My anecdote isn't quite the same situation, but it reminds me of a former job I had.
The owner the company would frequently use the term self-made entrepreneur to describe himself. He built the business from scratch, and he was very proud of the fact.
Towards the end of my time at the job, the owner held a company wide meeting which started with him retelling the story of how it all began. Most of us employees hadn't actually heard the details before, we just took the self-made part for granted and generally assumed the company's success was all due to hard work.
As it turns out, the owner's father might as well have been the original founder of the company. The father gave his son a "loan" to get the business started because the banks wouldn't fund it, handled a bunch of the legal stuff involved with starting a business, he used his connections in the business world to set-up meetings with high profile clients and businesses for his son to pitch ideas to, and he even provided his son with free office space. Even with that much of a head start, the business hit a rough patch within the first few years, and the father once again stepped in by providing another "loan" and directing his own clients to the son's business.
Of course, starting a business and keeping it going long-term is an accomplishment, regardless of how much help wealthy parents provided. But when those parents' wealth and connections were heavily involved with getting your business started and getting you ahead in life, it's disingenuous to call yourself "self-made".
TLDR; ALL billionaires are only billionaires because their dad’s made them so. Here is a list of 3 billionaires to prove it. One of them is adopted but it still counts.
When I started Reynholm Industries, I had just two things in my possession: a dream and six million pounds. Today I have a business empire the like of which the world has never seen the like of which. I hope it doesn’t sound arrogant when I say that I am the greatest man in the world!
Non-trolls will note this person’s comment history and if you notice, you’ll see them propping up rich Republicans all over lemmy. It’s interesting that they stay here given that everyone downvotes them to hell and just generally disagrees with everything they believe, apparently.
Upper middle class middle class with families and connections who had spare money to invest and just far enough along that they had the kids were raised with the drive to gather even more wealth. If they had been more wealthy they wouldn't have the drive, if they were less well off then they wouldn't have the advantages to make that drive happen.
"With money" doesn't mean all the money. It means plenty of money. Gates loves to tell the story about how he started his company in his father's garage. That was a three car garage because they could afford a large house with a lot of extra space Bill could use for free while starting his business.
The parents could afford to send them to prestigious schools where they made connections.
The parents had money. Recognizing this is not jealousy, it is a reason to acknowledge that massive wealth does not come from effort alone.
Since there is a ton of variation on cost of living and other factors by region, I just go by rough percentages because anything more is too complex to generalize. So the following is my view, which can be applied nationally or within a state/region as the outcome is basically the same. Keep in mind that after basic expenses are paid and someone can afford to invest their long term investments and other wealth are generally not included in their income despite their actual wealth continuing to increase allowing them access to loans and other monetary options that the middle class just doesn't have.
So how I see it by income:
Upper class as top 10%
Upper middle class would be 75%-90%
Middle class 25%-75%
Sure, people in California won't have the same monthly costs at 100k+ income to someone in the midwest, but the person in California who owns a home is building up a lot more wealth and options for loans/mortgages in higher amounts than someone in the midwest with a cheaper home. Renting is a different thing, but upper middle class and above have the option to buy and increase their wealth and puts them even further above middle class and below that aren't able to do the same or aren't able to save on top of the house payments.
Ok so looking at real numbers I don’t think your sentiment is correct. I’ll take other numbers too but I am seeing the median income is around 70k annual.
But then I am seeing it costs around 61k just to rent a one bedroom apartment.
Are you seriously suggesting that about half of the “middle class” could not even afford to rent a one bedroom apartment?
(I got my numbers just from quick google searches fyi I tried to post pics but it did the endless scrolling bug)
ah. se I would go with what you have but upper middle class would be 65%-75% or something and 75%-85% would be like lower upper class or such (I would use the quintiles really) and to get away from money I would consider upper class to be anyone who owns a large home with no mortage (or they are keeping their mortgage optionally), same with cars, has their retirment fully funded, paid for their kids to go to any college they wanted to and has additional money to invest in kida ideas or has money for leasure vehicles/property or vacations every year. even in the 80's
In gates’ case it was a father with enough money he could attend one of the few schools that he could have access to a computer and a program to learn IT. While ALSO having an investment banker uncle who was willing to invest millions into his company early on.
Was just complaining about this to my therapist. Boomers, in general, were born on third base. Raging economy, low-priced homes, cheap college, think they pulled themselves up by their bootstraps. “Kids today…” Fuck you. Your situation only existed because Europe was destroyed by war and America was untouched.
How much did you get from your dad? I know my dad has nothing to give me, mainly because of those guys that were able to get a hand out pulling the ladder up behind them.
In this country even being sent to college is a privilege, you are either gifted it from your parents or you are an indentured servant for your student loans/tuition. A handout from your parents is a handout from your parents, no matter the amount.
It’s nothing to be ashamed of. Everyone needs help every now and then. Just don’t label yourself “selfmade” when you are not.
Trump said the line about getting a small loan of a million dollars from his father. He did not mention the later loans of larger sums or his eventual inheritance.
Nitpicking an obvious joke based on a real tone deaf comment from the wealthy is a terrible look.
Yeah, anyone who claims to be self-made is just showing a lack of perspective. I got an inheritance from my grandparents and college tuition from my parents, but that’s really a rounding error. I was raised in a supportive home where my physical, emotional, and academic needs were met. My extended family is about as drama free as they come. I’m tall and usually well liked, so I wasn’t picked on at school. When I came out as gay, my parents were supportive. I had access to a computer as a kid, where I developed a knack for programming that developed into a career. Point is, there are so many boosts or drags that a person can experience in their life, even look purely at money is too simplistic.
I’m so very, VERY sorry for pointing out that none of these guys weren’t given anywhere as close as commented on. I guess pointing out facts is bad these days. Wild.
Not an economist, but a lousy CS grad, so my rambling may be incorrect. But honestly, I have no words for your genius. More specifically, the lack of it.
you ignored inflation around the 1970s
you did not take into account the cost of living
you also conveniently ignored the lifestyle choices
Inflation has caused the cumulative price increase of 488.65% in the US from 1975 to 2023-almost-2024. $200,000 in 1975 is around $1,177,295.17 in today’s time.
$20 million is just an exaggeration for the light-hearted joke @snekerpimp made, it’s not that deep.
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