Another Interesting Fact
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Actually that figure was in Forbes recently. It's 80-something percent (self-made, that is). That figure is almost reversed outside the US (including Europe). -- modified at 15:37 Friday 5th January, 2007
Which means you're 25% more likely to be working at minimum wage than to be a self made millionaire. OTOH the two numbers aren't directly comparable since the former is a snapshot of right now, and the later includes your entire lives economic history to date (the guy who made a mint, retired, got bored and took an entry level job to keep himself occupied), and ignores your potential future success (the kid who's flipping burgers in HS and will become a millionaire by the time he's 40). The average number of years a person spends at minimum wage vs the average number of years a person spends as a self made millionaire would be an interesting statistic but not an easy one to compute.
-- Rules of thumb should not be taken for the whole hand.
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Which means you're 25% more likely to be working at minimum wage than to be a self made millionaire. OTOH the two numbers aren't directly comparable since the former is a snapshot of right now, and the later includes your entire lives economic history to date (the guy who made a mint, retired, got bored and took an entry level job to keep himself occupied), and ignores your potential future success (the kid who's flipping burgers in HS and will become a millionaire by the time he's 40). The average number of years a person spends at minimum wage vs the average number of years a person spends as a self made millionaire would be an interesting statistic but not an easy one to compute.
-- Rules of thumb should not be taken for the whole hand.
dan neely wrote:
Which means you're 25% more likely to be working at minimum wage than to be a self made millionaire.
Where do you get that figure? If 80% of millionaires are self-made, then that means there's 1,920,000 million millionaires, compared to 800,000 over-25 adults with a minimum wage job. Even if you decided to factor out inheretance, you would be at least 2.4 times more likely to be a millionaire than to make minimum wage.
dan neely wrote:
OTOH the two numbers aren't directly comparable since the former is a snapshot of right now, and the later includes your entire lives economic history to date (the guy who made a mint, retired, got bored and took an entry level job to keep himself occupied), and ignores your potential future success (the kid who's flipping burgers in HS and will become a millionaire by the time he's 40).
They're both current snapshots of present wealth and present income. Though the former does represent years of work and saving, we are only comparing adults, so if one's situation is such that he is currently earning minimum wage, then you can compare that to someone who is currently a millionaire. I'm also ignoring the high school student flipping burgers and people who work additional jobs for extra spending money since they don't fit within the discussion of a higher minimum wage as a means to combat "poverty".
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dan neely wrote:
Which means you're 25% more likely to be working at minimum wage than to be a self made millionaire.
Where do you get that figure? If 80% of millionaires are self-made, then that means there's 1,920,000 million millionaires, compared to 800,000 over-25 adults with a minimum wage job. Even if you decided to factor out inheretance, you would be at least 2.4 times more likely to be a millionaire than to make minimum wage.
dan neely wrote:
OTOH the two numbers aren't directly comparable since the former is a snapshot of right now, and the later includes your entire lives economic history to date (the guy who made a mint, retired, got bored and took an entry level job to keep himself occupied), and ignores your potential future success (the kid who's flipping burgers in HS and will become a millionaire by the time he's 40).
They're both current snapshots of present wealth and present income. Though the former does represent years of work and saving, we are only comparing adults, so if one's situation is such that he is currently earning minimum wage, then you can compare that to someone who is currently a millionaire. I'm also ignoring the high school student flipping burgers and people who work additional jobs for extra spending money since they don't fit within the discussion of a higher minimum wage as a means to combat "poverty".
Red Stateler wrote:
dan neely wrote: Which means you're 25% more likely to be working at minimum wage than to be a self made millionaire. Where do you get that figure? If 80% of millionaires are self-made, then that means there's 1,920,000 million millionaires, compared to 800,000 over-25 adults with a minimum wage job. Even if you decided to factor out inheretance, you would be at least 2.4 times more likely to be a millionaire than to make minimum wage.
Apparently I misread your original post and reversed the numbers. Or was your edit a correction on that subject?
-- Rules of thumb should not be taken for the whole hand.
