Who is in the 1%? How are people under 30 doing?

I was watching an interview on CNN the other day about the 1%, and was told that although there are really rich people in the 1%, most of it is made up of upper-middle class families like a school-teacher married to a lawyer, a populace who I was told, "Are fairly boring people." Here is another video from CNN where a billionaire is being interviewed who thinks that the war on the 1% is similar to the NAZI's in fascist Germany.



These next two videos talk about who is in the 1%, the first one provides a real number of an income a bit more than $300,000 a year.





What really interests me is that the top 1% includes the upper-middle class. So I had to look up this chart in order to get real data on income distribution, and found the median is $46,326.



What does the median American make?

Now here is where the real problem starts - Americans under 30 have taken a gigantic hit (including me) from the economic crisis of 2008. I will tell you a bit about myself, I am barely able to afford renting an apartment, food, gas and internet - and most of my friends are in the same situation. My college calls me and asks for a donation, which I cannot afford to pay.

Even tonight, I am literally staying up worrying because I ran out of food this month and I am going to have to apply for food stamps. I am able to survive by getting assistance from my parents for food and gas, but they are very hostile towards me because I haven't been able to meet their standards, so I am terrified that they might withdraw their support.

If that happened in the next week, for example, I would have a serious problem keeping gas in my car and being able to eat. I am already receiving housing assistance, without that, I would not be able to even afford rent. My friends, who have also graduated college, are living with relatives and parents who are getting hostile towards them for not being able to join the middle class.

So how about some statistics on Americans under 30.

#1 The labor force participation rate for men in the 18 to 24 year old age bracket is at an all-time low.
#2 The ratio of what men in the 18 to 29 year old age bracket are earning compared to the general population is at an all-time low.
#3 Only about a third of all adults in their early 20s are working a full-time job.
#4 For the entire 18 to 29 year old age bracket, the full-time employment rate continues to fall. In June 2012, 47 percent of that entire age group had a full-time job. One year later, in June 2013, only 43.6 percent of that entire age group had a full-time job.
#5 Back in the year 2000, 80 percent of men in their late 20s had a full-time job. Today, only 65 percent do.
#6 In 2007, the unemployment rate for the 20 to 29 year old age bracket was about 6.5 percent. Today, the unemployment rate for that same age group is about 13 percent.
#7 American families that have a head of household that is under the age of 30 have a poverty rate of 37 percent.
#8 During 2012, young adults under the age of 30 accounted for 23 percent of the workforce, but they accounted for a whopping 36 percent of the unemployed.
#9 During 2011, 53 percent of all Americans with a bachelor’s degree under the age of 25 were either unemployed or underemployed.
#10 At this point about half of all recent college graduates are working jobs that do not even require a college degree.

This is only 10 statistics out of the 30 represented in the following link, but I did some basic formatting.

Zerohedge: Mindblowing Statistics about Americans Under 30

You might think this isn't that big of a deal, but think about this, all of these people who have been hit hard under 30 are going to grow up to people under 40 who have still taken a major hit - it is going to affect our country's entire future.

Take my example, my inability to succeed in life at 28 years old is going to affect me for the rest of my life. My parents are very hostile towards me because I need their help to survive, and I lose sleep every night over it.

Years after the Great Recession ended, 46.5 million Americans are still living in poverty, according to a Census Bureau report released Tuesday.

Meanwhile, median household income fell slightly to $51,017 a year in 2012, down from $51,100 in 2011 -- a change the Census Bureau does not consider statistically significant.

CNN: Poverty Rate 15%

Numbers-wise, I'd think the following folk would qualify:

Forbes Billionaires List
The first page is the top 100, but the list extends out into the thousands of names of people worth $1 Billion or more.

Here's the top 10

1 Carlos Slim Helu & family $73 B age: 74 telecom Mexico
2 Bill Gates $67 B age: 58 Microsoft United States
3 Amancio Ortega $57 B age: 77 Zara Spain
4 Warren Buffett $53.5 B age: 83 Berkshire Hathaway United States
5 Larry Ellison $43 B age: 69 Oracle United States
6 Charles Koch $34 B age: 78 diversified United States
6 David Koch $34 B age: 73 diversified United States
8 Li Ka-shing $31 B age: 85 diversified Hong Kong
9 Liliane Bettencourt & family $30 B age: 91 L'Oreal France
10 Bernard Arnault & family $29 B age: 64 LVMH France

Granted, these are worldwide, but, as can be seen, the US has its fair share of representation.

