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> That sounds pretty naive. $15 million isn't a huge amount of money in business, and in most parts of the country $50k isn't a livable salary. Who's being nai
by CPLX 10y ago
> That sounds pretty naive. $15 million isn't a huge amount of money in business, and in most parts of the country $50k isn't a livable salary.
Who's being naive?
The median net compensation last year in the U.S. was $29,930.13, meaning half of all wage earners earned less.
Median income for an entire household (ie more than one person) in the US is about $51k. Meaning about half of all households make less than that.
Assuming half the population of the country doesn't die suddenly in the next three weeks it's fair to say that $50k is "livable"
- chillacy 10y agoIt also depends where you live: http://www.seattletimes.com/seattle-news/data/80000-median-wage-income-gain-in-seattle-far-outpaces-other-cities/ http://www.seattletimes.com/seattle-news/data/80000-median-w... Consider that YC will throw you 200k but you're going to be moving to an area where the median income is $90k This of course wouldn't be an issue if people didn't insist on living in the bay area, but nobody takes you as seriously if you're remote.
- paulddraper 10y ago> It also depends where you live Sure, but that doesn't change the actual...you know... averages the parent cited. For every household with over $51k, there was a household with under $51k. Pointing out that some corner of the US is expensive hardly changes the point.
- chillacy 10y agoI'm not debating the definition of the median... I assume everyone knows how percentiles work. I'm debating the idea that its meaningful to use the median income of the entire united states as a comparison. Prices in San Jose aren't brought down by prices being lower elsewhere because location is basically the most important dimension in real estate. The median house being 188k in america means nothing when all the houses you can choose from cost over 1mil. And you're stuck there because the bay area has a near monopoly on startups, especially if you receive funding from a bay area accelerator. Let me take the parent's comment to the next level: "The median net compensation last year in the world was around $1,200, meaning half of all wage earners earned less. Assuming half the population of the planet doesn't die suddenly in the next three weeks it's fair to say that $50k is "livable"" Equally inapplicable to someone who lives in the bay area.
- paulddraper 10y agoOkay, have fun being an edge case I guess.
- chillacy 10y agoI don't live in San Jose but my city's on its way there so thanks ;) We're all edge cases in the world as a whole.
- jlarocco 10y agoQuite a few people are nitpicking the "$50k isn't a livable wage" comment, but nobody's really challenged the underlying point that $50k isn't a lot of money if it's the only money available to start a company with. Even if a person does live in part of the country where $50k is a decent salary, it still doesn't leave them much left over to start a company. And living away from urban areas will bring its own challenges, like networking, marketing, advertising, etc. Just an example, how do you think Uber would have turned out if they started in Pierre, South Dakota? And good luck buying any kind of machinery, expanding beyond a lone developer, etc. with only $50k.