If you made $500,000 a year ...

[ColbertWatcher]

... how would your life be different?

Would you be living in a different place? Would you have a different car? What about your healthcare?

(Of course this is for people who are currently making less than $500k/year.)

[Horse with no Name]

1. I could live WHERE I want

instead of where I need to. I could drive WHAT I wanted instead of what I can afford to maintain. I would live in the house I wanted instead of the one I can afford. I could actually have a nice wardrobe.
My kids college would be paid for.
I could afford to get that Masters in Women's Studies that I want to get.
$500k is a nice lifestyle.
Anyone that tells you any differently is a liar.

[ColbertWatcher]

3. Would you bitch about making $500k?

I suspect I know the answer, but I don't want to assume.

[Horse with no Name]

5. I would be grateful.

I work very hard very much less than that.

[ColbertWatcher]

11. I suspect people who aren't in that income bracket ...

... would agree with you.

It's a shame that people who have so much have no idea what they have.

Take this example for instance: http://hosted.ap.org/dynamic/stories/I/ICE_STORM_AMISH?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2009-02-04-16-31-01

[Breeze54]

27. That's a pretty broad brushed statement....

"It's a shame that people who have so much have no idea what they have."

Many people who EARN that yearly figure DO give back.

Maybe not where you live but it happens.... but the filthy rich should
give back a TON of money, that's for sure! :grr:

From the issue dated January 24, 2008

A Big Year for Big Giving

Most-generous donors contributed $7.3-billion in 2007

By Maria Di Mento and Nicole Lewis

http://philanthropy.com/free/articles/v20/i07/07000601.htm

Twenty donors made gifts of $100-million or more last year, just shy of the record of 21 such gifts made in 2006, according to The Chronicle's annual ranking of the 50 most-generous Americans.

And despite a turbulent economy, fund raisers seeking donations of $10-million or more predict another strong year of big gifts in 2008.

"All our indicators are very positive," says Jeffrey L. Newton, vice president for resource development at the Massachusetts Institute of Technology, in Cambridge. "I'm very optimistic we will continue this trend."

Last year the university received pledges from two donors on the list, $100-million from the businessman David H. Koch (No. 14 on The Chronicle's list) and $31-million from Irwin M. Jacobs, a telecommunications entrepreneur, and his wife, Joan (tied for No. 40).

Led by William Barron Hilton's pledge of $1.2-billion to the Conrad N. Hilton Foundation, in Reno, Nev., donors on the list committed $7.4-billion to charity last year. In 2006, donors made gifts of $6.6-billion, not including Warren E. Buffett's $43.5-billion in donations.

Donors had to give at least $38.4-million to be one of the top 50, a big leap from the minimum gift of $16.8-million in 2000, when The Chronicle first began compiling the list.

The median sum that donors on the list contributed was $74.7-million, meaning half gave more and half gave less. The figure represents a modest increase from the median of $71.8-million in 2006, which does not include Mr. Buffett's gifts.

Charity 'Cachet'

While the country's richest man, Bill Gates, the chairman of the software giant Microsoft, in Redmond, Wash., did not announce any new megagifts last year, 28 donors on the list counted among the 400 wealthiest Americans, according to Forbes magazine's most recent list.

"There is a lot of great social cachet about giving away a lot of money right now," says Bruce W. Flessner, a Minneapolis consultant who works on billion-dollar fund-raising campaigns.

"These are fortunes that are beyond anybody's ability to give away or spend in any number of lifetimes."

And the country's rich are on track to become even richer, according to a 2007 study by the Boston Consulting Group, which projected an increase in wealth in North America from $36-trillion in 2006 to $45-trillion in 2011. :puke:

Such figures prompt some observers to suggest that contributions by America's wealthy are paltry compared with their fortunes. Among Forbes's roll of the 10 richest Americans, only the fourth and ninth wealthiest placed on the Chronicle's Philanthropy 50.

Lawrence J. Ellison (No. 49 on The Chronicle's list), who founded the Oracle Corporation, a computer-software company in Redwood Shores, Calif., is worth $26-billion, according to the magazine. He directed $39-million to the Ellison Medical Foundation, in Bethesda, Md., which supports medical research on topics that have trouble attracting money from other sources. Mr. Koch, executive vice president of Koch Industries, an oil and gas refinery in Wichita, Kan., whose fortune totals $17-billion, Forbes says, gave away $128-million last year, with most of his gift supporting a new cancer-research center at the Massachusetts Institute of Technology.

