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Originally Posted by pan6467
We are a country of 250+ million (rounded for easy math). the top 1% would then be a number of 2.5 million US citizens. I maybe wrong but I seriously doubt we as a country have some 2.5 million millionaires that don't work and live on assets.
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It would be closer to half of 2.5 million (~1.25M), since we are only counting taxpayers, not everyone in the family. It's still a lot more than 600 though... Just thought it would be more accurate to say that.
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Originally Posted by pan6467
Those who make a few 100,000 (the "yuppies", "neauveaux riche"... whatever the term is today for them) usually drive the newer import luxury cars and are flashy and usually have maxed out credit where if they miss a paycheck or 2 or the market drops they lose their arses. People, (the other 99%) see that and believe those people to be worth far more than they are, because that is the image those people want seen. Most of these are also in the top 1%, because of yearly income and what assets they may have).
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I don't want to sound abrasive or like an ass, but as far as I'm concerned I could give a fuck if they can lose their asses that fast. They put themselves in a position way above the norm. If they can't maintain because they blew their money on a house they could barely afford and a Ferarri that's their fault. Maybe they should have built up a couple mil cash in the bank before they blew the rest of their wad. The top 1% is still making over 300k/yr. Maybe that isn't the best way to build up a huge fortune, but it's a guaranteed way to keep the money you already have no matter what happens in the market.