To my mind, borrowing a million dollars doesn't make you a millionaire, it just makes you in debt. So the definition uses for the figures above is *net worth*. That is, what you own minus what you owe. The figures I provided are people with a net worth of *at least* a million dollars. The average is about $2.5-$3 million, I don't recall exactly.
For most millionaires that simply comes down to what's in their 401K or IRA. They've paid off their mortgage and bought their car three years ago with cash, typically.
The data indicates that having typical middle-class parents raise you, driving to Starbucks in a car loan does tend correlate with the kids doing the same thing. So there is a correlation there - up to typical middle class status.
Those who do a lot better, millionaires and multi-millionaires, do *not* tend have rich parents, in fact the opposite is true. Multi-millionaires tend strongly to be people who budget and save, and that correlates with *lower* than average income of their parents when they grew up. Those who grow up with upper middle class parents tend to hand out money freely to Starbucks and Apple, and end up in debt or with little wealth. 80% of millionaires came from families that are middle class or lower.
Let's look at the mega-rich you mentioned. The Forbes 400 is perhaps the best known and best research list of the wealthiest Americans. Of the super-rich (Forbes 400), more had poor parents than had parents that were super rich. Most of these mega-rich built on what their parents or other family members had done. Fred was a millionaire, his son Donald is a billionaire (and a fuckwad).
One thing the mega rich tend to have in common in that they most often don't have hobbies they are passionate about, close friends, or much else other than money; they have focused on building their business empire and sacrificed other things. That's why I don't want to try to be mega rich. I'm good with $2 million, which doesn't require giving up time with my family - I just drink coffee at home with family rather than at Starbucks.
Boring, low-cost mutual funds like the Vanguard funds are how about 10 million Americans have become millionaires. Mustn't they've held Vanguard or similar funds inside their 401K or other retirement plan. That's most millionaires.
Other interesting facts about millionaires:
33% of millionaires never made $100,000 in any year. Most made less than $150K.
Millionaires are no more likely than the average American to have received any inheritance. (21% f people, and 21% of millionaires, inherit any money).
Less than 1% of millionaires made most of their money in one year, from a particular event. 99% consistently invested over the long term.
Most commonly held jobs of millionaires: Engineer Accountant Teacher
88% of millionaires have a bachelor's degree, 52% have a graduate degree. About half are first time graduates - their parents didn't have a degree. Of those will have a degree, most went to state schools rather than private schools, and 68% worked their way through school rather than taking out loans.
You might want to learn a bit of English. Nation, country, and state all mean different things.
In 1785, Virginia and 13 other states were sovereign states which signed a NATO-like common defense agreement, with these words:
"Each state retains its sovereignty, freedom, and independence, and every power, jurisdiction, and right, which is not by this Confederation expressly delegated."
The states delegated to the Congress of the Confederation the ability to make war with Britain, and not much else:
"The said States hereby severally enter into a firm league of friendship with each other, for their common defense"
You know why each state has two senators, not each million people? Why California has electoral votes, and Texas does, while neither you nor I do? Because it's a federation of states.
Absolutely students have a responsibility to make decisions about what they study, where, at what cost. Spending $100,000 on a gender studies degree only makes sense if you have an extra $100,000 to spend on learning for leisure. WGU.edu makes sense if you don't have a bunch of spare cash.
ALSO the company who owns/owned several schools, Career Education Corporation, just agreed to not pursue payments in $500 million of student loans and to penalties in 48 states because the schools misrepresented the value of their degrees and did other bad things to recruit students in a misleading way.
So students need to research the value of the degree they are seeking and compare different schools. When schools publish information about the value of the degrees they offer, that information needs to be accurate and not misleading.
Yes, cybersecurity spending has increased perhaps 1000% over the last ten years. I've been doing cybersecurity work for twenty years. The first ten years, there was no money in it, but I enjoyed it. The last few years, my experience has become very marketable.
On Tuesday I talking to a guy at an OWASP meeting and mentioned his company has 50 employees in the cybersecurity department. They aren't a security company.
> They should, by your assertion, be why we need a world government that makes laws that override the laws of "sovereign states".
It's interesting that you used the correct term, states. It actually worked pretty well to have a federation of states agree to give certain listed powers to a federation government. We call it the federa(tion) government the federa(l) government.
Where things tend to go sideways is when the states allow the federal government to purport to exercise powers it does not have under the Constitution. The enumerated powers are there for a reason.
