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A study found that most American millionaires lived in modest homes and drove used American cars. They made their wealth by being concerned about relatively sma
by bitwize 1y ago
A study found that most American millionaires lived in modest homes and drove used American cars. They made their wealth by being concerned about relatively small amounts of money because it adds up. When we think "millionaire" we think of the dream that is sold to us by Hollywood—mansions, fancy cars, endless parties. But entertainers are paid in the millions and then encouraged to live like billionaires, so that they're desperate enough to continue being slaves to the entertainment-industrial complex to keep the gravy train going.
But $35/hr was a pittance for a programmer even in 2010. Tai Lopez is a gigantic tool for cheaping out on that.
- DiscourseFan 1y agoWell actors have a very strong union in the US, they used to be paid peanuts. When you have that kind of labor power, your security comes from the union, not your stored wealth, so they can afford to spend because they know they will be well compensated for their work.
- hollerith 1y agoActing is notorious for being a bad career choice, and the small fraction of actors who become wealthy through acting do so because of the structure of the market for entertainment (namely, fame sells tickets, so the employers of entertainers all want to hire already-famous entertainers, making it very difficult for unknown entertainers to become famous, which is necessary to start earning good money), not because of anything to do with any union.
- lupusreal 1y agoSince ancient times, acting and prostitution have been considered closely related industries and I think this probably never changed. The actors who "make it big" are the ones that win favors with producers one way or another, probably in many cases by sating their perverted desires. Some of this was revealed in #MeToo cases, like all the Weinstein stuff.
- hattmall 1y agoAnd there have been many books written on this topic well before Weinstein came in the scene so it's not a new thing in Hollywood at all.
- nradov 1y agoThere is no security. The actors' unions set minimum wages for union productions. But they don't guarantee work to anyone, and many productions are non-union. Every experienced actor is aware that they might never get another role.
- rchaud 1y agoI'd be interested to know what proportion of these millionnaires' net worth came from inheritances. That's the real dream Hollywood never tells you about.
- lupusreal 1y agoProbably not as much as you probably think. Most "millionaires" today are just boomers from working class backgrounds who bought a modest property back in the 70s and now 50 years later all their illiquid assets, primarily their property, can be added up to one or two million.
- kiba 1y agoThose assets are typically not counted when counting millionaires, IIRC. Basically, your net worth is total asset minus your primary residence.
- Aurornis 1y ago> Basically, your net worth is total asset minus your primary residence. Net worth includes equity in your primary residence. That is the value of the property minus outstanding mortgage amount. There are some investment scenarios where net worth is calculated minus primary residence, but those are specialty cases that are explicitly called out.
- VirusNewbie 1y agoI think the point is someone who has 500k after a lifetime of putting money in a 401k along with 600k in home equity is not the same as someone who lives in a mansion and has a few exotic cars. Tai posed as the latter, so suddenly caring about $35 an hour is very suspicious.
- smcl 1y agoPrecisely. It’s quite funny how any time this comes up - a person of dubious wealth who claims to be rich being a penny-pincher - people are quick to chime in with something implying they got rich by doing that. It’s like the inverse of the whole “maybe if you didn’t eat avocado toast you’d afford that $500k house…” thing
- jdietrich 1y ago"Millionaire" is now practically synonymous with "professional nearing retirement". About 1 in 15 Americans have a net worth of over $1m.
- deadbabe 1y agoA million dollars isn’t cool anymore, it’s like $500k a few years ago. It starts to be cool when you have like $10 million dollars. We need a term for people who have 8 figures now that 7 is so common.
- hyperhello 1y agoRich?
- rl1987 1y agoDecamillionaire?
- garbawarb 1y agoYou know what's cool? A billion dollars.
- deleted 1y ago[deleted]