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Rich people don't just swim in money you know. It's fairly likely they'll have far more expenses than poor people. So they might have a better pension plan, pay
by nicboobees 11y ago
Rich people don't just swim in money you know. It's fairly likely they'll have far more expenses than poor people. So they might have a better pension plan, pay a gardener. Might send their kids to private school. etc etc
So someone earning $200k could well be less well off after expenses than someone earning $50k.
- JupiterMoon 11y agoExcept that their kids have better chances in life, their retirement is secure, they have a nice garden to relax in etc etc... Money well spent if you ask me.
- nicboobees 11y agoI agree. I'm just saying that just because someone is a lawyer, and has a reasonably high salary, doesn't necessarily follow that they're swimming in money.
- minot 11y agoWhen I charged $45/hour before I quit to go back to school, I was nominally making $90k a year. According to the rich list website, that puts me at 0.09% worldwide. No, I am by no means wealthy. I have loans I am not done with!
- vdaniuk 11y ago>So they might have a better pension plan, pay a gardener. >So someone earning $200k could well be less well off after expenses than someone earning $50k. Poe's law invoked.
- imron 11y ago> So someone earning $200k could well be less well off after expenses than someone earning $50k. less disposable income != less well off
- dragonwriter 11y agoThe freedom to choose to take on greater discretionary expenses like that is the definition of being more well off.
- ojbyrne 11y agoYou probably should have mentioned taxes. In the US, if most of your income is employment income, the tax system is still very progressive. Not so much for investment income.