I know zinc oxide is a good sunscreen, but you can't really wear that all the time if you're fair-skinned or have risk factors for skin cancer. Are there good ones, that protect from the cancer-causing wavelengths, affordably? Do they look like zinc oxide sunscreen aka clown make-up? I'm not really familiar with this topic. I suppose maybe Florida fashions could adapt and it could be considered normal to sit in a business meeting painted like Bozo the Clown.
I rarely use sunscreen, so this doesn't affect me enough for me to research it more.
It's interesting. I'm a bit surprised that parts-in-a-billion concentration of sunscreen would have a significant affect on coral. I almost wonder if this isn't based on research where they applied sunscreen to coral at a million times the concentration that is found in the ocean. If I cared more I'd read the study. I'm not saying the study is bogus, just that it smells funny because of the amount of sunscreen vs water - it seems like it would be so dilute that couldn't have any significant affect. Surprising things happen, though. Could be legit.
Btw I've posted plenty about how we need to pay more attention to the 10th amendment and the enumerated powers. I'm all about the 10th amendment - and web sites are so clearly interstate commerce. Interstate commerce is one of the enumerated powers, and for good reason.
Unless you're going to have separate companies for each state, you kinda need a uniform set of rules for the country. That's what the EU has done with GDPR. Even with the uniform Privacy Directive providing uniform principles to be applied in each country, they found that wasn't sufficient; a uniform rule was needed across Europe.
There is plenty to debate about what the rules should *be*. There's no doubt that having 50 different conflicting sets of rules would be a mess. One state would require records be preserved for inspection by authorities, while another would require that data be deleted after it's no longer actively used, and it would be impossible to comply with both.
If it's worth $4 per user per year, they made a 10% return on their money this year and that amount is growing. So yes, it's probably worth $42/user - over some time period. And the number of users is growing.
The big question is return of principal AND investment return. Will the popularity of WhatsApp either last long enough or grow big enough, or be sold for enough, to only make good return on the investment each year, but also get the $18 billion back. It'll almost certainly generate $18 billion, but Facebook already had $18 billion they spent on WhatsApp. It needs to return double that over ten years to be a good investment.
That's right. It must be reasonable compared to what other people are paid for the same job in other companies, and they can look at what other people in the same company are paid. If the owner / CEO makes less than other employees, that's suspicious and they better be able to defend that.
I owned a company that I quit working for. I worked full time at a different company, while also going to school full time. Somebody else ran the company. They got paid for their full time work, my pay was commensurate with the eight hours / year I spent on the company - the key was I was able to document that. I could show that I no longer worked for the company, though I did own it.
> I can set up Bob Smith LLC, have Bob Smith LLC purchase a car in the company's name, rent houses and offices, etc. and I would work for Bob Smith LLC as the CEO paying myself a salary of $1/year. This happens all the time with small business owners. I know that the "corporate veil" can be pierced if the IRS or someone suspects this is going on
The thing about that is you have to report your salary on the tax forms, as well as revenue, etc. A $1 salary isn't going to be "if the IRS suspects", that's pretty much "go directly to jail. Do not pass go." These days IRS computer sees that $1 and you're dead.
Yes, people try it - and people pay large fines and penalties and go to jail.
That's essentially what he said. By law, the unfunded agencies, including the FCC, can only have staff do things for which waiting until next week would be "a threat to the safety of human life or property". Preparing a report for this Congresscritter is "not a threat to the safety of human life or property", he said, and therefore he can't legally have staff doing that when Congress hasn't authorized paying any staff.
Indeed, solar electric cannot save the day. Here's a handy rule of thumb: Any energy policy proposal that fits on a bumper, or in a tweet, is wrong.
I wrote a short summary of an energy mix proposal that could work. It's over 30 pages, and doesn't go into detail.
No single technology is going to work for the United States. The US is a big country, with widely varying geography and population density. Various energy sources have different strengths and weaknesses at different times. Delaware might be able to rely on a single source and get away with it, though it would probably be expensive and / or dirty. The US needs to come me many. Nuclear has a key role to play.
And by you mean "he's not going to unlawfully force his staff to do unpaid work in order to make Congress happy while Congress fails to do their job and pay the staff".
The House wants the FCC employees to come to work and create a report for them about this. The House hasn't passed a spending bill authorizing that the employees get paid. I very well might not keep showing up to work weeks after I was no longer getting paid. (Unless I owned the company - I've done that).
