Individual Income Poll

[SeeBass]

Originally Posted by RogerWilco

I would agree with that, but would also add that it doesn't matter how much you make unless it is millions. It wouldn't be hard for some one making 150000 to get mortgaged through the roof if you must have a house in the inner city worth 2.5 mil.

Or you treat your home like a bank machine

[SebC]

Bump.

According to analysis by the Pew Research Center released Monday, younger Americans have been left behind as the oldest generation has seen wealth surge since the mid-1980s.

While it's typical for older generations to hold more wealth than younger ones who've had less time to save, the gap between the two age groups has widened rapidly.

In 1984, households headed by people age 65 and older were worth just 10 times the median net worth of households headed bypeople 35 and younger.

But now that gap has widened to 47-to-one, marking the largest wealth gap ever recorded between the two age groups.

http://money.cnn.com/2011/11/07/news...ealth_gap_age/

Looks to me it's pretty clear who the greedy generation is.

[bizaro86]

Originally Posted by SebC

Bump.



http://money.cnn.com/2011/11/07/news...ealth_gap_age/

Looks to me it's pretty clear who the greedy generation is.

Don't worry, at least those of us who are young and working will get to support social programs for a demographically huge group of people who have been getting pandered to by gov'ts their entire life because of their sheer (voting) numbers. People in my generation have less kids on average, but the same number of dependents. We have a baby boomer's retirement/benefits we get to pay for.

[CaramonLS]

The people that voted 100K+ thought this was a public poll.

[Ryan Coke]

Maybe it's that the older generation is better and saving and wealth accumulation. When a younger generation doesn't understand restraint and living within means, the natural by-product would be diminished wealth accumulation.

It didn't say the wage gap was bigger than ever, it said net worth.

[SebC]

Originally Posted by Ryan Coke

Maybe it's that the older generation is better and saving and wealth accumulation. When a younger generation doesn't understand restraint and living within means, the natural by-product would be diminished wealth accumulation.

It didn't say the wage gap was bigger than ever, it said net worth.

The people who actually did the study said (in the article) that the biggest factor home equity, as in the older folk got to ride the housing bubble on the way up.

[Dion]

The Baby Boom and the Future of the Economy:

Turner explains that the big changes will be due to the fact that the ratio between the number of working people to the number of retired people will change dramatically over the next few decades:

When most boomers were in their teens, there were six Canadians like them, under the age of 20, for every person over 65. Today there are about three young people for every senior. By 2020, the ratio will be even more frightening. THis will have profound consequences on our entire society. (80)

Demographic changes will have a major impact on the ratio of retirees to workers; the ratio of the number of people ages 65 and over to the number ages 20 to 64 is expected to grow from about 20% in 1997 to 41% in 2050. (83)

These demographic changes will have both macroeconomic as well as microeconomic impacts. With so few people of working age, we should that wages will rise as employers fight to retain the small pool of labor available. This also implies that unemployment should be fairly low. However taxes will also have to be quite high to pay for all the services that seniors require such as government pensions and Medicare.

http://economics.about.com/od/health.../baby_boom.htm

[Dion]

nm

[Vansmack]

Originally Posted by darklord700

A few days ago, Chad Occhocinco wrote on his facebook page about high private school tuition fees. Just shows that it really doesn't matter how much you make. Life is tough even for NFL players.

Grades 1-3: $14,920.00
Grades 4-6: $16,360.00
Grades 7-9: $17,250.00
Grades 10-12: $17,800.00

Here is the current fee structure for Strathcona-Tweedsmuir. It basically costs $200,000. In addition, I believe they make you buy a nonrefundable bond for each child enrolled. Personally, I really enjoyed going to school there, although I doubt it was really worth it in the grand scheme of things.

[Bill Bumface]

Originally Posted by KTown

I am a consultant and yes you are right you can make more during the boom because there are a tons of hours of work up for the taking. With that being said the problem with a lot of consultants is they tend to spend everything they make. If you are going to consult, you must at minimum save 6 months worth of living expenses. I am assuming most people could find a job within 6 months, even if it is doing something not related in your degree. I try to keep 2 years of living expenses in my company so I don't have to change my lifestyle during a recession.

With that being said I worked 2400 hours in 2009 when half the O&G engineers were out of work. I've been very lucky obtaining a boat load of work throughout but with that being said I am not like most people my age. I put my work first and its paid off. I've consulted for one company now over 5 years. I've seen this company go from 250 people to 50 people and back to 200+ now. Yet they kept me over staff people during the down turn, so I am not sure it is in my best interest to move around for an extra $5.00 an hour and rebuild the relationships that I currently have with my existing contracts. I've hit 2800 hours this past year.

Work hard, play hard. That's what I stick by.

I meant the fact you can get yourself a $20-$50 rate bump depending on what you are doing by moving around in a boom.

