Could you live on $471,465 per year?

[Seymour Flops]

If you spent half of the time and effort working or otherwise hustling for money that you spend complaining on the internet, you would be in far better financial shape.

 

[DigitalDrifter]

Per year?

OP, get your facts straight.

 

[ThisIsMe]

People talk badly about socialism and Marxism. Most don't even know what they are. But here is a question for you:

Could you live on $471,465 per year?

If Wealth Was Evenly Distributed Across the US, How Much Money Would Every Person Have?​

According to the Federal Reserve, U.S. households hold $160.35 trillion in combined wealth, which is the value of every American’s assets minus their liabilities.

To say it’s distributed unevenly is too much of an understatement to even qualify as an understatement. The bottom 50% of the country shares less than 3% of that enormous pie, while the most fortunate 10% gorge on nearly all of it.

Here’s a look at how much money each American would have if every person got an equal slice of the country’s wealth.

According to Google’s Data Commons project, the U.S. is home to roughly 340.11 million people.

If they divvied up the country’s $160.35 trillion jackpot equally, each would have about $471,465. That’s $942,930 per couple. If a couple had two kids, the four of them would be sitting pretty with $1.89 million.

MSN

it would be a one time payment of 400k, and not yearly, right?

Also, why would the family with kids get 4x as much as the single person?

 

[IM2]

Its not "distributed" - its earned.

Its not a "zero sum" game like a pie

It is distributed. Tax cuts for the rich, corporate welfare, government subsidies to oil companies...

 

[IM2]

No help from the government at all.

That's not true.

 

[IM2]

it would be a one time payment of 400k, and not yearly, right?

Also, why would the family with kids get 4x as much as the single person?

Ask the people who did the study.

 

[IM2]

Such a plan would increase the money supply from current $2.4 trillion to $160 trillion. The inflation rate would be incalculable.

No it wouldn't.

 

[shockedcanadian]

You live in a socialist country, Canadian. You haven't moved here yet.

In my experience of starting a business and watching it grow, wealth is created by people working together and producing products and services that people want or need. It isn't made by a single rich person. That single rich person could have the greatest product of all time, but if he or she cannot produce enough of it to meet the demand promptly, that rich person uses their money. That single rich person then needs workers, and without those workers there is nothing. Therefore, everybody SHOULD be paid the same. Now STFU.

I am going to be homeless soon as the criminals steal my home and you attack me with vitriol.

Build some character because you don't know what you don't know.

 

[OODA_Loop]

It is distributed. Tax cuts for the rich, corporate welfare, government subsidies to oil companies...

Tax cuts are not distributing wealth. They are reducing what earners have to pay.

 

[Invisibleflash]

People talk badly about socialism and Marxism. Most don't even know what they are. But here is a question for you:

Could you live on $471,465 per year?

If Wealth Was Evenly Distributed Across the US, How Much Money Would Every Person Have?​

According to the Federal Reserve, U.S. households hold $160.35 trillion in combined wealth, which is the value of every American’s assets minus their liabilities.

To say it’s distributed unevenly is too much of an understatement to even qualify as an understatement. The bottom 50% of the country shares less than 3% of that enormous pie, while the most fortunate 10% gorge on nearly all of it.

Here’s a look at how much money each American would have if every person got an equal slice of the country’s wealth.

According to Google’s Data Commons project, the U.S. is home to roughly 340.11 million people.

If they divvied up the country’s $160.35 trillion jackpot equally, each would have about $471,465. That’s $942,930 per couple. If a couple had two kids, the four of them would be sitting pretty with $1.89 million.

MSN

6% would be fine for living basic. 10% for cushy. But I live in the trailer trash region of the USA, not Frisco or Chi.

...OK, add 1/2% more for self-defense against IM2 and its kind.

 

[DigitalDrifter]

I am going to be homeless soon as the criminals steal my home and you attack me with vitriol.

Build some character because you don't know what you don't know.

Are you about to be foreclosed on?

 

[Woodznutz]

I understand economics better than you ever will.

I was in cardiac rehab with a celebrated cardiac doctor. He was on tv for years and to me he never looked healthy. In person he looked even worse, or course he had just had bypass surgery like the rest of us in the group. I did note that his demeanor was a bit sheepish. It called into question his 'expertise'. Of course he may not have been taking his own advice.

 

[shockedcanadian]

Are you about to be foreclosed on?

Yes. My home for almost 20 years.

Any experience with it or advice?

 

[Woodznutz]

No it wouldn't.

Cash is the only practical way to redistribute the private wealth of the country. That much cash in the economy would rival what happened in post WW1 Germany.

 

[DigitalDrifter]

Yes. My home for almost 20 years.

Any experience with it or advice?

Have you tried to work something out with your lender?

 

[theHawk]

The real question is, can you live on $475k a year in the hood?

You’d probably get robbed and shot.

So is it really worth it?

 

[DonGlock26]

People talk badly about socialism and Marxism. Most don't even know what they are.

Please explain to use what socialism and Marxism are and where it has been successful.

 

[whitehall]

Only a freaking ignorant socialist would suggest that wealth is distributed. The fact is that you try to get a good education instead of sitting on your ass smoking dope and you get a good job and work hard and maybe become wealthy.

 

[shockedcanadian]

Have you tried to work something out with your lender?

It's not me, it's the woman I am Separated from.

There won't be any options for me short of me being allowed the freedom to earn what a high performer with my education and experience would earn.

 

[ThisIsMe]

Ask the people who did the study.

Looks to be a one time payment. So the answer would be, a single person could probably live a few years on that. A family would be able to live off the interest, if they were thrifty