fridge.
plus regular furniture,it will make a great guest house after I'm gone.
So with an income of $983 a month from social security and about $180 a month from the few years I worked in England 15 to be exact,
on the down side I pay out $219 for medical insurance,$43 a month for car insurance (thats two cars,my Miata full comp.and my ford tourus PLPD.) some how I manage to save $100 a month,and then my B/Day rolls along and there are all kinds of money stuffed into my cards,and then xmas a few weeks later,boy I'm one lucky bastard.
Sorry to ramble along,good night, Mick
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Jerry Eichenberger
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Re: One reason the rich matter
Reply #31 - 08/11/10 at 05:13:05
 
Hi Mick -

I'll try to give you my feelings in response to both of your posts.  First, intelligence and the amount of formal education one has are not the same.  I realize you quit school at 14, but don't for a minute think that makes you less intelligent than one who has a doctorate in his title.

Just yesterday, I was talking with a friend about the likes of Henry Ford, a mechanical genius, and the Wright Bros.  None of them graduated from high school.  Yet, Ford figured out how to make the automobile reliable ( for that day) and also invented the assembly line method of manufacturing, which made complicated machinery affordable to make in large numbers.  Obviously, the Wrights were self-taught aero engineers, who figured out that Lillienthal's lift equations were erroneous, corrected them, and made their machine fly when others like DOCTOR Langley could not.

As for what is middle class, I don't tie it to a given income number.  First, there are too many variations of living expenses across the country.  I look at it more as a live style and to some degree, what a person can purchase with his income.

For instance, if you live in Manhattan or Los Angeles, it obviously takes a lot more income to have the same standard of living as does a person who lives in a small town in rural Alabama, or even in rural Ohio.

I guess to me, middle class means enough income put a decent roof over your head, clothe your family (size of family determines this and most of the expenses) in reasonable attire, feed your family healthy meals and eat out at a moderately priced restaurant once in a while, have a reliable car, or two if both spouses work, have decent health care insurance, and not be worried every night when you go to sleep about how you're going to pay your bills tomorrow.

How much does that take for a family of four to enjoy this life style - again, it mostly matters on where you live and what your "likes" are.

For instance, we are not "vacation takers".  We actually go on a real vacation about once every 5 years or so.  But if you think that your family needs the typical "pile everyone in a car, drive 500+ miles, and stay for 10 days" vacation each summer, then that alone costs thousands.  We've been fortunate in that I travel a lot in my work, and get a lot of airline miles and hotel points.  So when we do go someplace, all I pay for out of pocket is meals and maybe a rental car.

So, sorry to beg your question, but there is no way to accurately put a firm number on the amount of income one needs to be middle class.

And, there are so many different levels of middle class - from just above the poverty line to just below a luxurious life style that no one would probably agree on a singular definition of what "middle class" is.

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Jerry Eichenberger
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Re: One reason the rich matter
Reply #32 - 08/11/10 at 05:30:34
 
Well I can see am just below the poverty line.Wait I did take a 2 year vacation with the US Army,Which had planned activities.
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Re: One reason the rich matter
Reply #33 - 08/11/10 at 05:39:56
 
Bill -

I can empathize with your "vacation".  I had the same one, but for a lot more than 2 years.
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Jerry Eichenberger
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Re: One reason the rich matter
Reply #34 - 08/11/10 at 15:30:47
 
I consider myself to be just barely middle class, definitely on the low end, under 30k a year but I'm single and have no kids or any other responsibilities that take money, kinda stuck too, if I had a bit more money I could invest it in doing things to get out to help me not be as depressed most of the time, get involved in things that matter to me, photography, other art stuff, be able to afford to self promote my work a bit, and just get out and be more sociable and those things could lead to a better life for me, but I really can't afford any of that but I can afford to live and keep going now I'm working on getting some education to get me out of this rut and it helps to give me hope at least. but I really wouldn't trade my life for the average lifestyle in america, and I like how I've done things so far despite my current financial woes.
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Re: One reason the rich matter
Reply #35 - 08/14/10 at 13:33:58
 
98% of taxpaying Americans have a household income of 200,000 dollars or less. 2% of Americans have an income above that, but the 2% making more than 200,000 dollars yearly, actually control 75% of the wealth in America. These folks are the upper class- the millionaires + billionaires.  Grin
I think a family of 4 qualifies for reduced school lunches when the household income is around 24,000.
Starting school teacher pay is 30,000 a year with 4 years of college in Maine.
-New York Times: the deal pays Limbaugh 38 million dollars/year for eight years, plus a 100 million dollar signing bonus.  Upper class.
Here in Maine, teacher aides get 13,000 a year and no benefits.

This is a crazy world. Happy is paying the bills, having enough to eat, get to work, and some time to relax. Saving would be nice - maybe some day.
Wink

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Re: One reason the rich matter
Reply #36 - 08/14/10 at 13:42:46
 
Just in case you missed it!:

Rush makes 3 million dollars a month. - just under a million a week, 170,000 a day?  20,000 dollars an hour, 300 dollars a minute, 50 dollars a second - just for slow blink!    check the math for any mistakes! You get the idea -
What a crazy world we're living in!