"It's shocking how little the very rich give away," says Gregg Easterbrook, an author and visiting fellow at the Brookings Institution, in Washington.

"You look at people who could give away half of what they possess and still be billionaires but are hoarding for themselves — these are people society ought to view in contempt, and not feel grateful for the crumbs from the table."

Living Donors Top the List

Two individuals who died last year, the hotel mogul Leona M. Helmsley and Helen R. Walton, widow of the Wal-Mart Stores founder Sam M. Walton, would probably have led the Philanthropy 50 with their bequests, but the donors' multibillion-dollar estates have not yet been settled. As a result, 2007 was the first time in seven years that all 10 of the biggest donors were living.

[ColbertWatcher]

28. You're right. I should have directed my ire to the greedy bastards ...

... of those failed banks that want a bailout with no strings attached.

My apologies.

[Breeze54]

32. No worries... but

those filthy rich donors, in that article I posted?

They ARE the people Madoff ripped off!!!

We're not talking about people who make $500,000 a year there.

Oh no!! We're talking BILLIONS and Billions of dollars!!

The charity donations will be considerably lower this year

and in the years to come... and Palm Springs will be a ghost town.

[ColbertWatcher]

54. Do you know the name of the guy who warned Dumbass' SEC about Madoff?

Someone needs to apologize to him or name a holiday after him or something.

[HughBeaumont]

37. Cheapskate billionaires. Aside from Gates and Buffett, many of them sit comfortably on their cash.

Even compared with the Robber Barons of old, who saw value in contributing their names to better America and the public good, this bunch are truly and disgustingly greedy.

[ColbertWatcher]

56. Don't forget George Soros and Mark Cuban! n/t

[billyoc]

2. My life would be completely different.

I would have to stuff five dollar bills into the g-strings instead of singles if I were to ever get any sleep.

[ColbertWatcher]

4. You're a giver. n/t

[Breeze54]

6. I'd still live frugally and probably donate a lot more.

I never thought money was a goal... ever

but happiness and love were/are huge goals. ;)

[ColbertWatcher]

7. But you wouldn't bitch, would you?

You wouldn't complain that it wasn't enough, would you?

[aquart]

8. No, I don't believe so.

Even my compulsive obsession with cashmere sweaters would be assuaged with that amount.

[ColbertWatcher]

13. ...

[Breeze54]

22. Being nakid is a lot better!!

:P

[Breeze54]

21. I only complain now when...

I only complain now when... I run out of bread, milk or that sort of thing
and that's only because it's so cold outside and I hate going out in the cold at night.

Hmmmmm... things I bitch about now?

Mostly, when my rabbit ears antenna don't work!! :D

I don't "go shopping" much except for food.

I'm happy with what I have but occasionally I buy some new clothes.

It all works, so why replace it? :shrug:

;)

[Mojambo]

9. My life would change significantly if I were making 10% of that amount.

I can't even visualize what my life would be like at 500 grand a year. That's how far removed it is from my consciousness.

[ColbertWatcher]

14. True.

When you put it that way, I can't imagine it either.

[Javaman]

44. I sooooo hear you. nt

[Greyhound]

10. I'd be living in another country, probably in the EU or South America,

someplace that still has a passing familiarity with individual freedom.

[ColbertWatcher]

15. In what country do you live now? n/t

[Greyhound]

41. Probably the best state in the union, Oregon,

that's the saddest part. Oregon as it is, should be a middling, unambitious average, not the leader of green progressivism in the US.

When I say it's the best place in the US, I speak from the perspective of having lived in every region of the US and worked everywhere I haven't lived with the exceptions of the Dakotas and Maine.

[Lucian]

12. I could do anything I've ever wanted with that kind of money.

I don't know how anyone can bitch about making that kind of money. :grr:

[ColbertWatcher]

17. I agree.

It is inconceivable to me to hear anyone complain about that amount of money.

[Amimnoch]

16. I am very thankful at $115k a year.

I don't see myself living very much differently at 500k a year.

I'd pay my house off a lot faster, but am already very far ahead on my payments at my current salary, because I didn't buy the biggest, and best house I could (or couldn't) afford.

I'd still have the same automobile. My work doesn't require a SUV, or other gas guzzler, nor does my ego require any of the higher priced vehicles. My Toyota yaris is paid for, in cash, and in 2 years i'll prob replace it with a newer version.

