Suppose you have a net worth of one thousand dollars, while your friend has one million dollars. Would you consider yourselves to be in the same financial category? Almost certainly not. The comparison is absurd. Your friend’s one million is a thousand times...
How much money do you need to have to be considered rich or wealthy? The best answer is “it depends,” considering your definitions of rich and wealthy. Are they terms defined by one’s net worth, income, or overall wellbeing? Is the context local, national,...
Watch this video on YouTube Democratic Presidential candidate and Massachusetts Senator Elizabeth Warren is proposing a federal wealth tax. It would impose annual taxes of 2% on those with household wealth—net worth, not income—of over $50 million and 3% on those with...
Watch this video on YouTube What would it take for you to become a one percenter? How much net worth would put you in the wealthiest one percent in the United States? In a recent discussion with a colleague, I suggested this number was $1.2 million. He said $9...
Watch this video on YouTube Ask ten people how the rich got rich and you will get at least ten opinions. Some of the more common assumptions are that people become wealthy by inheriting fortunes, taking advantage of those less fortunate, or “playing” the...