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link[^] 2 years ago (before further substantial economic expansion), one in every 125 Americans was a millionaire. That works out to about 2,400,000 millionaires in America compared to only 800,000 people over the age of 25 who make minimum wage. Making minimum wage is therefore more standard deviations from the mean income than being a millionaire. It is therefore substantially more difficult (if not in effort, than in odds) in this country to achieve a wage of $5.15 than it is to become a millionaire. How big of a loser do you have to be...
I'm too lazy***** to ever become a millionaire, and too talented to spend much time working minimum wage. Therefore, i don't care about either of those statistics. You should compile some stats on how many non-millionaires spend their time reading CodeProject and posting unhelpful replies... *Lazy == i spend or give away everything i make, and have no interest in giving up coding to run a business.
---- I just want you to be happy; That's my only little wish...
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I'm too lazy***** to ever become a millionaire, and too talented to spend much time working minimum wage. Therefore, i don't care about either of those statistics. You should compile some stats on how many non-millionaires spend their time reading CodeProject and posting unhelpful replies... *Lazy == i spend or give away everything i make, and have no interest in giving up coding to run a business.
---- I just want you to be happy; That's my only little wish...
Shog9 wrote:
You should compile some stats on how many non-millionaires spend their time reading CodeProject and posting unhelpful replies...
At least one! Correction - two!
I'm pretty sure I would not like to live in a world in which I would never be offended. I am absolutely certain I don't want to live in a world in which you would never be offended. Dave
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Red Stateler wrote:
dan neely wrote: Which means you're 25% more likely to be working at minimum wage than to be a self made millionaire. Where do you get that figure? If 80% of millionaires are self-made, then that means there's 1,920,000 million millionaires, compared to 800,000 over-25 adults with a minimum wage job. Even if you decided to factor out inheretance, you would be at least 2.4 times more likely to be a millionaire than to make minimum wage.
Apparently I misread your original post and reversed the numbers. Or was your edit a correction on that subject?
-- Rules of thumb should not be taken for the whole hand.
dan neely wrote:
Or was your edit a correction on that subject?
His edit changed it. I posed the question as how many inherited and he simply replied 80%. Just proves he doesn't really pay attention to how he replies.
The evolution of the human genome is too important to be left to chance.
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The "fact" is that the "unfortunate" in America has become a myth. You want to see real poor people? Just leave the country and see what leftist economic policies and anti-democratic rule did around the world. The "unforunate" in America are a product of their own self-pity as success comes to those willing to work for it and "squalor" (if we can call it that in this country) comes to those who prefer it.
Yeah, yeah, more ignorant and ill-informed opine from the make-believe conservative movement. To listen to you guys is to ignore the reality that we're a fractured nation that has more and more conservative communities making it illegal to feed the homeless.[^]Nothing like this conservative answer to poverty to remind us that the "new republican's" vision for American is nothing less than a nightmarish dream ignoring the dismal plight of our fellow American citizens.
Epitaph: Foolish humans, never escaped Earth.- Vernor Vinge
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I'm too lazy***** to ever become a millionaire, and too talented to spend much time working minimum wage. Therefore, i don't care about either of those statistics. You should compile some stats on how many non-millionaires spend their time reading CodeProject and posting unhelpful replies... *Lazy == i spend or give away everything i make, and have no interest in giving up coding to run a business.
---- I just want you to be happy; That's my only little wish...
Alas, I'm too busy slaying imaginary bugs to worry about what bugs you...:)
Epitaph: Foolish humans, never escaped Earth.- Vernor Vinge
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link[^] 2 years ago (before further substantial economic expansion), one in every 125 Americans was a millionaire. That works out to about 2,400,000 millionaires in America compared to only 800,000 people over the age of 25 who make minimum wage. Making minimum wage is therefore more standard deviations from the mean income than being a millionaire. It is therefore substantially more difficult (if not in effort, than in odds) in this country to achieve a wage of $5.15 than it is to become a millionaire. How big of a loser do you have to be...
