Crying ‘Poor’ at $200k+ per Year

By Nugget on Wed Apr 23 2008 8:12 am | Leave a Comment 

A chronicle reporter, Debra Saunders, was chastised by San Franciscans after she called people that earn between $200,000 and $250,000 a year "rich."  One lawyer said that "salary cannot make one rich because a ‘rich’ person does not need to work. Like Bruce Wayne."  I think this was an attempt by this lawyer to argue that the word "rich" pertains to a person’s wealth and not their income.  I mean really.  How spoiled are these people that contacted the reporter to complain!?

If you make $200,000 or more you may not be wealthy now, but you certainly have the means to amass a decent level of wealth over 20 years of earning that much money.  Over $4 million over 20 years to be exact.  Add to that several shrewd investments and compound interest and those $4 million in earnings could conservatively double.  That’s not a bad deal.  San Franciscans and the top income earners in the state just need to concentrate on what they have, rather than what they don’t have.

The reporter points out that people in that $200,000 or more earn more than 93 percent of the people in San Francisco and more than 97 percent of the people in the entire country!  She concedes that the top 5 percent of income earners pay 60 percent of the nation’s taxes.  These San Franciscans can argue that they pay too much in taxes, but they shouldn’t cry poor because "it looks bad to the other 97 percent."  I agree, be grateful for what you have and invest you spoiled babies!

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