Working 2800 hours sounds like hell. No thanks. I'd rather be one of those guys working 6 months of the year making what everyone else is working a whole year for (but sadly I'm not, I've seen it done plenty though).

[DrJ]

Originally Posted by Vansmack

Grades 1-3: $14,920.00
Grades 4-6: $16,360.00
Grades 7-9: $17,250.00
Grades 10-12: $17,800.00

Here is the current fee structure for Strathcona-Tweedsmuir. It basically costs $200,000. In addition, I believe they make you buy a nonrefundable bond for each child enrolled. Personally, I really enjoyed going to school there, although I doubt it was really worth it in the grand scheme of things.

You need the $1,000,000 a year option to click...

[KTown]

Originally Posted by hulkrogan

I meant the fact you can get yourself a $20-$50 rate bump depending on what you are doing by moving around in a boom.

Working 2800 hours sounds like hell. No thanks. I'd rather be one of those guys working 6 months of the year making what everyone else is working a whole year for (but sadly I'm not, I've seen it done plenty though).

Working 2800 hours is alot. I am in field right now doing a startup and I've worked in 3 days, 44 hours. Another long day tomorrow and I fly back home tomorrow night than back in the office Friday and Saturday to get caught up. Sunday is my rest day AKA NFL Sunday Ticket. Then next week I got my son for most of the week so my work time will drop next week to a normal person hours. Then back up the following week again.

I hear you though, my long term goal is to start my own engineering firm and have people make me money.

[Bill Bumface]

Originally Posted by KTown

Working 2800 hours is alot. I am in field right now doing a startup and I've worked in 3 days, 44 hours. Another long day tomorrow and I fly back home tomorrow night than back in the office Friday and Saturday to get caught up. Sunday is my rest day AKA NFL Sunday Ticket. Then next week I got my son for most of the week so my work time will drop next week to a normal person hours. Then back up the following week again.

I hear you though, my long term goal is to start my own engineering firm and have people make me money.

That's the ticket. Even when I just think of those flowthrough places taking $3-6/hour for people that find their own jobs, you get 20 guys under you, hire an admin, and just watch your bank account refill itself.

[Azure]

Originally Posted by KTown

Working 2800 hours is alot. I am in field right now doing a startup and I've worked in 3 days, 44 hours. Another long day tomorrow and I fly back home tomorrow night than back in the office Friday and Saturday to get caught up. Sunday is my rest day AKA NFL Sunday Ticket. Then next week I got my son for most of the week so my work time will drop next week to a normal person hours. Then back up the following week again.

I hear you though, my long term goal is to start my own engineering firm and have people make me money.

Obviously if you're working those kind of hours, companies know what you bring to the table, and are willing to pay for it.

Sounds like the perfect opportunity to start your OWN consulting company, hire good people, and get them to do what you're doing now.

I know a couple guys in the oil business that did exactly what you're doing now. Today they own/run million dollar consulting companies. And both of them didn't have a down-turn when they recession came.

[bizaro86]

Originally Posted by Ryan Coke

Maybe it's that the older generation is better and saving and wealth accumulation. When a younger generation doesn't understand restraint and living within means, the natural by-product would be diminished wealth accumulation.

It didn't say the wage gap was bigger than ever, it said net worth.

It could just be the time factor. I save a significant percentage of my annual income, but since I've only been working a few years, my total net worth is much lower than it will be in the future. (After my savings continue to grow/mortgage paid off)

For the vast majority of people, their net worth will go up over time. A fair intergenarational comparison would be some sort of inflation adjusted amount for when both generations were the same age.

[SeeGeeWhy]

Originally Posted by KTown

I hear you though, my long term goal is to start my own engineering firm and have people make me money.

Go for it man. What's stopping you from doing it now?

[valo403]

Originally Posted by KTown

Working 2800 hours is alot. I am in field right now doing a startup and I've worked in 3 days, 44 hours. Another long day tomorrow and I fly back home tomorrow night than back in the office Friday and Saturday to get caught up. Sunday is my rest day AKA NFL Sunday Ticket. Then next week I got my son for most of the week so my work time will drop next week to a normal person hours. Then back up the following week again.

I hear you though, my long term goal is to start my own engineering firm and have people make me money.

The worst part of that whole thing is that you have to spend your day off watching the Dolphins

[Vansmack]

Originally Posted by hulkrogan

That's the ticket. Even when I just think of those flowthrough places taking $3-6/hour for people that find their own jobs, you get 20 guys under you, hire an admin, and just watch your bank account refill itself.

or you could be like my boss who makes $150-$200/guy. He also had about 380 guys working for him last week. A cool $57,000/day to market out his field guys.

[MoneyGuy]

Yes, start an engineering firm and get rich. If only it were that easy.

[Bill Bumface]

Originally Posted by Vansmack

or you could be like my boss who makes $150-$200/guy. He also had about 380 guys working for him last week. A cool $57,000/day to market out his field guys.

WOW.

That's what I call doing it right.