Why So Many Rich People Don’t Feel Very Rich
economix.blogs.nytimes.com
Why So Many Rich People Don’t Feel Very Rich
1–10 of 190 posts
Re: Why So Many Rich People Don’t Feel Very Rich
#2Because they don't know what it means to be poor?
Re: Why So Many Rich People Don’t Feel Very Rich
#3Why did they put a non-linear x-axis on that graph? From 0% to 80% of income is only the first 40% of x-axis space! Then tick marks (with equal physical spacing) change from 5% to 1% increments.
Re: Why So Many Rich People Don’t Feel Very Rich
#4Perhaps it's because the definition of "rich" that they would need to feel is one where they'd never have to work again if they didn't want to.
The article points out an annual income of $172,000 as being rich, but by implication, these people still have to work for their money. Therefore probably don't feel "rich"
If they could maintain that income or even half that income in perpetuity without working. If they could spend their days doing just what they want and not what they have to then maybe that's what feels rich?
Maybe?
Re: Why So Many Rich People Don’t Feel Very Rich
#5Interesting take on rich vs uber rich. I grew up in an area with a lot of that 90th-95th percentile group but everyone seemed to believe they were "upper middle" class. The "rich" people were the few at the very top making millions more.
A family making 250k/year is doing very well, but when they look at someone making a few million - they don't group themselves in that category.
I also wonder if this is reinforced by the numerous 'reality' tv shows that document the uber rich lifestyle. Even in a town full of people that are well above average, no one is living like those top 1-2% of earners and therefore don't consider themselves rich.
Re: Why So Many Rich People Don’t Feel Very Rich
#6Because they don't know what it means to be poor?
It doesn't matter where you start out. You're always staring up at that sheer cliff (in fact it's probably true that it seems steeper and harder to climb the closer you get to it).
Re: Why So Many Rich People Don’t Feel Very Rich
#7Why did they put a non-linear x-axis on that graph? From 0% to 80% of income is only the first 40% of x-axis space! Then tick marks (with equal physical spacing) change from 5% to 1% increments.
We're talking about the top 90% of earners so it makes sense to enlarge the right side of the graph. They're trying to illustrate the huge changes in income for every percentage point. A linear axis would be basically vertical at the right end.
Re: Why So Many Rich People Don’t Feel Very Rich
#8Every time I read an article like this, I think of all the people I know who are well off, yet appear to be miserable. Then I want to share with them this old wisdom from "The Ethics of the Fathers":
"Who is wise? One who learns from every man."
"Who is strong? One who overpowers his inclinations."
"Who is honorable? One who honors his fellows."
"Who is rich? One who is satisfied with his lot."
Re: Why So Many Rich People Don’t Feel Very Rich
#9Why did they put a non-linear x-axis on that graph? From 0% to 80% of income is only the first 40% of x-axis space! Then tick marks (with equal physical spacing) change from 5% to 1% increments.
Based on the way the info box follows the mouse, I think it's because their graphing tool puts an equal amount of space between data points.
Most likely, the data points they fed into it have x-values of [5%, 10%, ..., 75%, 80%, 81%, ...]. This is a useful way of tabulating percentile data, though not such a useful way of graphing it.
Re: Why So Many Rich People Don’t Feel Very Rich
#10It's simple.
Make $100K, live near people making $90K = rich.
Make $100K, live near people making $110K = poor.