Is the American Dream possible? It is if you earn at least $500,000 a year

CBS "News" ^ | January 10, 2020 | BY AIMEE PICCHI

[Oldeconomybuyer]

To achieve the American Dream, it helps to be filthy rich. That's the upshot of a new survey that found nearly three-quarters of the top 1% of income earners in the U.S. think they've reached that classic, if somewhat hazy, benchmark of economic success and independence. By contrast, only 37% of those in the middle class believe they're living the dream.

The top 1% - who earn at least $500,000 annually - are living "dramatically different life experiences" than middle- and low-income Americans, according to a poll from Harvard's T.H. Chan School of Public Health, the Robert Wood Johnson Foundation and National Public Radio.

Additionally, about 3 of 10 lower-income Americans and 1 in 10 middle-income respondents said they have struggled to buy food in recent years. (Lower-income is defined as earning less than $35,000 per year, while middle income respondents earn between $35,000 to $99,999 annually.) Lower- and middle-income respondents were also more likely to say they struggled to pay for housing than wealthier Americans.

Most Americans say there's too much income inequality today, according to a poll released Thursday by the Pew Research Center. But it's unclear whether there's the political will to address it, with fewer than half believing it should be a top priority of the federal government. Instead, issues such as climate change and affordable health care are ranked as more pressing problems, Pew found.

[Pollster1]

The American dream does not take anything near $500k a year. It takes responsibility and hard work. Nothing more:

Get a real job and keep it until you can replace it with a better job. Don’t have kids until you are married. Don’t spend money you don’t have. If you send your kids to college, send them to one you can afford and require them to get a degree that supports a real job. Don’t wallow in greed and envy as you wonder what people who make $500k a year are doing with that money (we know what they’re doing - thanking Mommy Pelosi and Daddy Biden for the job opportunities on corporate boards, that and sleeping with strippers).

[central_va]

Addressing it means getting an education and a good job. In this economy there's no excuse not to.

Uhh I donlt know about that.

Fairness for High-Skilled Immigrants Act of 2019

[Harpotoo]

BS, I make 5 figures own a home outright, 2 cars, married and have two independent kids. They can go F demselves!

[cyclotic]

well, I make far, far less than $500,000 a year. In fact, I make less than $100,000 a year.

We have a great marriage, four great kids, all out of the house, working decent jobs and living independently of us. A house, a car, no debt.

My one real bonus is that I drive a company car so we only own one car.

Got some money in the bank, a decent and very quickly growing retirement account, strong church and ministry involvement with no government interference.

We have the freedom to do what we want, go where we want when we want.

All of that is the epitome of the American Dream and we don’t need $500,000 a year to pull it off.

[Buckeye McFrog]

1 in 10 middle-income respondents said they have struggled to buy food in recent years.

I call B.S. Americans spend less of their income for food than people in any other country. You can eat well for relatively little if you know how to cook from scratch with basic ingredients. I bet I could feed myself for a month for $40 if I put sufficient thought and planning into it.

[SaxxonWoods]

Commenting without reading.

I’m 70. When I was young, some people were poor and some weren’t and nobody thought anything about. It just was. And some poor became rich and some rich lost their fortunes. In fact, people who had made and lost several fortunes were the only ones people talked about.

I never made $500k in any year, but I sure lived an American Dream and still do!

[Repealthe17thAmendment]

Financial independence is the dream, and can be had by making much less than $500K. On the other hand, when the government provides everything you think you need, even $500K in benefits would not be freedom.

[ctdonath2]

The US poverty line is the 80th percentile of world income (PPP).
If you’re under it, the US welfare system will ensure you at least rise to that level.
Ergo the discussion STARTS with practically everyone in the US in the top 20% worldwide.

US median income is around $50,000.
That’s top 10%. Better than 9 out of 10 people on the planet.
Here begins the American Dream: able to live well, albeit with care, frugality, maintenance, and patient savings.

Around $150,000 you get to top 3%.
Around this point you have access to most anything you’d want, but discover that greed & debt is the biggest problem. Comfortable life if you choose to own what you have outright, and be content with the dang good stuff & conditions you have.
This is where the American Dream stumbles - comfort, at a cost.

Breaking a $half-million, yes you can get quite comfortable - wiping out debt if you’re smart, and realizing you can pay _any_ amount for anything ... beware diminishing returns for each $1 spent on top of “affordable” prices.
This isn’t so much the American Dream as “rich”, the former being “living well thru productivity”.

The American Dream is not about the money.
It’s about avoiding debt, being productive, and appreciating what you have.