I just don't see myself buying more expensive jeans and t-shirts, so I doubt my wardrobe would change much at all.

I guess the things I would do would be more along the lines of maxing out my 401k, increasing my donations to Hospice, political causes, Human Rights Campaign, and save a good bit of it for my annual santa gig at the Childrens center in Houston, and Katy. I can only dream of how many toys, and gifts I'd be able to buy for all of those kids.. nothing in the world warms the heart like seeing those faces light up when I walk in each year in my santa costume and bag of goodies.

[ColbertWatcher]

18. Would you mind explaining what Katy is? n/t

[Amimnoch]

20. Sorry, Houston, Texas, and Katy, Texas, it's where I live.

Katy is one of the extended cities that Houston has sort of engulfed.

[ColbertWatcher]

24. Oh. LOL! I thought it was a charity or something.

I have to slow down when I read!

[demodonkey]

19. I could save my mother's life... and my own.

We are embroiled in a healthcare mess.

[ColbertWatcher]

25. I'm sorry to hear that.

I wish we had the type of healthcare we deserve.

[fujiyama]

23. I'd get my dad a new car

and get a new one for myself as well. I'd pay off my parents home. I'd buy a few for myself (in places that I like to visit).

I'd then find a career that actually satisfied me, perhaps requiring me to go to grad school.

I would not worry about health insurance.

I'd lead a happy (well perhaps a less stressful) life. Those complaining about money making over 500 grand a year should be dropped into a slum in the middle of Africa, Asia, South America, or even the US. I really think these people need to wake the fuck up.

[ColbertWatcher]

26. I agree completely.

Those complaining about money making over 500 grand a year should be dropped into a slum in the middle of Africa, Asia, South America, or even the US. I really think these people need to wake the fuck up.

I understand the free market and all and how people don't like being told there's a limit to what they can earn.

But, the $500k limit is under very specific circumstances and more than enough to get by.

Those "free market at all costs" people really need to get a grip.

[LeftyMom]

29. In this economy I'd be fucking overjoyed to make 1/10th of that.

I have no bloody clue how I'd go about spending $500K in a year. I'd have to hire somebody to tell me what to do with all of that, in terms of putting some away for later.

I do know I'd get another car ASAP. Nothing fancy, but mine has a lot of miles on it. Would I move? I'd buy a house. Something modest, because that's who I am, but there's no sense renting if you can afford not to, and houses are cheap enough here right how I could own one in a good neighborhood free and clear in that first year and still live very well.

Healthcare? Maybe I could find a doctor who could get me an appointment in less than a month, so that'd mean no more trips to the ER for ear infections and silly shit like that.

Yeah, I'd suffer mightily on half a mil a year. :sarcasm:

[ColbertWatcher]

31. "I'd have to hire somebody ..."

I think you should get the bailout money; you're already creating jobs!

[LeftyMom]

33. I like this plan more every minute.

Now I just need to get somebody to hire me as a suffering "underpaid" executive.

[ColbertWatcher]

55. LOL! n/t

[sakabatou]

30. I could own my own home within 6 years.

I would be able to take care of myself, have my own insurance, etc.

[CRF450]

34. I'd buy my own airplane, thats for sure!

Since I love to fly, nothing big really. Maybe a Cessna 182 even though new ones cost well over 300 grand but with my income and spending, one of those could be bought or payoff within a year! Honestly, even if I was a fuggin billionaire I couldn't see myself spending the kind of money that so many mega rich people do.

[Jamastiene]

35. I'd still live here and drive the same car, but

I would pay the place the rest of the way off. Also, I would replace the tin roof with a shingle roof, replace the kitchen linoleum, and have money in the bank to repair or replace the car if it crapped out on me. The rest I would bank to make a good savings. I'd also buy the maximum of Series EE savings bonds each year as well.

[HughBeaumont]

36. Even with paying 50% in taxes, I'd be able to STOP working in 5 years.

I wouldn't be greedy. The first 250 thousand I make would go to improve the house I have now, pay off all debts not including the mortgage and start a money market fund/emergency fund/investment portfolio. The more you earn, the more conservative your investments can be. When you don't have much to work with, you're forced to take risks in hope of big returns.

