Originally Posted by Dick Applebaum
Have vou ever been in a room with millionaires... I have.
It often becomes a pissing contest among the lower echelon -- he's only worth $1.4 momllion and I'm worth $1.5 miiilon...
When Cook enters a room... He needs to shut that down -- by physical presence (and net worth, doesn't hurt)
Why would you want to dick around proving your bona fides when you are about changing the world?
There's a big difference between being a millionaire (in terms of assets) and earning a $ million a year. Big difference. If you're a millionaire at 50, big deal. If you retire and you expect to live until 80, that leaves you with a big $33,000 a year. If you do it at 60 and expect to live another 20 years, that's only $50K per year. And if that's money invested in a pre-tax 401K or the like, you'll have to pay taxes as you withdraw the money.
If however, you EARN $1 million or more a year, that's real money. In 2009, almost 237,000 U.S. taxpayers earned more than $1 million. 8274 earned more than $10 million. 1470 of those earning over $1 million paid no Federal taxes, although that's usually because they donated a lot of money to charity. In 2007, the top 1% of earners earned 23% of total U.S. earnings. Back in the 1970s, ,the top 1% earned only 8 to 9% of total U.S. earnings.
In 2009, 11% of U.S. households had a net worth of over $500K
6.87% had a net worth over $1 million
0.86% (980,000) had a net worth over $5 million.
Besides, I like being in a room with millionaires. Being in that room raises the average net worth of each person in the room. That makes me richer, right?