One topic which has periodically hit these pages is who is Rich, who is Middle Class, who is poor.  A former major Diner contributor an friend, Eddie the Dentist always painted himself as a hard working middle class guy being taxed to death, and what rich was are the Billionaire class of Masters of the Universe.  So I would put up innumerable charts and graphs to show him, no Eddie, you're not Middle Class,you're fucking RICH.

What is generally accepted as true is that the top 1% of people are the rich.  So, in 2024 Amerika these days, how much does it take to be rich?  According to Bloomberg, you need to have $5.8M in assets to be a 1%er.  For Eddie, he passed that mark years ago.  His primary residence, a McMansion in the ritzy Austin neighborhood is on a couple of acres with an in ground pool, and in today's market has to be worth $3M if it's worth a dime.  Besides that, he has a Lake House, a 40 acre Doomstead and about 7 rental properties as income producers in the Slumlord bizness.  Then he has a storage unit bizness and his main bizness, a Dental practice.  The last income tax bill I remember him complaining about was for $250K, which means his after tax income was probably double that at around $500K/yr.  The median taxable income level smack in the middle of the Bell Curve is $75K.  He is at 10X that amount.  That is rich, and well past 1% in the income distribution also.

To Eddie, Rich means not the 1%, but the .001% class of Billionaires who actually have real power.  He's just a schlep footing the tax bill while they pay 0 taxes, and poor folks like me who live on Goobermint entitlements like SS he is paying for.  They aren't  rich, they are Filthy Rich, but that doesn't make him not Rich.  Owning numerous domiciles for personal use, as well as leeching off the poor renting McHovels at inflated prices around Austin is conspicuous consumption , along with the annual vacations to the Bahamas and skiing, the 4 Luxury cars  and trucks , ICE & EV and the weekly trips to fine Austin restaurants.  How can anyone in that class think of themselves as Middle Class?  It shows how skewed your perception of wealth becomes as you get richer.  Eddie won't quit working because he feels he doesn't have enough for a comfortable retirement.  Can you believe that?  it's insane.

https://www.bloomberg.com/news/articles/2024-02-28/how-much-wealth-you-need-to-join-the-richest-1-around-the-world?utm_source=newsshowcase&utm_medium=gnews&utm_campaign=CDAqEAgAKgcICjDi7PAKMIXduwIw7PHQAg&utm_content=rundown&gaa_at=g&gaa_n=AZsHK_nMhiVFdD8H41ZrORdPsICF7PfnAuPQ59bEggcdL_Xxr4HESF6axIwxBYeYgt67yD2qAjG3bxpfY6U-iIY1da7f&gaa_ts=65df93aa&gaa_sig=DTK1JBLsXUJqlMouYWUDOOjG4k7dA0ECoSLboNdGiws6STu8LDf3wjMpWOgZmP_IVqRNT3b8O_HXWo6rzpw-pw%3D%3D

How Much Wealth You Need to Join the Richest 1% Around the World

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