Lost Diamonds: How our current system is failing underprivileged talent

Re:Lost Diamonds: How our current system is failing underpri... by ap22213 on Thursday September 29, 2016 @02:37PM (#12607738)

It depends on where one lives. Where I currently live, it takes about $25M in wealth just to get out of middle class and into lower upper class. And, to get into the true upper class requires maybe $500M to a billion. And, at that level, it is effectively infinite money (like > $250k a day in passive income, at the lowest level).

-4 in less than 30 minutes. that's a record for me. I must have said something controversial. So, glad that I could help :-)

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Re:Lost Diamonds: How our current system is failing underpri... by hueving on Thursday September 29, 2016 @03:01PM (#12607915)

I'm not aware of any place on earth where someone who has $24 million in wealth is considered 'middle class'.

That's $180,000 annually at a measly 0.75% interest (what my peon savings bank currently gives) for doing absolutely nothing. If you can quit your job and ride on 180k passive, risk-free income, you're not middle class.

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Re:Lost Diamonds: How our current system is failing underpri... by wavegeek on Thursday September 29, 2016 @11:41PM (#12610414)

> That's $180,000 annually at a measly 0.75% interest

Actually that 0.75 is negative in real terms (after taking off inflation currently 1.1% - not to mention taxation). A person drawing $180k would be burning their capital.

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Re:Lost Diamonds: How our current system is failing underpri... by ap22213 on Thursday September 29, 2016 @03:03PM (#12607930)

You're not alone - trust me. Most people don't believe me.

But, then, I grew up in a place where many if not most household incomes are less than $15k / year.

It's all relative though - I have enough saved up to probably live as a rich man in probably 99% of the earth. Yet, I keep pushing myself to get into the upper class of a minuscule area of the world. It's kind of screwed up.

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Re:Lost Diamonds: How our current system is failing underpri... by hueving on Thursday September 29, 2016 @03:12PM (#12607983)

Sorry, I should have been stricter with my phrasing.

There is no place on earth where you can consider yourself middle class only having $24m in net worth. What you are referring to is likely a small community filled with people with net worths above $100m, but that doesn't change the class level because of what I pointed out. If you can quit your job and make 6 figures off of interest, you are not middle class anymore wherever you live.

Just because you can't afford a penthouse apartment in downtown Manhattan doesn't mean you are middle class.

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Re:Lost Diamonds: How our current system is failing underpri... by arethuza on Thursday September 29, 2016 @05:10PM (#12608783)

Places such as the UK have a socio-economic class system where class really has rather little to do with money - upper class here means aristocracy not just rich. Money really doesn't have that much to do with it.

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Re:Lost Diamonds: How our current system is failing underpri... by ap22213 on Thursday September 29, 2016 @03:36PM (#12608153)

I get what you're saying - but the reality is that globalization is to blame. Years ago, if one was born ambitious and able, with enough luck they'd get relatively 'rich' and most likely stop when they hit that point. Nowadays, the same type of person has to accumulate a much larger amount to feel any satisfaction. And, it doesn't help that those with wealth have clustered together.

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Re:Lost Diamonds: How our current system is failing underpri... by Jtsummers on Thursday September 29, 2016 @04:24PM (#12608480)

Can you give us a hint as to where this place is? I believe that you believe this, and it may be true, but the rest of us are having a hard time figuring out where this place is that the upper class is half a billion dollars, and tens of millions only makes you middle class. Again, within a city or perhaps some particularly small but remarkably wealthy country, maybe. But which one?

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Re:Lost Diamonds: How our current system is failing underpri... by mikestew on Thursday September 29, 2016 @03:15PM (#12607998)

You're not alone - trust me. Most people don't believe me.

It might help if you actually stated where you live. As it stands, you're talking about your girlfriend who "goes to a different school". Which school, and what's her name?

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Re:Lost Diamonds: How our current system is failing underpri... by NotSammyHagar on Thursday September 29, 2016 @04:42PM (#12608607)

I can't reply to ap22213 for some reason, but I agree with everyone else - people are not middle class in Loudon County unless they have more than 25 million. That's clearly wrong, you don't understand what middle class means. Your next door neighbors might all have a billion, and your 15 million feels like not much, but that doesn't make you middle class, you are still rich.

