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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It’s interesting to me how some people for the life of them cannot separate academic achievement from earning power. One does not equal the other.

Most of Americas top 1% are people who own successful regional businesses like beverage distributors or home service companies or car dealerships. I live in Texas, and when I think of people who I know or know of who are in this position, they went to the state schools and are even, gasp, SEC school grads.

They aren’t at banks or other institutions that are essentially sucking up money from the bottom half of America to enrich themselves, which the majority of the high paying jobs that people are chasing from these top schools and which parents here bewilderingly seem to be wanting for their kids, are doing.

And as a poster above mentions, in contrast, there are plenty of grads from these top schools in public service careers, etc making relative peanuts (and still having great lives which I know is shocking.)

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Sorry..most of the top 1% aren’t in fact in those businesses.

Let’s just take car dealerships..there are 1400 individual dealerships in TX but only around 75 groups own those 1400 dealerships, and many have been in the same family for 50+ years (or are corporate owned like a CarMax).

Of the 25 richest in Texas, over half are in banking/finance, a bunch are in tech, several are hedge funds tied to commodities, many directly involved in energy, etc.  Yes, the largest owner of auto dealers in TX is also in the group.

Most of America’s top 1% are in tech, banking, PE, real estate, hedge funds, etc.[/quote]

You realize that the top 1% is much deeper than the top 25 actual people? And also a much more realistic goal for people.

https://www.inc.com/bruce-crumley/stealthy-wealthy-entrepreneurs-one-percenters-boring-businesses/91190916

https://www.wsj.com/business/making-money-wealth-boring-8cc6c2cd?reflink=desktopwebshare_permalink

https://www.nytimes.com/2022/05/14/opinion/sunday/rich-happiness-big-data.html

https://eml.berkeley.edu/~yagan/Capitalists.pdf

An excerpt from the NYT piece:

[quote]The study didn’t tell us about the small number of well-known tech and shopping billionaires but instead about the more than 140,000 Americans who earn more than $1.58 million per year. The researchers found that the typical rich American is, in their words, the owner of a “regional business,” such as an “auto dealer” or a “beverage distributor.”

This shocked me. Over the past four years, in the course of doing research for a book about how insights buried in big data sets can help people make decisions, I read thousands of academic studies. It is rare that I read a sentence that changes how I view the world. This was one of them. I hadn’t thought of owning an auto dealership as a path to getting rich; I didn’t even know what a beverage distribution company was.[/quote]
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