How much money do you need?

[Howard Treesong]

[ QUOTE ]
Here is a link I found from 1999 that states (in 1995 dollars) that the top 5% have pretax income of $276,000 (more than twice the $125,000 figure mentioned here, and it's likely higher now in 2005, than when this study was done) Top 5% Mentioned Here

[/ QUOTE ]

That sounds about right.

[ QUOTE ]
If you're in the top 5% of wage earners I don't want to hear any bellyaching that you have trouble affording your million-dollar friggin homes, or that because you make more money you spend more money and thus aren't "wealthy".

[/ QUOTE ]

I wasn't. I'm simply putting the lie to your notion that the top 5% are all corporate bigwigs who control the majority of assets in this country and keep the little man down. That's simply crap. Here in Los Angeles, a million bucks won't buy you much in terms of a home. The lowest-price house in Santa Monica, California listed on MLS is a one-bedroom, one-bath house a few blocks away from the beach. 728 square feet. And it costs $728,000.

That's probably affordable for a guy making $275K, but it's going to be a stretch. And it's not like there's even room for kids. What percentage of the guys making $275K are working in cities where that income doesn't even permit you to buy a house in which you can fit kids? A significant percentage, I'd guess. Would you be willing to hear a complaint that a wage earner at that level can't buy a house with a bedroom for each of his kids in a neighborhood that doesn't require bars on all the ground-floor windows?

Your notion that everyone in the top 5% of wage earners is on easy street is a joke. If you want a four-bedroom home with a heated indoor pool and a back yard in this town, you're looking at $3+ million, which is totally out of reach for anyone making $275K, considering that most mortgages at that level require 20% down, or $600K -- and then $10K or so in mortgage payments every month on top of that.

[/ QUOTE ]