In Seattle, there's this area where a bunch of billionaires live on Lake Washington. If you live next door in your 5 million dollar house to bill gates, that doesn't make you middle class. It just makes you poorer than he is.

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Re:Lost Diamonds: How our current system is failing underpri... by ap22213 on Thursday September 29, 2016 @04:29PM (#12608512)

Loudoun county, which is ranked as the highest income county in the US.

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Re:Lost Diamonds: How our current system is failing underpri... by monocasa on Thursday September 29, 2016 @04:45PM (#12608631)

According to this, middle class in Loudoun county is ~$150K household income.

http://www.loudountimes.com/news/article/the_loudouns_at_122...

Looking at Zillow, it's cheaper than where I live (Boulder, CO).

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Re:Lost Diamonds: How our current system is failing underpri... by mikestew on Thursday September 29, 2016 @05:22PM (#12608856)

Thank you for clarifying. Virginia, and not Tennessee, I take it. What that means is that few, if any, in Loudon County, VA are middle-class. It does not mean that you need $25 million to be middle-class in Loudon County. It means you need to be rich to live in Loudon County.

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Re:Lost Diamonds: How our current system is failing underpri... by ryandrake on Thursday September 29, 2016 @05:43PM (#12609008)

I've lived in Loudoun county, VA. Your characterization of middle class in that place is totally inaccurate. There are probably less than 50 square miles on earth (if that) where a net worth of $24MM places you in the middle class.

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Re:Lost Diamonds: How our current system is failing underpri... by ap22213 on Thursday September 29, 2016 @05:54PM (#12609097)

Well then you'd know that Loudoun is a large county. I'm sure you lived in the eastern part - probably ashburn where they build dense complexes of 450k townhouses that span as far as the eye can see - to house all the 'creative class' workers who make 100k a year and feel good about themselves.

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Re:Lost Diamonds: How our current system is failing underpri... by toomanybeersies on Thursday September 29, 2016 @05:38PM (#12608976)

If you're earning over $180k (which you would on the interest of $24mm), you'd be in the top 0.2% of earners for Loudoun County.

That's not middle class at all.

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Re:Lost Diamonds: How our current system is failing underpri... by mljoe on Thursday September 29, 2016 @07:20PM (#12609565)

That seems really off, considering that the top 1% (down with the 1%, etc.) make at least $428k nationwide.[1] Where are you getting the information?

[1]: http://www.kiplinger.com/article/taxes/T054-C000-S001-what-s...

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Re:Lost Diamonds: How our current system is failing underpri... by toomanybeersies on Thursday September 29, 2016 @09:03PM (#12609934)

I got it from here [0].

I just rechecked my numbers, and it turns out I was reading from the wrong column, earning >$180,000 a year would put you in the top 2.7%

https://datausa.io/profile/geo/loudoun-county-va/#income_dis...

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Re:Lost Diamonds: How our current system is failing underpri... by ap22213 on Thursday September 29, 2016 @05:30PM (#12608912)

LOL - of course many of you just seem to want to rebuke me. Makes sense, given today's culture. But, you're just adding to the problem.

Most current problems in our society stem from people getting more satisfaction out of pushing web buttons than doing real things out in the real world.

Oh, well, sucks to be many of you but I guess really good to be me. It's just really sad. Especially sad given how poor I grew up.

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Re:Lost Diamonds: How our current system is failing underpri... by hueving on Thursday September 29, 2016 @08:18PM (#12609789)

It's sad that you have been sucked into a life of such competitive materialism that you can't find satisfaction with a net worth less than 25m. If you grew up poor and have 20m now and are still not satisfied, there is likely no number that will ever satisfy you.

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Re:Lost Diamonds: How our current system is failing underpri... by pjmorris on Thursday September 29, 2016 @06:14PM (#12609241)

Is the $25M in US dollars? If so, that seems like plenty to be upper class in any place I'm aware of. For example, at 4% return on investment, that'd yield $1M US annually. 500K would be enough money to, e.g., rent two rooms at the Mayfair Hotel in London, or the Contemporary Hotel at Disneyland for the year and eat out every night. Maybe you live in a place more rarefied than Mayfair or Disneyland, but there aren't many of those places, so your experiences may not be typical.

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