I wonder what the total tally in net worth would be with all these folks combined, if, for instance, all their wealth were seized globally, where then they were left with, oh, say, $500 Million each to scrape by on.
I could somehow manage to scrape by on $500 Million.
Keeping $500 Million each wouldn't be all that bad, even at the loss of tens of Billions.

Eh.

reply to post by darkbake


Yep, I understand you well friend.

I am college educated, and love to work. I miss working 12-16 hour days back in my twenties. I am grateful for the maybe 40 hours a week I get a few months a year now. I am currently on the homeless line. I can not find any local work at the moment that can pay my rent, car maintenance, food, etc. my car broke down an it was $2500+ that took my three months of rent for the rest of the winter. I work now, but $300 a week is not enough. My parents are very successful and are on the borderline of ending the support of sustaining my transportation cost to maintain my job(s). One year I was working part-time for 6 small companies to maintain 40 hours a week. Yeah, that's right! 6 part-time jobs. hour here, 3 hours there.

I may have just landed a career I have been hunting down and qualifying for with many certifications that I saved up for. Its one of my dreams and have been pursing for for over 7 years.

Wish me luck, I may survive

reply to post by AliceBleachWhite


I'm surprised the Queen of England and the royal family are not in the top 10 considering the amount of land "They" own throughout the world.

AliceBleachWhite

Numbers-wise, I'd think the following folk would qualify:

Forbes Billionaires List
The first page is the top 100, but the list extends out into the thousands of names of people worth $1 Billion or more.

Here's the top 10

1 Carlos Slim Helu & family $73 B age: 74 telecom Mexico
2 Bill Gates $67 B age: 58 Microsoft United States
3 Amancio Ortega $57 B age: 77 Zara Spain
4 Warren Buffett $53.5 B age: 83 Berkshire Hathaway United States
5 Larry Ellison $43 B age: 69 Oracle United States
6 Charles Koch $34 B age: 78 diversified United States
6 David Koch $34 B age: 73 diversified United States
8 Li Ka-shing $31 B age: 85 diversified Hong Kong
9 Liliane Bettencourt & family $30 B age: 91 L'Oreal France
10 Bernard Arnault & family $29 B age: 64 LVMH France

Granted, these are worldwide, but, as can be seen, the US has its fair share of representation.

I wonder what the total tally in net worth would be with all these folks combined, if, for instance, all their wealth were seized globally, where then they were left with, oh, say, $500 Million each to scrape by on.
I could somehow manage to scrape by on $500 Million.
Keeping $500 Million each wouldn't be all that bad, even at the loss of tens of Billions.

Eh.

The real top wealthy are excluded from this list. Their wealth starts in trillions. They are the banking families that control international banking and own, through stock and corporations, the majority of the wealth of the world. They also own the media and Hollywood, and control the major Universities.

So this list is the highest of the ordinary mortals--not the real elites who usually
retain their anonymity. And stealing their wealth would be much harder than them allowing you to steal the wealth of the folks on this list.

Notice there are no young people on the list? Kinda like church and the conservative republican party now a days, there are no young people flocking to these groups. Hannity claims conservatism is the wave of the future, but like many things the right preach there is no evidence that there will be a future. The Catholic church understands this situation that is why the Pope is making changes attempting to lure young people back to church. The older generation has created this situation and you can add the police state, the youth of the world is left to fix the problems created by there greedy zealot grandfathers.

reply to post by darkbake


I remember a thread you posted a while back www.abovetopsecret.com... about how you got into some legal trouble for having certain contraband. Not trying to criticize you or argue laws, but I hope that experience was an eye opener and you are no longer spending money on that.

Not because I agree or disagree with it, but specifically because if you are complaining about not having enough money for gas or food, yet are still "participating" I will find it hard to have any sympathy for you.

On that note, best of luck to you.

I believe that much of life is still about seizing opportunity wherever one can find it.

I'm a soldier, under 30, I don't make much money as you can imagine.

