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US income inequality at record high

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#101
dullsilver_mike said:
I'm only asking this semi-rhetorically because I really would like to break into the loop. How do I go about starting a career that will lead me to considerable wealth?

I'm going to lay out my thought process.
.
.
.
Click to expand...

You're jumping in 1/2 way through...

1. Identify something that people want or need that they will exchange for something that you want or need.

2. Think up a way of providing that need.

3. Start a business so that you can do this at scale.

4. Hire employees and pay them some % of the profits. Not necessarily an equal share as they didn't do #1 to #3 and their salary is constant so they're less affected by risk and chance.

It sounds like you're talking about being one of the employees in step #4. Nothing wrong with that - it's the choice many of us, myself included, make. But that way leads to a comfortable life, but not "considerable" wealth - at least not by American standards.

dullsilver_mike said:
In the meantime, I can't even figure out how to start. There's a veil with these professionals and their world on one side and me on the other. No one's ever taught me how to pull it aside and when I try to learn from the information that's available to me, the gurus spouting their advice seem either dubious or as if their particular success was serendipitous instead of methodical. I'm not too lazy to try, I'm just too ignorant to know what it is I should be trying to do.
Click to expand...

Make a list of questions. Get some answers. Ask more questions based on what you learn. I'm sure there's enough collective experience and domain-specific knowledge on TB to at least get you started. There's people here from all professions and stages of life experience.

Can't hurt, and the price is right ...
 
#102
1958Bassman said:
So, people who have no health insurance can't apply to SS and get benefits, including Medicare/Medicaid? Title IXX doesn't help people when they have no insurance or are under-insured?

Greed comes to anyone who'll accept it and other people are the victims but many people gave up trying to get ahead at a very young age and that's a problem for everyone. Some never give up and they sometimes get the prizes.

You think all white collar people are crooks?
Click to expand...

Nope, no more than all poor people are lazy welfare queens. Neither is true.
 
#104
One thing one of my professors in college said that has always stuck with me.

" There is no reason to re-invent the mousetrap. If you want to make money, find out what someone else is making money at and do the exact same thing".
 
#106
Why do lottery winners usually end up in bankruptcy....the system, the man? No, it's because they have no money handling skills. People with money usually know how not to spend it. What is that comment about fools and money? I guess the predatory lending period was the fault for all of those 3rd vehicles, extra boats and vacation homes....not greed. Sure sure, why should I have to read the fine print.

Please note.....Economies shrink, grow, shrink, but over time they all change and grow. Not all industries will remain and new ones will develop. Yes, not much manufacturing but I know a company in LA that is hiring 30-40 programmers and graphic artist a month...EVERY month. Better pay than the assembly line.

Nobody is holding anyone back in the US. Years ago my Vietnamese landlord owned the building I lived in with 8 apartments and the two buildings next to us. He moved here when he was 15 by himself with nothing and started a catering service at age 17. He was a millionaire by 40 because he worked tirelessly. He was and still is the self taught plumber/electrician/painter and his family and any tenants needing work run the catering company. He never felt anyone was holding him back. He gave me his car to use one week when mine broke down. Each of his buildings has a huge US flag painted on them. He's got more pride in this country than most of us and a work ethic that should be taught in schools.

My wife is a public school teacher. The parents that take the time to learn the system have aids for their kids, special programs, special tutors....all paid for by "the man".

Sometimes you have to do a little work on your own.
 
#107
That's an interesting question. Another way of asking it: Does the number of children in your household impact your ability to move up the economic scale?

I'm thinking it does, it makes it harder by adding to the financial burden, assuming the family is not getting public assistance. Ive read in this thread, and tend to agree, that mobility is harder at the bottom of the scale, for various reasons.

If the family is getting assistance I'd think the impact would be less. No?

Edit to add: Damn! I don't even see that other post anymore. Conversation is moving quickly!
 
#108
nortonrider said:
One thing one of my professors in college said that has always stuck with me.

" There is no reason to re-invent the mousetrap. If you want to make money, find out what someone else is making money at and do the exact same thing".
Click to expand...

That can work, but the problem is that you often end up competing on price, which isn't always a happy place to be.
 
#109
nortonrider said:
I think that even though there are educational opportunitys available that could help a person claw their way out of poverty,
That alone isn't even going to come close to making you a player in todays world.

Say you do go to college , graduate and get a 100K a year job, if you worked for 40 years, paid no taxes and saved every penny, you would retire with 4 million dollars.

Not "chump change" of course, but it isn't even going to get you in the game with the "Big Boys".

The 10 richest in America:
1
Bill Gates
$66 Billion
2
Warren Buffett
$46 Billion
3
Larry Ellison
$41 Billion
4
Charles Koch
$31 Billion
4
David Koch
$31 Billion
6
Christy Walton & family
$27.9 Billion
7
Jim Walton
$26.8 Billion
8
Alice Walton
$26.3 Billion
9
S. Robson Walton
$26.1 Billion
10
Michael Bloomberg
$25 Billion

Granted, I'd love to be making 100K a year, it would definitely raise my standard of living, but in reality, working a job is not going to make you "rich" by todays standards.
Click to expand...

I can tell you that 4 of the 10 people on this list did zero to earn their wealth; they simply inherited it. A few of them also got exec/boardroom positions simply because they were a 'legacy'. Please explain how that is not an issue when it is essentially creating family dynasties and an almost permanent control on a decent percentage of our county's overall available wealth.

