5 ms·
> You can either work a middle-class job and not piss away every penny as fast it comes in "Middle class", using the conventional definition of 67%-200% of med
by teraflop 9y ago
> You can either work a middle-class job and not piss away every penny as fast it comes in
"Middle class", using the conventional definition of 67%-200% of median household income, is about $40k to $110k a year. The median within that range is about $65k. Let's say you pay about 25% in taxes, and manage to save 1/3 of what's left. That's about $16k/year, which means it would take that household an entire lifetime to save up a million dollars.
- mikestew 9y agowhich means it would take that household an entire lifetime to save up a million dollars. Well, then, I guess they best not be pissing away what little they have on dodgy ICOs. I mean, perhaps I’m wrong on the math, but you still haven’t convinced me of the case that those making $65K/year should get to dump their retirement money into dodgy investments. Rather, you’ve furthered the case against.
- jonknee 9y ago> That's about $16k/year, which means it would take that household an entire lifetime to save up a million dollars. ~23 years if you add $16k a year and compound at 8% (below average S&P return for our lifetimes). If you increase contribution along with pay increases the time to a million will be less, small changes in return % also make a huge difference. Not exactly overnight, but also completely doable.