Net Worth Disparity among whites and blacks/hispanics

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Actually, most of the 1%ers I know earned their money. Only a couple inherited or are set to inherit.

All depends on how you define earned. For most earned means being paid for you time. You work 8 hours you get paid for 8 hours. The only way you can become a 1%er is to be getting a whole bunch of money when your doing nothing.

Let's take a book for example. You decide to write a book and you spend 8 hours a day for 3 months writing the book. That's roughly 720 hours of work. The publisher takes the book, markets it, and it sells 1 million copies. You get a royalty check for 5 million dollars. So you basically "earned" $5,000,000 / 720 = $6,944.44 an hour to write the book. Now if you hired someone to work for you would you pay then $6,944.44 an hour?

Or another more drastic example, the lottery. You take 15 minutes of your time and go by a lottery ticket with numbers you laboriously pick. That night they draw the number and you win $250,000,000. Did you "earn" that money?

Getting money is one thing, earning it is another. There not the same thing.

I earned my money by working 60 to 100 hours a week for years.

How much were you being paid per hour?

I was making between $68K and 92K a year, so whatever that works out to per hour.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Actually, most of the 1%ers I know earned their money. Only a couple inherited or are set to inherit.

All depends on how you define earned. For most earned means being paid for you time. You work 8 hours you get paid for 8 hours. The only way you can become a 1%er is to be getting a whole bunch of money when your doing nothing.

Let's take a book for example. You decide to write a book and you spend 8 hours a day for 3 months writing the book. That's roughly 720 hours of work. The publisher takes the book, markets it, and it sells 1 million copies. You get a royalty check for 5 million dollars. So you basically "earned" $5,000,000 / 720 = $6,944.44 an hour to write the book. Now if you hired someone to work for you would you pay then $6,944.44 an hour?

Or another more drastic example, the lottery. You take 15 minutes of your time and go by a lottery ticket with numbers you laboriously pick. That night they draw the number and you win $250,000,000. Did you "earn" that money?

Getting money is one thing, earning it is another. There not the same thing.

I earned my money by working 60 to 100 hours a week for years.

How much were you being paid per hour?

I was making between $68K and 92K a year, so whatever that works out to per hour.

At that pay level there is no possible way you could be in the top 1%. Unless of course you obtain money in other ways than earning it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Actually, most of the 1%ers I know earned their money. Only a couple inherited or are set to inherit.

All depends on how you define earned. For most earned means being paid for you time. You work 8 hours you get paid for 8 hours. The only way you can become a 1%er is to be getting a whole bunch of money when your doing nothing.

Let's take a book for example. You decide to write a book and you spend 8 hours a day for 3 months writing the book. That's roughly 720 hours of work. The publisher takes the book, markets it, and it sells 1 million copies. You get a royalty check for 5 million dollars. So you basically "earned" $5,000,000 / 720 = $6,944.44 an hour to write the book. Now if you hired someone to work for you would you pay then $6,944.44 an hour?

Or another more drastic example, the lottery. You take 15 minutes of your time and go by a lottery ticket with numbers you laboriously pick. That night they draw the number and you win $250,000,000. Did you "earn" that money?

Getting money is one thing, earning it is another. There not the same thing.

I earned my money by working 60 to 100 hours a week for years.

How much were you being paid per hour?

I was making between $68K and 92K a year, so whatever that works out to per hour.

I'm not sure you know what's a 1%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Lawyers and doctors are most definitely among the 1% from their "efforts"--not all but certainly plenty that I know--highly specialized, highly educated, working machines.

They will never break into the top 1% without becoming partners or establishing their own practice. And once they do, again your back to the case where there pulling in tons of money due to other people's efforts rather than their own. And that's when they also start pocketing percentages of individual and large class action lawsuits. They will never break into the 1% from their personal hourly salaries alone.

That's bs. I'm a lawyer who's never been a partner in a law firm but I made it into the 1% by net worth by being a saver.

What is your current net worth?