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Subj: Re: Net worth over $1M...
Posted: Fri Oct 17, 2008 at 10:05:58 am CDT (Viewed 728 times)
Reply Subj: Net worth over $1M...
Posted: Fri Oct 17, 2008 at 04:37:42 am CDT (Viewed 741 times)

> > Also, the definitions of upper class is not really exact. People define it in numerous different was. It doesn't have anything to do with the number $250K (in most cases). A common definition is anyone that has a net worth of $1M, which isn't that hard to do.
> Your statement surprised me, because the consensus seems to be that 3.5 of every 100 households in America have a net worth of $1 million dollars or more. Doesn't that imply a pretty high level of difficulty?

I simply meant to say that it was doable. Because I was thinking about the comment, let me throw some numbers at you.

It's net worth of $1M. That could mean land, houses, businesses, any financial accounts, etc. Now for most people, 60% of a person's wealth is in their real estate. So if that person has $600K in real estate, then they will likely have $1M in net assetes.

So, the question would be, how hard is it to get a $600K house?

Now of course I think it hard for most people to come up with $1M, but it's still doable.

> I often think a big reason many people vote pro-rich is because they honestly believe they're going to be rich one day. This, to me, is sad, because the vast majority of people will never be rich.

Sure I would agree with that. It's the American dream to win the lottery.

But it also has to do with the matter of "fairness". So maybe the rich should pay a higher percent of their income tax, but how much more? What about the death/estate tax?

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