> But this is the point. If you leave a whiteboard somewhere, it is likely that someone will write something on it. Maybe interesting, probably not, potentially offensive.
If you invite people to write / draw whatever, some idiot will draw a penis. How long it takes before someone draws a penis in different situations is a measurable quantity known as TTP, time to penis.
An area for further study is TTPE, time to penis erasure. This is how long after the penis is drawn until some reasonable person comes by and erases it.
Recently we've been seeing an inversion. TTPE is sometimes higher (longer time) than TTSJW, meaning a whack job has the opportunity to see it and go insane prior to a reasonable person erasing it.
I wouldn't be TOO surprised. The cost per range has a lot to do with the weight. The Model X weighs about as much as a Hummer H2. The Model S curb weight is in mid-sized SUV territory. If Volkswagen keeps the weight down, that gives them range.
Yeah I do get to spend a lot of time here. It's nice not having to "work" long hours.
Instead, the hours I put in are studying. Just before seeing your post, I was taking a practice test for my CISSP. That'll both bump my pay up another $15K/year and make it even easier for me to get jobs in laid-back companies where people aren't over-worked.
I really need to set up some automatic filters again so that I don't have an ever-growing Inbox, so that any email in my inbox is something I want / need to act on. That worked pretty well for for a number of years.
My current company doesn't use email much for important things, instead using it for a lot of automatic notifications and mailing lists I don't care about. I should filter that stuff.
--- It's night time in the US. If you were to go outside and look at the sky, you would see things that are millions of miles away. You can't see them at night. ---
That should of course be: You can't see them DURING THE DAY.
Even fairly dim lights are visible at great distances at night, as long as it's above the horizon. They are visible at far greater distances than the same objects during the day.
Slashdot Mirror
Call it what you will, this is the process used by over 80% of people who have at least a million dollars:
Typical salary $59,000.
Invest 15%* in boring ass index mutual funds for 25 years and you've got a million dollars.
Very simple, very boring, very effective.
* Employer match averages 5% with the worker investing 10%.
To my mind, borrowing a million dollars doesn't make you a millionaire, it just makes you in debt. So the definition uses for the figures above is *net worth*. That is, what you own minus what you owe. The figures I provided are people with a net worth of *at least* a million dollars. The average is about $2.5-$3 million, I don't recall exactly.
For most millionaires that simply comes down to what's in their 401K or IRA. They've paid off their mortgage and bought their car three years ago with cash, typically.
--
Not all things that go wrong are equal. You want to be careful doing things that go wrong in geometric progression.
--
Something about the way you said that is awesome.
The data indicates that having typical middle-class parents raise you, driving to Starbucks in a car loan does tend correlate with the kids doing the same thing. So there is a correlation there - up to typical middle class status.
Those who do a lot better, millionaires and multi-millionaires, do *not* tend have rich parents, in fact the opposite is true. Multi-millionaires tend strongly to be people who budget and save, and that correlates with *lower* than average income of their parents when they grew up. Those who grow up with upper middle class parents tend to hand out money freely to Starbucks and Apple, and end up in debt or with little wealth. 80% of millionaires came from families that are middle class or lower.
Let's look at the mega-rich you mentioned. The Forbes 400 is perhaps the best known and best research list of the wealthiest Americans. Of the super-rich (Forbes 400), more had poor parents than had parents that were super rich. Most of these mega-rich built on what their parents or other family members had done. Fred was a millionaire, his son Donald is a billionaire (and a fuckwad).
One thing the mega rich tend to have in common in that they most often don't have hobbies they are passionate about, close friends, or much else other than money; they have focused on building their business empire and sacrificed other things. That's why I don't want to try to be mega rich. I'm good with $2 million, which doesn't require giving up time with my family - I just drink coffee at home with family rather than at Starbucks.
Boring, low-cost mutual funds like the Vanguard funds are how about 10 million Americans have become millionaires. Mustn't they've held Vanguard or similar funds inside their 401K or other retirement plan. That's most millionaires.
Other interesting facts about millionaires:
33% of millionaires never made $100,000 in any year.
Most made less than $150K.
Millionaires are no more likely than the average American to have received any inheritance. (21% f people, and 21% of millionaires, inherit any money).
Less than 1% of millionaires made most of their money in one year, from a particular event. 99% consistently invested over the long term.
