I realize that this isn't the most classy thread, but I've been known to push the envelope a little these days... http://www.ajc.com/business/content...1?urac=n&urvf=10655379624280.5629017953027178 Middle class wealth grows But worry level has risen, too Dow Jones News Service WASHINGTON -- The personal wealth of middle-class Americans grew during the last half of the 1990s, and a consumer group attributed the increase to better financial behavior. The Consumer Federation of America on Monday released research showing the median net wealth of middle-class Americans rose 23 percent to $74,000 in 2001, up from $60,000 in 1995. But the consumer group also found about half of the population segment is now concerned about their financial condition. "The good news is that most middle-class Americans built greater personal wealth during the late 1990s," said Stephen Brobeck, executive director of the CFA. "The bad news is that this wealth is not sufficient to meet major emergencies, let alone provide for a comfortable retirement. No wonder so many today are worried about their financial condition." The biggest portion of the increased wealth was in home equity, Brobeck said. People also put money into retirement plans, savings accounts and savings bonds, he said. Their stock holdings also grew, but for the typical middle American family these represented just a minor portion of net wealth, the CFA said. Only 53 percent held stock, and the value of the median holding was just $17,500, it said. On the other hand, the CFA said, its analysis showed median family stock holdings of stockholders in the top 10 percent income group climbed to $247,700 from $69,300 in the six-year period. The consumer group said its data suggest that increased financial prudence was an important reason for the rising wealth of middle-class Americans. The proportion of the middle-class saving money climbed, while the share of those spending less than their income also went up, the CFA said. The research was released by the CFA and credit card provider Providian Financial as part of America Saves, a program that dispenses free advice to help people save money. The two groups studied the financial condition of middle-class Americans -- defined as that three-fifths of all American households with incomes between about $20,000 and $80,000 in 2001 dollars. The research was based, in part, on data previously collected by the Federal Reserve about household finances from 1989 to 2001. In addition, a survey conducted in July 2003 showed that 50 percent of Americans are worried about their financial situation. The survey polled about 1,000 adults nationwide in July. The margin of error was plus or minus 3 percentage points. "Those worried about their finances are likely to have too little income or savings," Brobeck said. "As the unemployment rate has risen, they also may have grown more concerned about losing their job." What class are you in?
Uh yeah. DUH. why in the world would bill gates or michael dell or any gazillionaire out there worry about personal finances? sheeeit!
Between 20 and 80? That's quite a catch-all. Does it mean that lower class is 1/5th and the upper class is 1/5th? In any case, it seems a little too simplistic to define class by household income. A ghetto pimp pulling in $200,000 a year would be hard to categorize as upper class despite his wealth.
$200,000? Damn, I'm there...Do you need any previous experience to be a ghetto pimp? To whom do I send my resume?
Those of you who want to flame me for saying a ghetto pimp is unlikely to be an upper class individual, I'd invite you to go to the D&D thread on political correctness and defend the practice, which is currently taking a beating in that thread. For Another Brother -- who, admittedly, (barely) held his tongue -- you can't expect to start a thread about class and not be confronted with issues of political correctness. Or was there something else about the ghetto pimp that you had wanted to comment on? A-Train, sorry, I just made up a number greater than 80,000. I have no idea how much a pimp might make. Don't quit your day job on my account.
Holy crap!!! Who's gonna throw out the first 'yo momma' crack? This thread is quickly going downhill...I'm glad I could be a part of it before getting loc.....
That's what I'm saying...I mean, why can't you pimp in the ghetto and have a nice house in River Oaks or The Woodlands?
I think he would have been better off just asking about drug dealers? I doubt some pimp makes that much money, unless he or she owns a strip club, and is taking a cut of the prostitution. Think about "The Sopranos" and the Godfather movies. I always find it funny when watching the Godfather they portray Vito and then Michael as such classy and noble individuals, when they are truly criminals. As much as I love the movies, I think it is a gross misrepresentation of the actual Organized Crime element. I also find it funny that the guys at the top are portrayed that way, Michael, Vito, Roth in part II, but the other people lower on the totem pole are portrayed more like typical criminals, Sonny, Fredo. On the Sopranos however, everyone is pretty much a scumbag, its just the Tonys and Johnny Sacks of their world are smarter then the guys lower in the organization. Anyway, just some observations.
Maybe jo mama? This thread reminds me of a Norm McDonald 'Weekend Update' line. After 3 consecutive years, the worlds least desireable job is no longer Crack w****. The new owner of that distinction? Assistant Crack w****.
