I was in middle school during the occupy Wall Street protests. I don’t remember much about the actual protests, besides the fact that I had the privilege of mostly watching them on TV. I was a bit fascinated, mainly because it seemed like the protestors were going hard. It’s been 13 years since then, and I’ve learned a lot about the world, and seen a lot of things. I found it interesting how these people were so concerned about the “1%”, but all the rich people I had met earned very little money on paper. I did lots of investigating, and came to the conclusion that the top 1% is irrelevant as a term. People earning top 1% salaries (over $800K in the USA) are living a multitude of lifestyles. Some of them are worth millions, others are living paycheck to paycheck. People shouldn’t be focused on them. What they should instead take a look at, are all the wealthy people and their spheres of influence. Allow me to explain.
The top 1% is often looked at in terms of income
I remember the occupy Wall Street protests vividly. I was just a kid, but I needed to be escorted home as the angry protestors marched across my street. I lived well North of Zuccotti Park, but it was a wealthy area. I didn’t really realize that the protesters were protesting people like my parents and their colleagues. I learned later that week that these people were protesting against the top 1%. Meaning they were mad at all the rich people in the country, the top 1% of income earners in this case. This makes sense, because most people earn all their income from employment. They might have stocks or a side hustle, but they generally go to a job. But the world isn’t the same for the wealthy. The wealthy own businesses, or they get paid in stock options and gifts. This is to avoid taxes, and all perfectly legal. This brings me to the next point.
Wealth matters more than income
I grew up in a fairly high-income home. Probably in the top 1%, but I don’t have the data from back then. I also had scholarships to private school. I went to school with people who were really wealthy, like incredibly so. A lot of people’s parents had millions of dollars at work for them. This mainly had to do with age and inheritance. One of the main things I noticed about my parents is how stressed out they seemed. Especially in comparison with older parents, some of whom had to shoulder the burden of massive legal fees or medical bills and did it without complaining much if at all. As far as I could tell, most people Earning a high income isn’t enough. Real rich people are sitting on pots of money. This is because they own stuff, whether it’s companies, bonds, or real estate. They can sell this stuff when it grows in value, and live without working. How rich people got their stuff is irrelevant. They have it, so they win.
When it comes to wealth, the top 10% almost everywhere can live comfortably, if they live within their means
The top 10% of people wealth wise, will have 5–10 times the GDP per capita of a given country by the time they’re in their early 30s. This tracks with this chart on net worth and age in the United States. People might have a bit less in more egalitarian societies, but when I look around my home country and track how people spend their money, this figure appears to be accurate. This means that in a lot of the world, the most disciplined or fortunate 10% of people of people are living pretty good lives. I know this because I live in a country that is considered to be very poor. The wealthier people are living great lives, especially after their 20s pass by.
It’s nearly impossible to live like a celebrity anymore
You might make a gazillion dollars one day. Who knows, hard work has a weird way of paying off. But odds are that while you can make enough money to become wealthy, it’s unlikely that you will ever be able to afford private jets and multiple large houses in sunny locations. You probably can’t and will never be able to afford designer clothing either, unless you’re in a first world country. These things are made for people who are showing off, thinking irrationally, or can spend more than $2–5 million per year. I wish I had a way of quantifying this fact of life with data. But I can’t. It’s simply something I’ve observed. What money buys nowadays are advantages and security. Your children will have a far easier time living life after your gone too. It’s still worthwhile to get rich, but the opportunity to live like you’re in a movie is a one in a thousand or one in ten thousand opportunity. It’s possible, but I wouldn’t count on it. If you don’t believe me, just Google the average price of a single private jet flight.
The Problem with Rich People Is What They Control
I don’t think any rational person cares too much about other people making money. We all like working for what we have, and we love to spend on cool products and services. That being said, rich people have way too much power right now. We can feel it in all aspects of life. Rising prices are making it hard for new businesses to get started and compete. Products and services are getting…shittier. I’m sure you’ve noticed that a lot of software and websites are getting harder to use. This will continue if the rich keep getting richer. Politics have also been ruined by the wealthy. Whether you’re in the US, Canada, the Caribbean, or Latin America, you’ve probably noticed that politics are getting pretty crazy. This is because rich people are intervening.
What Can We Do?
Learn. Vote. Work for ourselves. Talk about pay. Fight for better pay. Stop fighting to raise income taxes. Whatever industry you join, try to help others in it. Every person matters. And also, focus on wealth in your personal life. Make the necessary sacrifices to get ahead on the wealth pyramid. Invest, start a business. Just make an effort to think communally, I guess. There isn’t much else that can be done. The world is crazy, and the only thing we can control is ourselves.
Thanks for paying attention.