IIRC, the Walton family alone has more wealth between itself than the bottom 20-40% of the entire US population (can't remember the exact figure) has combined. Again, please explain how that is not an issue.
 
#110
People with more children will almost always say that they have no time for school or training to advance their careers. I would agree, and because they chose to have the kids they should spend the time with them, raising them, to be smart enough not to have so many children that they can't take the time to better themselves.
 
#112
Goatrope said:
That's an interesting question. Another way of asking it: Does the number of children in your household impact your ability to move up the economic scale?

I'm thinking it does, it makes it harder by adding to the financial burden, assuming the family is not getting public assistance. Ive read in this thread, and tend to agree, that mobility is harder at the bottom of the scale, for various reasons.

If the family is getting assistance I'd think the impact would be less. No?

Edit to add: Damn! I don't even see that other post anymore. Conversation is moving quickly!
Click to expand...

that was mine. I'd have to think the same. If you are in a household with say, $50K income, and you have 2 kids, that's money going to feed/clothe/etc. that a childless couple could be using as an investment to increase their income.
 
#114
6jase5 said:
People with more children will almost always say that they have no time for school or training to advance their careers. I would agree, and because they chose to have the kids they should spend the time with them, raising them, to be smart enough not to have so many children that they can't take the time to better themselves.
Click to expand...

That's a fair argument, and an argument as to why sex education should probably be started earlier and done more honestly than it currently is in a lot of states (particularly in the poorer/more modest areas). Of course, no one wants to spend more money on education to help fix issues like this.
 
#115
jmattbassplaya said:
I can tell you that 4 of the 10 people on this list did zero to earn their wealth; they simply inherited it. A few of them also got exec/boardroom positions simply because they were a 'legacy'. Please explain how that is not an issue when it is essentially creating family dynasties and an almost permanent control on a decent percentage of our county's overall available wealth.

IIRC, the Walton family alone has more wealth between itself than the bottom 20-40% of the entire US population (can't remember the exact figure) has combined. Again, please explain how that is not an issue.
Click to expand...

How is it an issue?
 
#116
sloasdaylight said:
How is it an issue?
Click to expand...

I've posted this video twice now, although it doesn't seem many people have watched it. That's unfortunate because it lays the basis for several assumptions I'm basing my argument off of (keep in mind, my argument is far from based off of this one video, but it's a short and easy way to understand my POV).

Anyways, go to 2:45 of the video and watch. It explains why huge collections of wealth in the hands of a few individuals or families is bad for the economy and its overall health.

 
#117
Unrepresented said:
While I love anecdotal evidence in socio-economic matters as much as the next guy, let me briefly interrupt your largely unsupported position to introduce some actual research:

[Invalid or Expired Link Removed]

This chart, although not particularly reader friendly, can tell us a bit about how the system perpetuates castes, or inhibits economic mobility.

The rich, are often born rich, and the poor are also, likely, born poor. There's a bit of room for movement as you can see, but it certainly isn't as much as we'd ideally see in a level playing field.
Click to expand...

OK fine. I will leave the ball in your court in the simplest of terms. Is there ANYONE in this country who can try EVERYTHING they know how and still not be able to better their situation by A LOT? Better the situation for their next generation by A LOT? If so, why? What "force" is keeping them from doing so? What is impeding their upward climb? The chart tells us nothing about HOW "the system inhibits economic mobility". HOW is anyone stopped from reaching their goals, or at least making a much better life than they live now? What EXACTLY is stopping them?
 
#119
sowilson said:
go to the polls
Click to expand...

And do what lol The system is functioning as it should. The purpose of governments is to do the bidding of the elite class, and control the lower classes to maintain order. Democracy is a myth to get the poor and weak to comply because they think they can contribute meaningfully to the system.

There is nothing anyone can do to change the issue, so dont waste time being concerened about it. It will self implode soon and will need to be overhauled. Thats just how governments work.

All that said I wish more could be done to regulate companies, that threaten public safety. What do I mean? Natural gas and oil companmies that pollute and threaten the public safety of every one else.
 
#120
6jase5 said:
Why do lottery winners usually end up in bankruptcy....the system, the man? No, it's because they have no money handling skills. People with money usually know how not to spend it. What is that comment about fools and money? I guess the predatory lending period was the fault for all of those 3rd vehicles, extra boats and vacation homes....not greed. Sure sure, why should I have to read the fine print.

Please note.....Economies shrink, grow, shrink, but over time they all change and grow. Not all industries will remain and new ones will develop. Yes, not much manufacturing but I know a company in LA that is hiring 30-40 programmers and graphic artist a month...EVERY month. Better pay than the assembly line.

Nobody is holding anyone back in the US. Years ago my Vietnamese landlord owned the building I lived in with 8 apartments and the two buildings next to us. He moved here when he was 15 by himself with nothing and started a catering service at age 17. He was a millionaire by 40 because he worked tirelessly. He was and still is the self taught plumber/electrician/painter and his family and any tenants needing work run the catering company. He never felt anyone was holding him back. He gave me his car to use one week when mine broke down. Each of his buildings has a huge US flag painted on them. He's got more pride in this country than most of us and a work ethic that should be taught in schools.

My wife is a public school teacher. The parents that take the time to learn the system have aids for their kids, special programs, special tutors....all paid for by "the man".

Sometimes you have to do a little work on your own.
Click to expand...

This just goes to show you that you can get rich without a
high end education. I know a few people, like the guy above, who did the same thru plain old hard work and working smart. Yep...god bless America.
 
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