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Location: Long Beach CA, the sewer by the sea.
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What is the latest definition of a 1%'er?
Not the biker version if there is one. As opposed to a 99%'er. An article on the Huffington Post says the 1 % of the population that make over $344,000/yr.
It goes on to say, "Furthermore, the average 1 percenter has significantly more debt than the average 99 percenter, a difference of $124,000 in average total debt including mortgage, student loan, auto loan and credit card debt. For example, the average 1 percenter has nearly $154,000 in open mortgage debt and $11,300 in credit card debt, while the average 99 percenter has $51,000 in open mortgage debt and $6,200 in credit card debt. Excess debt can be detrimental to credit scores, yet while the average 1 percenter carries significant debt on multiple credit lines, their average credit score seems to reflect a well-balanced, well-managed credit portfolio."Justine Rivero: The 1% Versus The 99%: Who Has Better Credit? Has the term started an evolution into more general usage? For instance, I recently termed myself a Craigslist 1%'er because I follow through. The seller in this case knew what I was talking about. |
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11-09-2011, 08:36 AM
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B58/732
Join Date: Feb 2000
Location: Hot as Hell, AZ
Posts: 12,313
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The 1%ers I know all look something like this:
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ΜΟΛΩΝ ΛΑΒΕ I don't always talk to vegetarians--but when I do, it's with a mouthful of bacon. |
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11-09-2011, 08:48 AM
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Location: PNW
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I was one of the 5%ers in my USAF squadron--the guys who did all the work as opposed to the rest of them who made sure they were on the tee by 1300 (1:00). (Yeah, who's the smart one?)
As for the H-Post article, what percent of the respective incomes is debt in their examples? It says "over 344K/year" but what does the average 1%er make vs. how much % as debt are they carrying? Gotta' break down the statistics more it seems to me. I'll bet it's a hellova lot easier to carry debt as a 1%er than a 99%er. |
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11-09-2011, 08:56 AM
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beancounter
Join Date: Jan 2008
Location: Weehawken, NJ
Posts: 3,593
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Interesting stats being thrown around in that article, but relatively useless.
Amount of debt in itself is very little indication of the financial health of an individual, or of a business for that matter. What counts to me is debt to equity ratio. So according to this article the average 1%er has a mortgage debt of 154k which is 3x higher than the average 99%er with 51k. So what? Earlier in the article it says that the top 1% have an average of 225x the wealth of the average median household. So on the one hand the article seems to suggest that the so-called 1%ers are up to their eyeballs in debt vs. "regular folks" but taken in context of debt relative to assets (wealth) its a different story. I also find all these generalizations about wealth and dollar figures above which one is considered "rich" are improper insofar as they fail to take cost of living into account. There is a HUGE difference in $334k of income in NYC vs. $334k of income in Oklahoma City (as an example). Families live reasonably decent lives in rural Maine on an income level that is below the poverty line in the greater NYC metro area.
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Jacob Current: 1983 911 GT4 Race Car / 1999 Spec Miata / 2000 MB SL500 / 1998 MB E300TD / 1998 BMW R1100RT / 2016 KTM Duke 690 Past: 2009 997 Turbo Cab / 1979 930 |
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11-09-2011, 09:04 AM
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Location: Linn County, Oregon
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Sad but true...many living the high life are buried up to their eyeballs in debt. I almost feel sorry for them...
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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11-09-2011, 09:05 AM
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Puny Bird
Join Date: Nov 2002
Location: Port Hope (near Toronto) On, Canada
Posts: 4,566
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When I was in high school "upper class" meant you at least 1 million in cash and assets, I'd say that might be 10 million at today's rate.
That's what I'd consider as "upper class" or rich. I always thought this is what being a 1%er meant. Or is being rich and a 1%er two different things?
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'74 Porsche 914, 3.0/6 '72 Porsche 914, 1.7, wife's summer DD '67 Bug, 2600cc T4,'67 Bus, 2.0 T1 Not putting miles on your car is like not having sex with your girlfriend, so she'll be more desirable to her next boyfriend. |
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11-09-2011, 09:49 AM
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Location: Palm Beach, Florida, USA
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I still don't understand what it takes to be considered part of the 1%. It sounds like they are saying that any single worker earning $344,000 per year is in the top 1% of all income earners. But they really appear to be referring to the combined earnings of everyone living in the household.