One of my goals as a younger guy was to break into the aviation field. I never wanted to be a pilot, but an aviation technician. While serving my country is something I've always wanted to do, the Army was the only way I was going to be able to get the education in the aviation field, get the experience of actually working with aircraft, and do it without spending thousands of dollars....In fact they paid to train me and maintain 40 million dollar helicopters. I have discounts available to me to earn my Airframe and Powerplant license, my FCC radio communications license, and the college degree I need get a great job when I get out make high 5 to low 6 figures in my field. I'm not saying everyone should join the army...God knows it isn't for everyone...But for a civilian to get the education I have in aviation mechanics in the private sector is nearly impossible, and what is out there is very expensive. So I chose this route.

All I have to do is put up with BS now. I buy only used cars, I pay for decent but affordable housing, I save money, I have modest but worthwhile investments, and I have two credit cards at decent interest rates with modest limits, and I don't spend money I don't have.

All on roughly 30 grand a year.

I seized this opportunity because I knew that it would pay off down the road. Despite everything we have seen we still do not believe in living within our means, and deferred gratification. It's still all about now, now, now, and no thought goes into what happens later on in life. This is a view taken even by people well over the age of thirty...And then they want to blame the 1% for their mistakes and mismanagements.

I'm an immigrant to this country. Been a citizen for only a couple of years. I've been homeless, I've been hungry, and I've been without a shred of hope. But I have never blamed a rich guy for me not being rich, or blamed anyone but myself for my circumstances.

This is not to say that there aren't people who need help in life...God knows I know there are. But I do not believe that for those who can, that no opportunity exists to better oneself. They are out there. It's all about setting realistic goals, and taking everything step by step.

I don't care about what the 1% do. I care about what I do.

reply to post by projectvxn


Star for you. I think am similar to you.

I come from a broken household. My father left when I was two, and my mother has only a high school education. She has been a full time waitress since I was a tot. She still is today. I was raised in an eighteen foot tow behind camper until I was about 5. My mom was then able to purchase her grandmothers house. A small two bedroom. So needless to say I do not come from money.

Fast forward to today. I am only 30 and own my own house on .25 acre. I own a newer used car. I go on vacation once every two years. I eat well. I have a man cave with an Xbox One, and enjoy numerous hobbies. Needless to say I have a damn good life.

I am not going to sit here and argue that times aren't tough, because they are. However, there are still opportunities out there.

At 18 I got a job working for a small company making about $8 a hour. I still lived at home. Due to my mom not making a lot of money I took advantage of the Federal Pell grant and went to college completing my AA degree. Very little out of pocket cost for me.

After completing my degree I realized that I wanted to help serve my community. So I joined the police academy. I got hired by my hometown agency after graduating.

About ten years later I am still actively employed. I make about $39,800 a year. Not a lot, but I do have a lot to show for it.

Right now I am taking advantage of my departments college tuition assistance and start Barry University next month to finish my Bachelors in business administration. I have only 18 classes to finish it and it should only cost me about $5000 or less out of pocket.

I do enjoy my job but I am at my wits end with putting up with the stress and the BS. That being said putting up with the stress and BS has opened a lot of doors for me. I do kind of wish I would of joined the Navy, and still to this do think about joining the reserves. Who knows.

DarkBake my point is that projectvxn is right. If you feel things are so bad that you won't be able to eat join the military, or become a police officer, a fire fighter, a paramedic, hell move to North Dakota or Texas and work in the oil/natural gas field.

They may not be careers that you planned on doing, but if you can put up with it for a while it can open up a lot of doors for you.

reply to post by darkbake


The data sounds worse than I had thought judging by what I see in people even my age bracket(30s). Many in their 20s an 30s, have multiple roommates, some staying at home with their parents, others couch surf but never find themselves with savings if they do find menial jobs or PT temp situations due to high turnovers. Living pay check to paycheck one step away from losing where they rent(while not a new thing, just seemingly more common).

This subject needs to be brought up more, discussed, found solutions, because it doesn't seem likes it going to get better from here.


I have plans of making a thread, maybe in survival, for alternative housing for these situations as well as others ways to survive in this harshly changing country. Going to be a challenge from what I know in trying to help others, growing homelessness, with less available housing.



In your situation, if you're in Washington state, if not already, you may want to check with the GAU program. It will help you for a while-program has time limits determined by situation, to help get back on your feet a little money wise at least. Being the downside from what I've heard from people that I know in Washington is, the program has been severely cut in funds.


S&F

reply to post by TorqueyThePig


Indeed.

We all have worked jobs and done things we don't like to help us open up a few doors later on down the line.

I was a barista at a coffee stand at the city hall in my home town. Didn't pay much but I did get to know the mayor and many of the city council along with the staff, police, firefighters, and businessmen that offered open doors to me.

