What the "1%" majored in

[Anonymous]

I feel like those majors suggest that being a doctor is a good way to get into the 1%, though I'm guessing its the lower tier of the 1%. This is not surprising.

DH and I both have STEM PhDs (raised by MDs, FIL and both my parents), and we just barely squeak into the top 1% HHI nationally...though not for where we live.

Business and finance executives tend to have a pretty broad range of undergrad degrees, and they tend to be the ones populating the 0.01%.

[Anonymous]

We are a 1% family. DH grew up in NE DC, went to DC schools in the 70s and 80s (and lived to tell about it) and was raised in public housing by a single mother. He majored in computer science at an average state university and got his masters degree in CS at night while working for the government afterwards.

I grew up upper middle class, taught school for 10 years, got a masters degree, stayed home to raise kids, did the volunteer thing and held board positions at non-profits. Can't get a job to save me life!

[Anonymous]

Anonymous wrote:Well I wonder how many of these 1%'ers come from a 1% family? I had friends in college who were rich. They could major in anything and when the graduated they went into the family business.

exactly. Marriage to a rich guy works, as well as inheritance. Major in college may have little to do with it.

[Anonymous]

Anonymous wrote:We are a 1% family. DH grew up in NE DC, went to DC schools in the 70s and 80s (and lived to tell about it) and was raised in public housing by a single mother. He majored in computer science at an average state university and got his masters degree in CS at night while working for the government afterwards.

I grew up upper middle class, taught school for 10 years, got a masters degree, stayed home to raise kids, did the volunteer thing and held board positions at non-profits. Can't get a job to save me life!

So your DH working in computer science is the entire reason you're a 1% family? I guess he no longer works for the government. I also earned a MSCS at night while working full time. I've done very well with my career. I'll never be poor but I'm nowhere near the 1%. I have to ask: Did he earn a lot of his wealth during the dot-com boom? I sure did but it still didn't put me in the 1%.

[Anonymous]

I think the 1% starts around $400K for HH income and $200K for individual earners FWIW.

[Anonymous]

I'm a 1%er female married to a 1%er man. I was a journalism major but ended up working in finance and later as a consultant. I no longer work full time but made $400 K per year in 2000 at age 30 - I dialed it back after having kids, but if I continued working, as many of my colleagues did, I would easily be making 7 figures by now (I no longer work for that firm) My husband makes between 1-3 million a year as a lawyer. We dispel many of the myths on this board. I only have a bachelors degree from a state school that is considered bottom of the barrel. My husband went to a state school that is considered okay (Rutgers), and then went on to a regional law school where he graduated at the top of his class and then went on to land a federal clerkship. He is highly specialized and good at what he does. Worked for a number of big NY firms and then started his own firm that now has about 50 lawyers. When he hires he looks for top 5% of the class. He says that is all that matters. He was top 5% and it worked for him and to him the top 5% are people that just get it. His firm has people from Brooklyn Law School working alongside Harvard Law School, UVA, University of Chicago and others I have never heard of. All were on law review or similar differentiators (Legal Honor Societies etc.). As for me, I'm just people smart. I never intended to make all of that money. I was good at what I did, enthusiastic, highly competent and wasn't a pain in the ass - in other words, people liked me and I liked them. Anyway - that is our 1% story. It was easy because we didn't try - just found careers that really suited us and that we enjoyed doing every day. And, btw - we saved a lot of money so that we could retire early. I don't live like a 1%er, but our kids colleges are paid for and we take great trips.

[Anonymous]

Anonymous wrote:Not sure if this is top 1% of individual earners or all includes all adults in 1% households but it's interesting to see that engineering majors aren't more likely than English majors to be in it, while Finance majors aren't particularly well represented.

http://economix.blogs.nytimes.com/2012/01/18/what-the-top-1-of-earners-majored-in/

Also interesting is the variation within the social sciences - political science and history majors are more likely to be in it than psych or sociology majors for instance.

Surprised accounting is so high.

[Anonymous]

Anonymous wrote:I don't live like a 1%er, but our kids colleges are paid for and we take great trips.

