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Duration : 0:6:45
I am single pay terrible taxes 30K last year alone but consider myself middle class. What is considered wealthy, middle class and poor in today’s society?
According to the US Census Bureau the following are income Quin tiles (each is 20% of the population)
Bottom 20%:
$0 – 17,984
(3.4% of the income)
Lower Middle 20%:
$17,985 – 34,000
(8.7% of the income)
Middle 20%
$34,001 – 54,453
(14.8% of the income)
Upper Middle 20%
$54,454 – 86,867
(23.4% of the income)
Top 20%
$86,867 – No limit
(49.8% of the income)
Also interesting is the following statistic:
Top 5%
$154,120 – No limit
(21.4% of the income)
Of course, everyone in the US thinks that they are middle class.
I have also noticed that the two political parties define middle class Americans differently.
Republicans are referring to College educated, professionals of the middle and upper middle quin tiles.
Let’s say that a wealthy person is charged with a crime and expects to do jail time (years). What do they do with all of their money and possessions while they are in jail? It doesn’t make sense to have a Ferrari sitting in a garage for 5 years. Do they liquidate and put the money into an account of some sort?
I’d sell all hard assets like homes, cars, furnishings, electronics, clothing, etc. Then I’d buy a diversified portfolio of mutual funds invested in stocks and bonds. I wouldn’t hold onto individual stocks and bonds as I assume the perp would not be able to trade them while behind bars. Better to have an investment professional (like a mutual fund manager) handle the buying and selling while in the slammer. They also may want to buy a CD which matches the sentence so that the perp would have a nice stash of cash at hand when they walk out. I would start with www.troweprice.com as they have a wide variety of funds (stocks and bonds) to invest in. One should also notify any financial institution used of their situation so they know that there may not be any activity for a few years.
Celtic Woman 2005
Song: Si Do Mhaimeo I – Wealthy Widow
Singers: Méav Ní Mhaolchatha, Mairead Nesbitt
Duration : 0:2:9
Becoming wealthy is a state of mind that differs with each individual and cannot be done without an investment strategy to obtain this goal. Become rich, either by living a comfortable lifestyle or through hard work and savings, with ideas from a futures and options floor trader in this free video on personal finance.
Expert: Mark Griffith
Bio: Mark Griffith has graduated in economics and philosophy at Clare College, Cambridge. He has been a futures and options floor trader at LIFFE (London International Financial Futures Exchange).
Filmmaker: Paul Volniansky
Duration : 0:3:53
More especifically, what are some professions that pay well? Besides the obvious doctor or lawyer. Like, if your parents are wealthy or at least economically in the "upper-class", what type of jobs do they have? Thanks in advance. This is just for ideas for a homework assignment.
My Father started a lawn maintenance business- he specializes in adult mobile home communities, and gets contracts from the entire community (not yard by yard) and has been in business for over 25 years in Florida, and is worth about 5 million dollars. When he passed, my mom took over and now she runs the day to day operations.
Not that everyone in the world could or would do this specific type of thing, the moral to take away from this is to specialize in something, that will make you stand out and be more marketable to your customers. Plus find a market unique to where you live. Obviously Florida has a ton of retirement communities so this works well for the business. The job is not glamorous, but it’s put me through college, and now graduate school and my parent’s have never not been able to buy or do anything they want!
I am from a middle class family, in law school, to pursue a better life for my family. I want to teach my children what my parents taught me as well as what they might have not known to teach me that children of wealthy parents might learn.
Please only responses from those who are wealthy.
I am not sure if you would label me as wealthy.
From the moment my children starting talking about life an education has been part of that discussion. There is no doubt in their mind that they will have careers and those careers require education.
I also discuss money with them, including looking over my records (with the teens) to show them about assets, cash, obligations etc.
A big difference I see between me and more middle class families, is that honesty and integrity are important values, not just within ourselves, but the friends we choose. My children would not even think about taking advantage of another human being.
As I own a lot of property and people of different classes live in those properties they are exposed to various life styles. I think that helps too, knowing how other people live ("see, you will live like this without a good job") helps them make choices about their own lives.
I also teach my kids that every single one of us decides out income, life styles, etc on our own. I hold them, myself, and others accountable.
This is a clip from the movie Chris Rock – Never Scared, and it’s when he was talking about white men being wealthy and black men being rich.
Duration : 0:4:5
To borrow a quote from Obama: "I’m not bashful about it: wealthy will pay more taxes." (Jan 2008)
I was just curious what income level he was referring to and what impact his tax proposals will have for those making between 55 and 70k.
Ummmmm……… I think the guy above me is a wee bit racist, but moving on…………. it is based on income level and has nothing to do with race. That is one of Obama’s biggest problems he has all these great ideas, but somehow does not specify things like: where the money is going to come from, and the plan’s specifics
Edit: To Sapphire…….your link has nothing to do with anything… I think you may have put up the wrong link…………