I still have those connections if I ever need to call them in.

Being in the military has opened more opportunities for me than I could have ever imagined. While it sucks that I am posting from Afghanistan right now..I do get to fly around as a crewchief aboard essentially brand new M-model black hawks and maintaining them on non flight days. I'm getting experience I need, and I am using it to better myself.

Yes the days are long and Afghanistan is a waste of time. But I am here and I am getting something out of it.

Been reading this site for about 4 years now and had to just register for this topic.

I just turned 30, have a stable 2 kid family going, work in the entertainment industry making great money when a job comes up but it doesnt average out great. My girlfriend works as a teacher for an after school program and makes an alright amount of money, but still slightly less than me. We both went to school,me earning a BA and her a Masters. Our forgiving work schedules allow us to travel somewhat when we save a little money to head somewhere.

She just began working this school year after taking off 3 years work leave to be with our child while I was the sole income (yes, 3 year maternity leave). We agreed she should stay with him and hang out, do the mom thing, get a real good bond going and we would also save on day care about what she would make in a day anyway. I earned more this past filing year than I ever have (think it was just about $30K, with my previous years being ~$22K-25K). Since moving out of my parents house at the age of 19, I have asked my parents (who are split) for money to help with rent 3 times. Let me repeat that, over the last 11 years (or 132 months), I have asked for help 3 of those months.

I have a decent cheap car with decent gas mileage (same with my gf), do any maintenance myself (which is something that almost all people of my generation fail at knowing and a ton for someone else to do it), live in a pretty expensive area (Santa Cruz county) and have enough money to do most of what I would like to do at any point in time.

Sorry to be harsh but life isnt that hard, the 1% arent holding you back, you are holding yourself back. Fix your own problems instead of crying about what other people have. All it takes is a minimal amount of effort and you can be comfortable. When I hear people complaining like this it bothers me because if I can do it with 2 kids and a previously stay-at-home girlfriend, then anyone can take care of their 28-year old self.

reply to post by projectvxn


Be safe sir, and thanks for your service.

andy06shake
reply to post by AliceBleachWhite

 

I'm surprised the Queen of England and the royal family are not in the top 10 considering the amount of land "They" own throughout the world.

The Balmoral and Sandringham Estates aren't that big - there are plenty more wealthy landowners in Britain!


As for the 1% - I earn less that £10,000 a year. But I reckon, on a global scale, I'm definitely in the 1%.

The wealthiest people are old because it took them a lifetime to accumulate it. It takes money to make money. Carlos Slim wasn't a billionaire when he was 22 years old. Neither was Bill Gates. Not much of a conspiracy here.

reply to post by darkbake


I'm not but my brother is in the 1%. It doesn't take much to get into the 1%. R u referring to the world or just America because most of the world is poor like dirt.

I'm right on the poverty line and consider myself to be wealthy. I don't over extend myself, I don't buy crap that is not needed; ie: do I want or need a 60' TV. Anwser: NO...I don't need one.

But one of the things when people compare wealth and they often ignore it is one word. Assets.

Assets are wealth, houses, business, etc...but you can't just go down to the ATM or bank and pull money. It doesn't work like that no matter how many of the uneducated think.

reply to post by TDawgRex

Assets are wealth, houses, business, etc...

Keyword here is business. Most complain about how the rich do nothing to help the rest of the world but the reality is that most of their money is tied up in investments to help businesses grow.

As for the OP: Many under 30 are close to the entitlement generation. This world view is the only thing that would keep anyone from being successful. Each of us have to work for what we need and are entitled only to the air we breathe.

dillingerd

Sorry to be harsh but life isnt that hard, the 1% arent holding you back, you are holding yourself back. Fix your own problems instead of crying about what other people have. All it takes is a minimal amount of effort and you can be comfortable. When I hear people complaining like this it bothers me because if I can do it with 2 kids and a previously stay-at-home girlfriend, then anyone can take care of their 28-year old self.

Words well spoken.

I read an article the other day, that 30 percent of adults age 35 and under are still living with their parents. Some due to high cost student loans and lack of jobs, some due to low paying of jobs.

(I'm sue some just don't want to have a job.) Alot of kids were raised to expect entitlement without the effort, and the parents are paying for it now.

I do feel bad for the young ones who went to school and WANT to work but can't find a job.