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Message
re: Top 1% income
Posted on 9/2/24 at 2:27 pm to Weekend Warrior79
Posted on 9/2/24 at 2:27 pm to Weekend Warrior79
Is that individual or household income?
1
Posted on 9/2/24 at 5:32 pm to Suntiger
Louisiana one posted a few post ago is household
Posted on 9/2/24 at 5:51 pm to Dandaman
Being in the 1% really has nothing to do with income. It's all about the ownership of financial and other assets, i.e. wealth. I have known people with nice six figure incomes who have little real wealth and who were in financial trouble. A couple who didn't have the liquid cash to pay their taxes.
And there are plenty of people worth eight figures who structure things such that they don't have large taxable incomes.
And there are plenty of people worth eight figures who structure things such that they don't have large taxable incomes.
Posted on 9/2/24 at 6:36 pm to SloaneRanger
The original post is about INCOME not NET WORTH.
Posted on 9/2/24 at 6:42 pm to lynxcat
Yeah dude I can read. But when you read the linked article you can see it is referencing “the 1%” people commonly discuss. Which bears only a limited relationship to income.
Posted on 9/3/24 at 8:49 am to Weekend Warrior79
quote:
Top 1%: According to a SmartAsset analysis of IRS tax filer data, to be in the top 1% of earners in Louisiana, you need to make at least $458,269 annually. This is $194,388 less than the national household figure of $652,657.
Top 5%: The income threshold for the top 5% in Louisiana is $199,454
Top 10%: The income for the top 10% in Louisiana is $217,082
75th percentile: The 75th percentile for annual salary in Louisiana is $66,900.
Median income: The median income in Louisiana is $51,073
This is not correct
Posted on 9/3/24 at 9:04 am to DarthRebel
How dare you question that Louisiana math.
Obviously copied & pasted without actually reading it
Looks like the AI google uses pulled the info from various sources because when I looked again this morning that's exactly what it says. I may have also found the sources:
Forbes shows top 1% in LA is $471,506; top 5% is $199,454
Statistical atlas has top 5% at $294k (probably more accurate)
Yahoo finance & Nasdaq both show the $217,082 for the top 10%
Obviously copied & pasted without actually reading it
Looks like the AI google uses pulled the info from various sources because when I looked again this morning that's exactly what it says. I may have also found the sources: Forbes shows top 1% in LA is $471,506; top 5% is $199,454
Statistical atlas has top 5% at $294k (probably more accurate)
Yahoo finance & Nasdaq both show the $217,082 for the top 10%
Posted on 9/3/24 at 9:17 am to Dandaman
With all the extras Latoya prob clears stealing an extra $600k on top of her mayor salary.
Or to be 1% in Louisiana just an extra $200k would do it.
Or to be 1% in Louisiana just an extra $200k would do it.
This post was edited on 9/3/24 at 9:22 am
Posted on 9/3/24 at 1:03 pm to Dandaman
quote:
I don’t know anyone personally that makes this much and I probably know 1000 people.
You know there is another social phenomenon that indicates your income is likely to be within 15% of everyone you know?
Makes sense.
Posted on 9/3/24 at 1:10 pm to Ace Midnight
quote:
You know there is another social phenomenon that indicates your income is likely to be within 15% of everyone you know?
Maybe if you live in Bunkie, but probably not if you live in a top 50 US city. Definitely not if you work in a professional setting in a top 50 setting.
Posted on 9/3/24 at 2:14 pm to Ace Midnight
quote:
You know there is another social phenomenon that indicates your income is likely to be within 15% of everyone you know?