Most commonly held jobs of millionaires:
Engineer
Accountant
Teacher
88% of millionaires have a bachelor's degree, 52% have a graduate degree. About half are first time graduates - their parents didn't have a degree.
Of those will have a degree, most went to state schools rather than private schools, and 68% worked their way through school rather than taking out loans.
You might want to learn a bit of English. Nation, country, and state all mean different things.
In 1785, Virginia and 13 other states were sovereign states which signed a NATO-like common defense agreement, with these words:
"Each state retains its sovereignty, freedom, and independence, and every power, jurisdiction, and right, which is not by this Confederation expressly delegated."
The states delegated to the Congress of the Confederation the ability to make war with Britain, and not much else:
"The said States hereby severally enter into a firm league of friendship with each other, for their common defense"
You know why each state has two senators, not each million people? Why California has electoral votes, and Texas does, while neither you nor I do? Because it's a federation of states.
Absolutely students have a responsibility to make decisions about what they study, where, at what cost. Spending $100,000 on a gender studies degree only makes sense if you have an extra $100,000 to spend on learning for leisure. WGU.edu makes sense if you don't have a bunch of spare cash.
ALSO the company who owns/owned several schools, Career Education Corporation, just agreed to not pursue payments in $500 million of student loans and to penalties in 48 states because the schools misrepresented the value of their degrees and did other bad things to recruit students in a misleading way.
So students need to research the value of the degree they are seeking and compare different schools. When schools publish information about the value of the degrees they offer, that information needs to be accurate and not misleading.
Yes, cybersecurity spending has increased perhaps 1000% over the last ten years. I've been doing cybersecurity work for twenty years. The first ten years, there was no money in it, but I enjoyed it. The last few years, my experience has become very marketable.
On Tuesday I talking to a guy at an OWASP meeting and mentioned his company has 50 employees in the cybersecurity department. They aren't a security company.
> They should, by your assertion, be why we need a world government that makes laws that override the laws of "sovereign states".
It's interesting that you used the correct term, states.
It actually worked pretty well to have a federation of states agree to give certain listed powers to a federation government. We call it the federa(tion) government the federa(l) government.
Where things tend to go sideways is when the states allow the federal government to purport to exercise powers it does not have under the Constitution. The enumerated powers are there for a reason.
I know zinc oxide is a good sunscreen, but you can't really wear that all the time if you're fair-skinned or have risk factors for skin cancer. Are there good ones, that protect from the cancer-causing wavelengths, affordably? Do they look like zinc oxide sunscreen aka clown make-up? I'm not really familiar with this topic. I suppose maybe Florida fashions could adapt and it could be considered normal to sit in a business meeting painted like Bozo the Clown.
I rarely use sunscreen, so this doesn't affect me enough for me to research it more.
It's interesting. I'm a bit surprised that parts-in-a-billion concentration of sunscreen would have a significant affect on coral. I almost wonder if this isn't based on research where they applied sunscreen to coral at a million times the concentration that is found in the ocean. If I cared more I'd read the study. I'm not saying the study is bogus, just that it smells funny because of the amount of sunscreen vs water - it seems like it would be so dilute that couldn't have any significant affect. Surprising things happen, though. Could be legit.
Btw I've posted plenty about how we need to pay more attention to the 10th amendment and the enumerated powers. I'm all about the 10th amendment - and web sites are so clearly interstate commerce. Interstate commerce is one of the enumerated powers, and for good reason.
#fuckthewheatcases
Unless you're going to have separate companies for each state, you kinda need a uniform set of rules for the country. That's what the EU has done with GDPR. Even with the uniform Privacy Directive providing uniform principles to be applied in each country, they found that wasn't sufficient; a uniform rule was needed across Europe.
There is plenty to debate about what the rules should *be*. There's no doubt that having 50 different conflicting sets of rules would be a mess. One state would require records be preserved for inspection by authorities, while another would require that data be deleted after it's no longer actively used, and it would be impossible to comply with both.
The numbers show that users are switching from Facebook to WhatsApp. The purchase didn't change that.
The people who own Facebook now also own WhatsApp.
In some contexts that makes a big difference, in some contexts it doesn't.
If it's worth $4 per user per year, they made a 10% return on their money this year and that amount is growing. So yes, it's probably worth $42/user - over some time period. And the number of users is growing.