Red Stateler wrote:
How big of a loser
Red says she's a loser:http://www.unionhospital.org/images/home-health-nurse.jpg[^] Red says she's a loser: Downs syndrome[^] Red, you're f*cking pathetic.
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link[^] 2 years ago (before further substantial economic expansion), one in every 125 Americans was a millionaire. That works out to about 2,400,000 millionaires in America compared to only 800,000 people over the age of 25 who make minimum wage. Making minimum wage is therefore more standard deviations from the mean income than being a millionaire. It is therefore substantially more difficult (if not in effort, than in odds) in this country to achieve a wage of $5.15 than it is to become a millionaire. How big of a loser do you have to be...
People still talk about millionaires like it's a big deal. In most built up areas, owning your own home makes you a millionaire. Ergo, a lot of people on your list, are worth a million dollars just because they bought a house in the right area 30 years ago. I'd love a million dollars. It's sure as hell not enough money for me to stop working and live on the beach, tho.
Christian Graus - C++ MVP 'Why don't we jump on a fad that hasn't already been widely discredited ?' - Dilbert
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link[^] 2 years ago (before further substantial economic expansion), one in every 125 Americans was a millionaire. That works out to about 2,400,000 millionaires in America compared to only 800,000 people over the age of 25 who make minimum wage. Making minimum wage is therefore more standard deviations from the mean income than being a millionaire. It is therefore substantially more difficult (if not in effort, than in odds) in this country to achieve a wage of $5.15 than it is to become a millionaire. How big of a loser do you have to be...
Red Stateler wrote:
Making minimum wage is therefore more standard deviations from the mean income than being a millionaire. It is therefore substantially more difficult (if not in effort, than in odds)
:laugh: :laugh: :laugh: So YOU are the guy who makes rednecks look stupid.
Developers, Developers, Developers, Developers, Developers, Developers, Velopers, Develprs, Developers!
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Linkify!|Fold With Us! -
link[^] 2 years ago (before further substantial economic expansion), one in every 125 Americans was a millionaire. That works out to about 2,400,000 millionaires in America compared to only 800,000 people over the age of 25 who make minimum wage. Making minimum wage is therefore more standard deviations from the mean income than being a millionaire. It is therefore substantially more difficult (if not in effort, than in odds) in this country to achieve a wage of $5.15 than it is to become a millionaire. How big of a loser do you have to be...
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People still talk about millionaires like it's a big deal. In most built up areas, owning your own home makes you a millionaire. Ergo, a lot of people on your list, are worth a million dollars just because they bought a house in the right area 30 years ago. I'd love a million dollars. It's sure as hell not enough money for me to stop working and live on the beach, tho.
Christian Graus - C++ MVP 'Why don't we jump on a fad that hasn't already been widely discredited ?' - Dilbert
Christian Graus wrote:
I'd love a million dollars. It's sure as hell not enough money for me to stop working and live on the beach, tho.
Sure it is. Properly invested you should realize about 75000 - 130000 per year pre tax income off a basis of 1.000,000. If you pick a cheap beach you could just fish - drink - and be merry for the rest of your life and never touch the principal. If you are fearful of investing you could earn 50000 per year on just CD's. Richard - waiting to win the lottery so I can live like I want to :)
Suppose you were an idiot... And suppose you were a member of Congress... But I repeat myself. --Mark Twain
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Yeah, yeah, more ignorant and ill-informed opine from the make-believe conservative movement. To listen to you guys is to ignore the reality that we're a fractured nation that has more and more conservative communities making it illegal to feed the homeless.[^]Nothing like this conservative answer to poverty to remind us that the "new republican's" vision for American is nothing less than a nightmarish dream ignoring the dismal plight of our fellow American citizens.
Epitaph: Foolish humans, never escaped Earth.- Vernor Vinge
This is very far from a conservative community
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This is very far from a conservative community
As in "this" you imply you live in Vegas too?
“Some have an idea that the reason we in this country discard things so readily is because we have so much. The facts are exactly opposite - the reason we have so much is simply because we discard things so readily. We replace the old in return for something that will serve us better.”--Alfred P. Sloan
