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Especially in America, savings, investments, income, age-restricted versions of all the above - are all over the map. From near zero to stratospheric - includin
by creer 3y ago
Especially in America, savings, investments, income, age-restricted versions of all the above - are all over the map. From near zero to stratospheric - including for example near zero income paired with high investments. On top of it all, the statistics usually ignore pensions - for extra difficulty in comparing anything to anything. In general means and such are pretty irrelevant except maybe to raise alarms in yr to yr comparisons.
We often hear this "all over the map" blamed on the "1%" (that's a lot of people in the US). Not so. A police officer is not expected to be a rich career, but it's one where it's easy to put in lots of high-paid overtime and like in any other job, invest a lot from early on. It's a short career that leaves time for a second one afterwards. It's easy to finish with a high pension in addition to high investment. Obviously not all cops will do that but it's possible. Investing is also well understood by many people so you see teachers ending up with very nice piles. Nothing to do with "1%" or income inequality.
- DonnyV 3y ago" you see teachers ending up with very nice piles" - wtf are you smoking, teachers are massively under paid. On top of that they have to pay for their own supplies and they're medical keeps being raised. The benefits they once got aren't there anymore. On the other hand cops are way over paid. Put since they protect the properties of the 1%, the elites never complain about them.
- jandrewrogers 3y agoMedian teacher's pay in the US is roughly the median pay for someone with a college degree in the US. I am not sure how one could get to "massively underpaid" from that. Teaching doesn't stand out as being unusually difficult or requiring exceptional skill.
- creer 3y agoAlso how you end up in (net worth / spending rate) is as much a result of how much you earn as what fraction of that you invest; How modest you keep your living expenses; How early you start; How well you can learn and keep up with investment reading and math requirements; And luck. Being a teacher may well predispose you with several of these. The US make it also easy - well, maybe not easy but not uncommon - for a cliché "Wall Street lawyer" to end up broke. We were discussing the awesome breadth in outcome in the US.
- edgyquant 3y agoIt’s something people have heard from other people and often regurgitate.