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Old 01-28-2015, 01:51 PM   #81
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Old 01-30-2015, 06:53 AM   #82
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Lotteries can be pretty high but not enough for the US 1%.
I thought the 1% threshold is somewhere above 10M USD?

In that case the powerball jackpot will definitely put you there. Minimum jackpot of 40M, goes up to 590M apparently (370M after tax).

Powerball - Wikipedia, the free encyclopedia

In Europe we have euromillions, has a similar jackpot size.
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Old 01-30-2015, 10:11 AM   #83
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But it does make me wonder what my frugal, work adverse crowd at this forum would adapt as a life-style if they were a member of the exclusive 1%.
We have a local billionaire, Tom Benson (owner of the Saints football team). I wouldn't trade my life-style for his. Right now, he decided to change his will and consequently he is being sued by his grandkids. How awful! Money can be a burden sometimes.

I don't know what I would do if I was suddenly in the 1%. I might move to an expensive penthouse condo in a particular building near F's house, that has a security guard in the lobby. I'd give a few million to my daughter, who would promptly fritter it away, and another few million to F if he would accept it (probably not). The rest I'd bequeath to charities after my demise. I'd take F to dinner at Commanders. I'd still shut off lights when I leave the room and live pretty much the same lifestyle as I do now, in most respects.

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How would you feel about mere mortals scrapping for that million or two dollars to retire to frugality on?
I'd feel the same towards any who would treat me the same as before. If any acted envious, resentful, or otherwise horrid to me I'd just excise them from my life. That would be sad.

I love the fact that many of the ultra-wealthy here in New Orleans don't broadcast it, and it is hard to know who is and who isn't without doing some digging.
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Old 01-30-2015, 10:27 AM   #84
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But it does make me wonder what my frugal, work adverse crowd at this forum would adapt as a life-style if they were a member of the exclusive 1%. How would you feel about mere mortals scrapping for that million or two dollars to retire to frugality on?
I think it depends how you become super wealthy. If you amass the wealth gradually, you presumably would be a hotshot in the business world and might be inclined to spend it on a mixture of luxuries and investments that should pay off in the future. If you are a bum who buys a lottery ticket, you might be less able to manage the windfall well.

If I had a large lottery win tomorrow, I would definitely splurge on travel and possibly a villa or two in favourite places around the world (complete with staff), but I would also set up a charitable foundation. It would be fun to run it.
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Old 01-30-2015, 11:33 AM   #85
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And here is how much you need to make to be in the wealthiest (by income) in you state...

Here’s how much it takes to join your state’s 1%
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Old 01-30-2015, 12:07 PM   #86
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[...] I would also set up a charitable foundation. It would be fun to run it.
Each to her own! If I was a billionaire with a charitable foundation I'd hire someone to manage it, so that I could still spend time with loved ones and engage in leisure activities.
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Old 01-30-2015, 01:04 PM   #87
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Oxfam study is interesting. I would have thought that governments (sovereign, state, local) own most of the world's wealth, not individuals.
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Old 01-30-2015, 01:36 PM   #88
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And here is how much you need to make to be in the wealthiest (by income) in you state...

Here’s how much it takes to join your state’s 1%
Wow, for a pretty low COL state, Texas has pretty high income. Its 1% threshold is almost as high as California!
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Old 01-30-2015, 01:41 PM   #89
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I'm definitely surprised that the 1% income threshold is much flatter across states than I would have thought.
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Old 01-30-2015, 01:43 PM   #90
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Each to her own! If I was a billionaire with a charitable foundation I'd hire someone to manage it, so that I could still spend time with loved ones and engage in leisure activities.
You could be like Buffet and just hand it over to the Gates Foundation.
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Old 01-30-2015, 02:02 PM   #91
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Now there's a nice little dose of reality, after all that comparing oneself to a hut-dweller with one goat...

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And here is how much you need to make to be in the wealthiest (by income) in you state...

Here’s how much it takes to join your state’s 1%
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Old 01-30-2015, 02:16 PM   #92
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Each to her own! If I was a billionaire with a charitable foundation I'd hire someone to manage it, so that I could still spend time with loved ones and engage in leisure activities.
You'd likely be legally advised to get someone to run it anyway. For the same reason that many of these folks don't usually drive themselves around in cars too much.

"Oh, you just bumped my fender! Oh, wait! You're that billionaire!! My back is killing me! Talk to my lawyer..."

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Old 01-30-2015, 02:23 PM   #93
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I'm definitely surprised that the 1% income threshold is much flatter across states than I would have thought.
And the income amount is lower than I expected.

Wracking my brain trying to think of which of my colleagues is the evil, self-centered, arrogant, 'step-on-the-little-guy', creep that everyone says is the problem that needs to be dealt with.
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Old 01-30-2015, 02:27 PM   #94
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But lets remember that at least in the US, most of the 1% group is a revolving door with a residence rate of just a few years. People rise up to that level of income for a few years, stay there for a few and then fall back down a bit under again.
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Old 01-30-2015, 02:43 PM   #95
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The program also doesn't account for the wealth-ranking of people who receive welfare benefits that are worth at least that much.

The Value Of Welfare Cato Vs CBPP NOTE: I realize CATO is not unbiased, and that this is a politically charged topic; am not trying to start a debate on whether people get "too much" welfare or not; just pointing out that there is more than one type of "resource."

A.
That study is obsolete, as the data is prior to the August 1996 "Personal Responsibility and Work Opportunity reconciliation Act" which changed everything regarding 'welfare'.
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Old 01-30-2015, 02:47 PM   #96
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The program also doesn't account for the wealth-ranking of people who receive welfare benefits that are worth at least that much.

The Value Of Welfare Cato Vs CBPP NOTE: I realize CATO is not unbiased, and that this is a politically charged topic; am not trying to start a debate on whether people get "too much" welfare or not; just pointing out that there is more than one type of "resource."

A.
Some might prefer that we call it 'income layering'?
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Old 01-30-2015, 02:49 PM   #97
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That study is obsolete, as the data is prior to the August 1996 "Personal Responsibility and Work Opportunity reconciliation Act" which changed everything regarding 'welfare'.
Lately I keep hearing people on TV calling Social Security, Medicare and Unemployment "welfare", so you might be right as how it is now viewed differently.
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Old 01-30-2015, 02:58 PM   #98
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And here is how much you need to make to be in the wealthiest (by income) in you state...

Here’s how much it takes to join your state’s 1%
There's a big difference in the 1% based on income and the 1% based on wealth. We've had a series of good years with stock options from DW's work, which is coming to an end in a few weeks. That put us in the 1% for a few years in income, with half of that going to taxes. We aren't anywhere close to being in the 1% of accumulated wealth (no complaints though ). Those folks may be worth a bundle with it locked up in a business, stock, real estate or other assets that don't generate much income if they choose not to sell, take much salary, or sell.
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Old 01-30-2015, 03:02 PM   #99
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Here's the problem with wealth being to concentrated in smaller and smaller groups. I think Mr. Hanauer explains it better than I can.



IMHO, we need both - Entrepreneurs who build companies and create jobs, and middle class consumers to buy the goods and services the entrepreneurs produce. Elon Musk can build all the Teslas and solar panels he wants, but if people can't afford to buy them, why bother? It's not as black and white as some would have us believe.
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Old 01-30-2015, 04:00 PM   #100
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Here's the problem with wealth being to concentrated in smaller and smaller groups. I think Mr. Hanauer explains it better than I can.



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Thanks for posting that. I had not seen that. Is that the talk the TED got criticized for 'banning'?
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