Why Don't the 1 Percent Feel Rich?

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You try living on $350,000 a year

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Have you ever lived in Manhattan you dolt?

350k for a family IS middle class, and he isnt buying lambos.

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the ones shopping for Lamborghinis

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Why Don't the 1 Percent Feel Rich?

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Well. For starters, we need to exapand our terminology.

What does someone making $350K per year in income have in common with Bill Gates? Or hell, what does he have in common with Peyton Manning?

Answer: Absolutely nothing. And yet, we use the same terms for them. They're both "rich". Pfft.

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Sounds like a good reason to not live in Manhattan.

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it is...but claiming that such a person is rich supporting a family on 350k is ludicrous.

stupid article. When $350k/yr and a Bill Gates are lumped in together, the very definition of "rich" is meaningless. (credit ShortyRob)

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stupid article. When $350k/yr and a Bill Gates are lumped in together, the very definition of "rich" is meaningless. (credit ShortyRob)

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Yeah. I'm still around.

Because of the amount of money paid by them every year in all of the taxes across the board collected from them by the Feds and state and every one else with a greedy hand sifting through their wallets.

Everyone, I think we are getting too much in the weeds and distracted from the main point:

These people have too much money and we need to take it. Take from the .01% because they really have the cash, and take from the 1% high earning but not rich yet (HENRY) because they are douche bags lamborgini-buying jerks.

Let me clarify something for those of you not living in NYC on the costs of living there (you can extend the same commentary on $350k a year to Queens, Brooklyn as well).

A 2 bedroom, 800sq ft apartment is about $1.3M. Just like BR or Houston or anywhere else in the nation, you're probably going to want to be in a neighborhood where you can at least send your kids to a good public school where they won't get stabbed, so that is the cost. You may be able to get down to $850k in Brooklyn or queens, but that's still a frickton of money.

After 20% down on a jumbo loan, you're looking at your apartment note being $5,200 a month. Add to that about $800/month in a maintenance fee that all buildings charge. Now you're up to $6k and you haven't turned on the lights. Now add:
- $1,200 to feed a family of four (Very basic diet)
- $600 in combined cable, internet, phone, cell phones, electricity, heat, gas etc.
- $450 in a car payment for a used SUV
- $400/mo to park that SUV
- $2000/ month to send your kid to daycare. ONE child. That's how much it costs.

Combine all that shite up and you're up to $130k a year in costs. Guess what, you're fricked by city, state, and federal income tax. Combine that with your benefits package at work and you need $200k a year, and that's how much it costs to get up in the morning.

This does not include:
- going out to dinner
- one beer, or one bottle of wine
- any premium channels on your cable bill.

$200 fricking K.

That's why I moved out, which I consider the smart decision. BUT....y'all need to understand what the cost of living is in NY, LA, SF....and those are the places where the 5% are concentrated.

Compare that with a place like BR or NOLA and you can probably get away with $130k to afford all that shite. Remember that's ONE car, not two

NOW that being said, you're not even saving much for anything else. Once you get to a 2600 sq foot place and two cars and two kids in daycare you could easily need $400k just to pay the bills and go out to dinner 3x a month.

in my experience, people like to think they are better than average but not in the top 1%.

Daniel kahnmeman (sic) has some stuff written about this, I would post but no one will read it.