The big question is return of principal AND investment return. Will the popularity of WhatsApp either last long enough or grow big enough, or be sold for enough, to only make good return on the investment each year, but also get the $18 billion back. It'll almost certainly generate $18 billion, but Facebook already had $18 billion they spent on WhatsApp. It needs to return double that over ten years to be a good investment.
That's right. It must be reasonable compared to what other people are paid for the same job in other companies, and they can look at what other people in the same company are paid. If the owner / CEO makes less than other employees, that's suspicious and they better be able to defend that.
I owned a company that I quit working for. I worked full time at a different company, while also going to school full time. Somebody else ran the company. They got paid for their full time work, my pay was commensurate with the eight hours / year I spent on the company - the key was I was able to document that. I could show that I no longer worked for the company, though I did own it.
> I can set up Bob Smith LLC, have Bob Smith LLC purchase a car in the company's name, rent houses and offices, etc. and I would work for Bob Smith LLC as the CEO paying myself a salary of $1/year. This happens all the time with small business owners. I know that the "corporate veil" can be pierced if the IRS or someone suspects this is going on
The thing about that is you have to report your salary on the tax forms, as well as revenue, etc. A $1 salary isn't going to be "if the IRS suspects", that's pretty much "go directly to jail. Do not pass go." These days IRS computer sees that $1 and you're dead.
Yes, people try it - and people pay large fines and penalties and go to jail.
That's essentially what he said. By law, the unfunded agencies, including the FCC, can only have staff do things for which waiting until next week would be "a threat to the safety of human life or property". Preparing a report for this Congresscritter is "not a threat to the safety of human life or property", he said, and therefore he can't legally have staff doing that when Congress hasn't authorized paying any staff.
Indeed, solar electric cannot save the day. Here's a handy rule of thumb:
Any energy policy proposal that fits on a bumper, or in a tweet, is wrong.
I wrote a short summary of an energy mix proposal that could work. It's over 30 pages, and doesn't go into detail.
No single technology is going to work for the United States. The US is a big country, with widely varying geography and population density. Various energy sources have different strengths and weaknesses at different times. Delaware might be able to rely on a single source and get away with it, though it would probably be expensive and / or dirty. The US needs to come me many. Nuclear has a key role to play.
And by you mean "he's not going to unlawfully force his staff to do unpaid work in order to make Congress happy while Congress fails to do their job and pay the staff".
The House wants the FCC employees to come to work and create a report for them about this. The House hasn't passed a spending bill authorizing that the employees get paid. I very well might not keep showing up to work weeks after I was no longer getting paid. (Unless I owned the company - I've done that).
https://slashdot.org/comments....
> But this is the point. If you leave a whiteboard somewhere, it is likely that someone will write something on it. Maybe interesting, probably not, potentially offensive.
If you invite people to write / draw whatever, some idiot will draw a penis. How long it takes before someone draws a penis in different situations is a measurable quantity known as TTP, time to penis.
An area for further study is TTPE, time to penis erasure. This is how long after the penis is drawn until some reasonable person comes by and erases it.
Recently we've been seeing an inversion. TTPE is sometimes higher (longer time) than TTSJW, meaning a whack job has the opportunity to see it and go insane prior to a reasonable person erasing it.
I wouldn't be TOO surprised. The cost per range has a lot to do with the weight. The Model X weighs about as much as a Hummer H2. The Model S curb weight is in mid-sized SUV territory. If Volkswagen keeps the weight down, that gives them range.
Yeah I do get to spend a lot of time here.
It's nice not having to "work" long hours.
Instead, the hours I put in are studying. Just before seeing your post, I was taking a practice test for my CISSP. That'll both bump my pay up another $15K/year and make it even easier for me to get jobs in laid-back companies where people aren't over-worked.
I really need to set up some automatic filters again so that I don't have an ever-growing Inbox, so that any email in my inbox is something I want / need to act on. That worked pretty well for for a number of years.
My current company doesn't use email much for important things, instead using it for a lot of automatic notifications and mailing lists I don't care about. I should filter that stuff.
I accidentally wrote:
---
It's night time in the US.
If you were to go outside and look at the sky, you would see things that are millions of miles away. You can't see them at night.
---
That should of course be:
You can't see them DURING THE DAY.
Even fairly dim lights are visible at great distances at night, as long as it's above the horizon. They are visible at far greater distances than the same objects during the day.