[Buckeye McFrog]

Some would say the American Dream is being able to think what you like and say what you like and worship however you choose without having a bayonet shoved into your belly.

[PGalt]

Dream? Did someone say dream?...or debt slave via taxation?

https://usdebtclock.org [Bourgeois] Socialism IS Legal Plunder - Frederic Bastiat (1801-1850)

https://www.youtube.com/watch?v=qzTZ76vhnKk

[woodbutcher1963]

BUT I NEED to have a 5 bedroom 3 1/2 bath home.
I NEED to get a new car every two years.
I NEED to take that Hawaii vacation.
My 2.2 kids NEED to go to Private Universities.
I NEED to get Starbucks coffee every day.
I NEED to drive a BMW, Audi, or Mercedes.
I NEED to eat out at least twice a week.
I NEED to go to Aspen skiing.
My daughter NEEDS to have a horse.
MY son NEEDS to go to Karate lessons.
I NEED to belong to the Country Club.
I NEED my dry cleaning done.
I NEED to get my hair cut & styled.
MY wife NEEDS to go to her therapist.

[Dilbert San Diego]

And it depends where people live. For example, if someone in the New York City area insists on living in Manhattan, that $500K income may not go very far once they buy their condo or co-op unit.

[cyclotic]

BUT I NEED to have a 5 bedroom 3 1/2 bath home.
Actually, any home with a roof that you can afford works. It’s not hard to learn the skills to fix it up yourself

I NEED to get a new car every two years.
Actually, bragging about getting 300,000 miles out of a car with no major repairs is far better. Been there, done that, still miss that car
I NEED to take that Hawaii vacation.
My wife and I are discussing taking an actual vacation this year for about ten days including kayaking Lake Superior. our last real vacation like that was 15 years ago.

My 2.2 kids NEED to go to Private Universities.
Actually, your kids should go to affordable schools only if they plan a career in advance of going for the College Experience. Loan them the money and expect it to be repaid.
I NEED to get Starbucks coffee every day.
Brew your own. Gas stations now have better choices than Starbucks ever did. Drink it black, Be a man.
I NEED to drive a BMW, Audi, or Mercedes.
Buy American

I NEED to eat out at least twice a week.
Guilty. Road warrior for work. Personally, maybe twice a month
I NEED to go to Aspen skiing.
Lots of places have $60 lift tickets, not $200
My daughter NEEDS to have a horse.
Try this. No
MY son NEEDS to go to Karate lessons.
Sure, if that’s the only thing he does
I NEED to belong to the Country Club.
Quit golf. be a dad instead
I NEED my dry cleaning done.
Cheaper clothes don’t need dry cleaning
I NEED to get my hair cut & styled.
I’m bald. Cut my own when it gets 1/8” long for free
MY wife NEEDS to go to her therapist.
Keep busy and there’s no time to feel sorry for yourself.

[cyclotic]

Just saw a neat story about a girl who is living her version of the American Dream and making far less than $500K a year.

I’ll be in DC for March for Life. Hopefully we’ll see her

https://foxbaltimore.com/news/local/maryland-visa-student-sings-streets-dc-college

[CodeToad]

“All of that is the epitome of the American Dream and we don’t need $500,000 a year to pull it off.”

Dittos. I’ve seen people of all income levels do better or worse based on their choices. Their incomes had little to do with it.

I know one couple who make $250,000+ but choose to live on $60,000 so their retirement is extremely well funded. I know couple another who make over $1 million but always seem broke.

[EQAndyBuzz]

Finish school
Don’t have a kid out of wedlock
Get married
Don’t carry debt
Start saving from your first job on

[Theoria]

I recall the article that had Peter Schiff's brother in it a few years ago. The struggle of having money, but living in a expensive place with expensive things.

The 'struggle' is real: Wall Street Bonus Withdrawal Means Trading Aspen for Coupons

'Schiff, 46, is facing another kind of jam this year: Paid a lower bonus, he said the $350,000 he earns, enough to put him in the country’s top 1 percent by income, doesn’t cover his family’s private-school tuition, a Kent, Connecticut, summer rental and the upgrade they would like from their 1,200-square-foot Brooklyn duplex.'

[bigdaddy45]

I’ll bet if you lined up that 1 in 10, they would be a pretty hefty group.

[fhayek]

Hence the incentive to try to earn $500,000 a year. What would be the point if everyone lived the same “life experiences”?

[Salvavida]

Maybe the American Dream is actually a nightmare. Peace with God, a good conscience, a good name, and a godly spouse should be enough.

None of those cost a cent.