Re:The wealthiest 10% of Americans own a record 89% of all U...
by nly on Monday October 18, 2021 @12:57PM
(#28907712)
No, because in your scenario the people who have $1.25M in assets now are going to have $6M in 23 years (invested at the same rate), so these high earners still won't end up in the top 10%.
This is, I'm sure, is what the parent means. Compared to people with capital, people on high incomes are always behind.
If you earn more than average, spend less than your peers, and invest wisely then you might move up a bit on the wealth scale, but that's it.
Re:The wealthiest 10% of Americans own a record 89% of all U...
by medvezhenok on Monday October 18, 2021 @09:30PM
(#28913909)
I think the idea is that some of the people that have $1.25M now are not going to be around in 23 years, and that money will have gone to [inheritance, eldercare, etc], so who makes up the top 10% will change simply because of demographics.
Re:The wealthiest 10% of Americans own a record 89% of all U...
by sudosysgen on Tuesday October 19, 2021 @12:13AM
(#28914797)
As far as inheritance goes, nowadays inheritance will actually concentrate wealth as rich people tend to only have one kid.
If you contribute 2k a month at 7% interest that would take you 23 years. A long time yes, but certainly achievable on a 100k salary. Of course I know the interest rate might not be that going forward, but the point still stands.