Posted on 9/3/24 at 4:14 pm to Fat Bastard
I really don’t know but a few rich people and certainly didn’t know any growing up. It’s impressive so many have made it here
Growing up in the south the only jobs you know that exist are government, plant, or some form of sharecropping. When you get to lsu they offer 4 types of degree: government, plant, share cropping, and sell insurance degree. Nobody ever told me I could be a tech bro and make computer programs that destroy the fabric of society or be a finance bro and hollow out America through mergers and acquisitions
Growing up in the south the only jobs you know that exist are government, plant, or some form of sharecropping. When you get to lsu they offer 4 types of degree: government, plant, share cropping, and sell insurance degree. Nobody ever told me I could be a tech bro and make computer programs that destroy the fabric of society or be a finance bro and hollow out America through mergers and acquisitions
Posted on 9/3/24 at 5:56 pm to el Gaucho
The only way I thought you could rich while I was growing up was owning a car dealership or striking oil.
One thing I’ve learned dealing with many 1%ers and .1%ers is that in lot of cases, luck of being in right place at the right time is a huge factor in attaining that wealth.
Also the perceived skew of income with TD is that a lot of people, especially on the MT are college educated and that people in the upper tier are more likely to self-identify. No one on here is admitting to being poor. Some likely exaggerate as well.
One thing I’ve learned dealing with many 1%ers and .1%ers is that in lot of cases, luck of being in right place at the right time is a huge factor in attaining that wealth.
Also the perceived skew of income with TD is that a lot of people, especially on the MT are college educated and that people in the upper tier are more likely to self-identify. No one on here is admitting to being poor. Some likely exaggerate as well.
This post was edited on 9/3/24 at 6:00 pm
Posted on 9/3/24 at 6:21 pm to southernelite
It’s more fun to pretend to be poor on here because society tells us to look up to rich people but in practice I’m not sure I’ve met one that can do simple things like change a flat. I think most of the rich people you meet in the south are descendants of people that struck oil or owned a car dealership that “diversified” ie hire people that know how to do the work and call themselves the boss
Because the south has always been America’s Africa all our wealth has primarily been from resource extraction where the natives get a little check and the guy from somewhere else gets most of it but he doesn’t want to live here because it’s hot and we have mosquitos
Sam Walton is one of the few to ever “make it out” but exporting Arkansas trailer park culture to the world was probably a net negative. The stores even look like giant trailers
Because the south has always been America’s Africa all our wealth has primarily been from resource extraction where the natives get a little check and the guy from somewhere else gets most of it but he doesn’t want to live here because it’s hot and we have mosquitos
Sam Walton is one of the few to ever “make it out” but exporting Arkansas trailer park culture to the world was probably a net negative. The stores even look like giant trailers
This post was edited on 9/3/24 at 6:23 pm
Posted on 9/3/24 at 7:06 pm to el Gaucho
quote:
Sam Walton is one of the few to ever “make it out” but exporting Arkansas trailer park culture to the world was probably a net negative.
That’s very debatable and if it is a net negative, it’s only because the government allowed Wal-Mart to game the welfare system.
Posted on 9/3/24 at 7:57 pm to Ace Midnight
quote:
You know there is another social phenomenon that indicates your income is likely to be within 15% of everyone you know? Makes sense.
Feels like there are quite a few assumptions and definitions needed here.
Posted on 9/4/24 at 12:37 am to Dandaman
Business owners.
Posted on 9/4/24 at 5:25 am to el Gaucho
quote:
el Gaucho
"Life's not fair!"
This post was edited on 9/4/24 at 5:26 am
Posted on 9/4/24 at 9:49 am to boomtown143
quote:
boomtown143
Posted on 9/5/24 at 6:08 am to Dandaman
quote:Yes, that is the claim. But > $800K is not accurate. Overall, it is a pretty awful article.
Hard to believe the numbers in this article:
Investopedia
Am I correct that this means 1 in 100 earn over 800k annually?
First off, the authors conflate household and individual income levels, which would seem so rudimentary as to require deliberate effort in getting it wrong. HHI runs ~ 130-140% of individual income. They also pick and choose based on differing survey numbers/techniques suited to narrative.
Here are national household income numbers:
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