What do you mean you "don't live like a 1%er"? An income in that range very much allows you to choose to live life the way you see fit.

[Anonymous]

MBA top 15 school
BS Finance top 50 natl rank

[Anonymous]

Anonymous wrote:Better to be a philosophy major at Amherst, than a finance major at Average State U...

Strongly agree

[Anonymous]

We are a 1% family. DH grew up in NE DC, went to DC schools in the 70s and 80s (and lived to tell about it) and was raised in public housing by a single mother. He majored in computer science at an average state university and got his masters degree in CS at night while working for the government afterwards.

I grew up upper middle class, taught school for 10 years, got a masters degree, stayed home to raise kids, did the volunteer thing and held board positions at non-profits. Can't get a job to save me life!

So your DH working in computer science is the entire reason you're a 1% family? I guess he no longer works for the government. I also earned a MSCS at night while working full time. I've done very well with my career. I'll never be poor but I'm nowhere near the 1%. I have to ask: Did he earn a lot of his wealth during the dot-com boom? I sure did but it still didn't put me in the 1

what do you define as 1% -- you said he works for the government -- that's not really the 1% as far as most of us see it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't live like a 1%er, but our kids colleges are paid for and we take great trips.

What do you mean you "don't live like a 1%er"? An income in that range very much allows you to choose to live life the way you see fit.

I interpreted as meaning that she doesn't spend money on frivolous things such as designer handbags, clothing, shoes. She doesn't feel the need the maintain a ridiculous routine of "maintenance" (i.e. hair, nails, botox, etc). She probably lives in a modest, albeit nice, home with normal furnishings. It sounds like she simply doesn't need to "keep up with the Joneses" for the daily life, but has prioritized the important things in life such as educating her children and showing them the world.

Of course she can choose to live life the way she sees fit, but her point was that she is paving her own way rather than falling into the trap so many new-money 1%er's do by feeling the need to show off their money for things to simply keep up rather than doing what they really want - no matter what that may be for someone. I'm not sure why that bothers you so much.

[Anonymous]

Anonymous wrote:

We are a 1% family. DH grew up in NE DC, went to DC schools in the 70s and 80s (and lived to tell about it) and was raised in public housing by a single mother. He majored in computer science at an average state university and got his masters degree in CS at night while working for the government afterwards.

I grew up upper middle class, taught school for 10 years, got a masters degree, stayed home to raise kids, did the volunteer thing and held board positions at non-profits. Can't get a job to save me life!

So your DH working in computer science is the entire reason you're a 1% family? I guess he no longer works for the government. I also earned a MSCS at night while working full time. I've done very well with my career. I'll never be poor but I'm nowhere near the 1%. I have to ask: Did he earn a lot of his wealth during the dot-com boom? I sure did but it still didn't put me in the 1

what do you define as 1% -- you said he works for the government -- that's not really the 1% as far as most of us see it.

I thought he worked for the government while getting his masters. I'm assuming he works for a private firm now.

[Anonymous]

Does this 1% count income from investments? Or only from a job? If it counts investment income, I would wager that family inheritance and gifts has a lot to do with it. Not the college major. In fact, students who major in engineering are more likely to come from less money (encouraged to take a more "practical" major). I could be wrong. Majoring in other areas may be more of a luxury that the already well to do can afford.

[Anonymous]

Anonymous wrote:I interpreted as meaning that she doesn't spend money on frivolous things such as designer handbags, clothing, shoes. She doesn't feel the need the maintain a ridiculous routine of "maintenance" (i.e. hair, nails, botox, etc). She probably lives in a modest, albeit nice, home with normal furnishings. It sounds like she simply doesn't need to "keep up with the Joneses" for the daily life, but has prioritized the important things in life such as educating her children and showing them the world.

Of course she can choose to live life the way she sees fit, but her point was that she is paving her own way rather than falling into the trap so many new-money 1%er's do by feeling the need to show off their money for things to simply keep up rather than doing what they really want - no matter what that may be for someone. I'm not sure why that bothers you so much.

Not at all atypical of the 1%. See The Millionaire Next Door.