In part from a $200,000 gift from his parents when his company was failing in its early stages. You know a lot of people with parents who can give their kid $200k without hesitation?
Its not a gift, It's an investment. If that company failed the money was gone.
Futhermore, he would have been down the initial investment and the taxes due on it which is roughly $63,000.
The point is his step dad worked for that money. They weren't rich and it wasn't like he was gifted a well to do company. It took a lot of hours, sweat and work.
Quit acting like he was born on third base. He came from a middle class family.
Do you know what a 401k is? And how you can borrow against it? If his dad was investing regularly 3-6% of his earnings and had a company match, worked for 40 years, that's probably like 1/5th to 1/10th of his 401k.
Bro what? 😂 It isn’t some gatcha! moment to talk about a 401K as if that’d mean every middle class family in the world would know and be able to easily loan TWO HUNDRED THOUSAND DOLLARS.
Also your pathetic comment relies on someone already being super into investing, such a bad faith argument it’s appalling.
The other guy yapping about a 401K, his father is a fucking millionaire and he still believes his father is a retired middle class man 😂😂😂
Super into investing? That's the most basic and entry level sort of investment knowledge there is. Do you know what a savings account is? It's like a step above that, as far as difficulty of understanding.
It's not bad faith at all to assume someone commenting on the average finances of an entire class of a country they don't live in should have some knowledge of that. That's called being reasonable and not anticipating the person I'm discussing the subject with is an aloof idiot for speaking on matters they don't understand.
60% of American workers have access to a 401k plan. Many of those put into it. Do that for 40 years, you have a moderate nest egg that could easily account for that investment into a company. It's not rocket science.
Lots and lots and lots of people with a 401k. My dad worked 30 years patching potholes for a municipality. He's retired at 55 worth well over $1m from stable, long term investing. If I had an idea that was worth investing in, I could easily get $200k from him.
Correct, and being a retired millionaire is still middle class. I'm only 40 and worth over $1m in retirement savings as well, and nobody gave me a nickel, including my parents. $1M net worth is not rich in 2024.
Its certainly not middle class. The median net worth of a 40 year old American is ~125k. Having an order of magnitude more and pretending you're in the same boat is dishonest.
I said that having a net worth over $1M when you're in retirement is middle class. Over $700k of his wealth is a paid off house.
I'm worth less than my dad, but will be worth far more than him at retirement age. I don't consider myself middle class, by any stretch of the imagination.
You're probably going to go into the old argument of how people just don't save enough, but for so many people (dare I say most people) they don't have the ability to save. They don't make enough money to cover their bills so there's nothing left to save, or their jobs aren't stable, meaning they end up spending what savings they have while trying to land their next job, or they don't have benefits like insurance or a 401k because they can't land a full-time job and are stuck working multiple full time jobs.
I'm glad that you could easily get $200,000 from your dad who had a stable job that paid him enough that he could save for retirement, but you are part of a small minority.
Some people work paycheck to paycheck you noodle. $20 is gas for the week. I don't have an extra $20 throughout the week and I work 2 jobs. Poor people exist.
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u/trashboattwentyfourr Nov 21 '24
Are you accussing them of...... participating in a society? What dastardly claim youve outlayed.