I think I'd pay that much to shut him up! Cool
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mick
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Re: One reason the rich matter
Reply #37 - 08/14/10 at 16:17:12
 
tcreeley wrote on 08/14/10 at 13:42:46:
Just in case you missed it!:

Rush makes 3 million dollars a month. - just under a million a week, 170,000 a day?  20,000 dollars an hour, 300 dollars a minute, 50 dollars a second - just for slow blink!    check the math for any mistakes! You get the idea -
What a crazy world we're living in!

I think I'd pay that much to shut him up! Cool

his supporters are all tea baggers.and about 80% of this web site also suport him.
In an interview a few years ago the interviewer asked him if he would do his show but this time on the side of democrats ,he said "
he11 yes just point me to the money,that is all he cares about,he doesn't give a sh1t about polotics, he only stays up to date because that is his schtick,it's all a big con game ,and the repubs love him,and fall for it,suckers !
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Re: One reason the rich matter
Reply #38 - 08/16/10 at 04:13:41
 
Mick -

He's no different than any other good actor, who can play whatever role is assigned at the time.
I can't stand his show, even though, as you know, I'm an arch conservative.

Do you remember William E. Buckley, the now deceased conservative intellectual from Yale University?

He was my kind of spokesman for our causes - soft spoken, yet he had a dagger for a tongue.  No one ever doubted his intelligence or dedication.
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Re: One reason the rich matter
Reply #39 - 08/16/10 at 06:13:44
 
Maria Sharapova the tennis player makes over $20,000,000 a year.I see nothing wrong with that,If she has a bad year the tax payers want have to bail her out.And you don't have to buy any products that she advertises.
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« Last Edit: 08/16/10 at 08:19:02 by bill67 »  

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Re: One reason the rich matter
Reply #40 - 08/16/10 at 06:54:00
 
Bill -

I've never had a problem with the money paid to professional athletes in all sports.

I think of it simply - in all of the normal team sports like baseball, basketball, football, etc. two things matter.  First, there are only a couple of hundred people in the entire world who have the talent to play at the very top levels.  That's out of how many billion people on the planet?  When you are one of those folks, you should be able to get as much as the market will bear.

Also, careers are short.  I forget the actual number of years the average NFL player gets to play, but I think it's close to 5 years - that's all.  And the average player isn't getting the millions per year that we read about - the number of these super rich players is only a very few per team, usually only 4 or 5 players.

One of my friends in my church mens' club played linebacker for the Oakland Raiders.  His carrer was less than 10 games when a bad knee injury ended his pro football dream.

The one sport I love, Formula One racing, is a good example.  Only about 25 people in the entire world are good enough to make a start for each race.  Even in NASCAR or IRL, the num,bers aren't a whole lot higher.
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Jerry Eichenberger
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Re: One reason the rich matter
Reply #41 - 08/16/10 at 07:51:44
 
There is another Yahoo article this morning about millionaires.

1.  The top 1% of income pays 40% of all taxes, and that number will go up this year with changes to the tax code.  Millionaires are not tax evaders.

2.  80% of them are not retired - they go to work every day for at least 8 hours - many work a longer day..

3.  Only 10% inherited their wealth - 90% are self made.

4.  The greatest percentage of them drive a Ford.  Next preference is a Cadillac, next is a Lincoln.

All of this blows a lot of the myths.
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Re: One reason the rich matter
Reply #42 - 08/16/10 at 10:00:34
 
Jerry Eichenberger wrote on 08/16/10 at 07:51:44:
There is another Yahoo article this morning about millionaires.

1.  The top 1% of income pays 40% of all taxes, and that number will go up this year with changes to the tax code.  Millionaires are not tax evaders.

2.  80% of them are not retired - they go to work every day for at least 8 hours - many work a longer day..

3.  Only 10% inherited their wealth - 90% are self made.

4.  The greatest percentage of them drive a Ford.  Next preference is a Cadillac, next is a Lincoln.

All of this blows a lot of the myths.


I'm most surprised at #3.  I would have figured more would have been inherited wealth.
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Re: One reason the rich matter
Reply #43 - 08/16/10 at 10:11:14
 
Did you ever watch that show "Dirty Jobs" with Mike Rowe?

I read an interview with him and he made note that many of the owners of these small companies that do these dirty jobs are multi millionaires and work hard every day. It's a myth that most inherit their wealth. Not that it doesn't happen, but its not the norm.

By the way, for anyone in favor of the death tax for those evil rich guys, does anyone believe for one second that if John Kerry dies Jan 1st, the US government will suddenly become 50 million dollars richer? Nonsense….. he hid his boat to avoid taxes for crying out loud so there’s no way Uncle Sam is getting any of his money. The super rich get around death taxes all the time. It’s the family farms that get wiped out.
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Re: One reason the rich matter
Reply #44 - 08/16/10 at 10:23:54
 
Several years ago an IRS agent told me that the biggest area of outright income tax evasion is among very small businesses that deal in cash.  Number one on their hit list is small barber shops.

Fairly low priced transactions, almost always in cash, and it's very easy for the barber to put a $20 dollar bill in his pocket and not declare it.

After that, small neighborhood independent restaurants and small neighborhood independent dry cleaners are also on the list, due to the same reasons.  Larger establishments don't cheat.

High income people don't deal in cash, and do have their returns prepared by real CPA firms, who aren't about to sign their names to a fraudulent return.

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