That makes no sense. A young professional couple with no family money could easily make $350,000 between the husband and wife, but have a modest net worth in the hundreds of thousands. A trust fund baby with no income could have a net worth in the top 1%. H. Ross Perot, with $3.2 billion in US Treasuries would have NO income. You might be able to say that of households with earned income, those with combined family incomes of $344,000 are at the 99th percentile in earnings. Of course, this tells you nothing about their wealth. A young couple that just graduated from medical school could make a combined $350,000 this year. But if they were interns last year earning $35,000 and have a half million in debt, I wouldn't consider them rich. An idiot who inherited a $10 million trust fund and draws $250,000 a year out of it is rich. Wealth and earned income are two completely different things.
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MRM 1994 Carrera Last edited by MRM; 11-09-2011 at 09:52 AM.. |
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11-09-2011, 09:50 AM
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I thought the term came from earnings versus income tax payments, in which case assets and net worth aren't relevant, it's simply an income discussion point.
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"A machine you build yourself is a vote for a different way of life. There are things you have to earn with your hands." |
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11-09-2011, 09:53 AM
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Information Junky
Join Date: Mar 2001
Location: an island, upper left coast, USA
Posts: 73,189
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LESS than 1% of whiners are claiming to represent 99% of the people. --that we know.
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Everyone you meet knows something you don't. - - - and a whole bunch of crap that is wrong. Disclaimer: the above was 2¢ worth. More information is available as my professional opinion, which is provided for an exorbitant fee. 
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11-09-2011, 09:58 AM
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Apples and oranges, there is a problem as to how a 1% is defined.
$344k in certain parts goes a long way while in others like NYC makes you just a middle class earner. |
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11-09-2011, 10:05 AM
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Quote:
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My work here is nearly finished.
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11-09-2011, 10:29 AM
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Location: Long Beach CA, the sewer by the sea.
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Well, I guess I'll continue to call myself a 1%'er even though I don't qualify on the income. If you divided my household income by my CC debt, I'm there.
.01%'er on CL. Just got stiffed on a tool box. Someone bought it out from under me even though I had an appointment to see it first thing. |
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11-09-2011, 10:34 AM
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canna change law physics
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Quote:
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James The pessimist complains about the wind; the optimist expects it to change; the engineer adjusts the sails.- William Arthur Ward (1921-1994) Red-beard for President, 2020 |
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11-09-2011, 10:36 AM
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B58/732
Join Date: Feb 2000
Location: Hot as Hell, AZ
Posts: 12,313
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Quote:
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ΜΟΛΩΝ ΛΑΒΕ I don't always talk to vegetarians--but when I do, it's with a mouthful of bacon. |
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11-09-2011, 10:50 AM
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Quote:
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11-09-2011, 03:34 PM
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Stay away from my Member
Join Date: Aug 1999
Location: Agoura, CA
Posts: 5,773
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Of course the wealth redistributionist / tax-and-spend people (Obama) don't give a damn about cost of living, debt, or anything else - if you have the income you should fork it over, period.
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11-09-2011, 08:30 PM
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Moderator
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Don Plumley M235i memories: 87 911, 96 993, 13 Cayenne |
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11-09-2011, 08:42 PM
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Get your answer here. Kiplinger.com
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11-09-2011, 09:01 PM
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Here is a romantic 1%er...
 I met a girl in the park the other evening. There was an instant spark between us and she immediately dropped to her knees and laid on the grass at my feet. As we lay making love, I thought "These taser guns are well worth the money". |
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11-09-2011, 11:30 PM
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From a global viewpoint, only 1% of the world's total population earn more than US $34,000 per year.
If you earn more than $34 K, you're the 1%.
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(As for) Michael Moore:Calling that lying liberal POS propaganda a documentary is like calling PARF the library of congress. I knew it would happen, just not so soon........... |
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11-09-2011, 11:49 PM
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1970/1982 Porsche 914-6/911SC 2.7 RS
1987 Porsche Carrera 3.2 