With 500-600 thousand NET every two years, that portfolio could be conservative and still get you 3-10% every year. End up with 1.2 million in the bank after 5 years with only a house payment and live off the interest generated from the 1.2 million. Barring a major account-depleting illness which would force me to work another 5 years to pay it off (thanks, insurance lobbyists. You're really helping), life would be a SNAP.

See, we're also assuming only I earn this money on top of the money the wife earns. We would live off of her income (with all debts paid and the only big bill being the mortgage, it will be a breeze) and invest mine until it's time to live off of mine.

The only creature comfort I'd put money into would be a Phoenix electric car powered by electricity generated from a solar panel, which would pay for itself in repair costs, parts and no gas.

I'd also travel a lot more, which any more is another luxury confined to the upper-middle class and above with absolutely no financial setbacks/bad luck in life.

[sandyj999]

38. Complain? I wouldn't tell them knowing it was a mistake.

In my reality one fifth of that would enable me to do more. But I am content with what I have.

[eilen]

39. Hmm, I'd buy my Mom a nice condo and cover her Medicare costs

and pay of my sister's house and pay off her student loans. I'd pay off my house and buy my husband a new car/truck, something hybrid. I would still have money left over.

I would pay college tuition for my son, he might be able to go to NYU instead of community college (he wants to major in Philosophy and NYU has a great dept.). I'd be able to support him being a scholar through his Master's or PhD.

I would set up a fund (with annual gifts) to charity-- maybe the Elmcrest Children's Center, the public library, the food bank, Rescue Mission.

[woodsprite]

40. Hmmm, I'm sure we'd live in the same place and keep the same

health insurance. It's done well so far and it's the only plan our work offers where you can pick your own docs, which is what I was looking for (BC/BS). I'd bank more and fix my house up (have the aluminum wiring fixed - which would cut down on insurance cost), pay off our car, trailer, and credit card (only have 1 left!) - then I'd start in on paying down the mortgage and stuffing the mattress with my retirement fund ;)

[Lost4words]

42. That is so far from my families current reality I cant even imagine it. nt

[lumberjack_jeff]

43. I'd quit next year.

I frankly don't need or want that kind of income, and the compromises it implies.

$40k is all I need. $50-80k is all I want.

The topic is income... assets are a different kettle of fish.

[ColbertWatcher]

59. True, but with that kind of income you can start making with ...

... more/better assets.

[lumberjack_jeff]

65. But see, it's a trap.

I've had comparatively high income before. It was the time during which I saved the least. It distorted my core values so I don't focus my life on going back.

I have no moral problem with building wealth because it represents security to me. For me high income was not security, it was actually a kind of vulnerability because everyone I worked with wanted the income that only my job could provide.

[Javaman]

45. I could do something I have always wanted to do...

start a small scholarship program at my old high school.

it's called the average kid scholarship.

In a class of 702 I was 351. right in the middle with a B average. Because of where I was in the ranking, I didn't qualify for any scholarships available at the time.

I figure it would be a small one that could pay for the kids college books.

The rest of the money, I would donate.

Keep about 100 grand for myself and go back to college at night. With the long term goal of getting my doctorate in social work.

Life, when you get right down to it, is pretty simple. It's we humans that complicate it.

[JustABozoOnThisBus]

46. 500,000? That would really suck

I'd have to give up one or two of the jets, and I don't know how many of the estates would have to be shuttered until things improved.

The butler, driver, and bodyguards would be unhappy, as I'd have to cut their hours.

Oh, you were asking people currently making LESS than 500k! I don't know any people like that. Except maybe my butler, driver and bodyguards.

Toodles! I have to go ponder this at the yacht club.

:hi:

[ColbertWatcher]

61. ...

Bravo!

Well done.

[supernova]

47. I'd do very well on 500K

I'd still live here because I own it outright.

But I could afford to do some really nice improvements all at once, instead of piecemeal like I'm doing:

1) Kitchen/Living room remodel, new layout, new tile floors, new energy star applances, incluiding an induction cooktop, new sink and cabinets, paint and lighting.

2) Living room, add a front door that faces the driveway. (right now there's no eastern window, just a northern one and a north facing front door that faces the street that I never use. )

2) Replace roof with new recycled shingles.

2a. Add solatubes for the rear of the house which is darkest and solar panels for energy generation.


3) Possibly add on a master suite

4) Landscaping with bricks and tile. Drought-resistant plants.

Yea, I could do allright on 500K/year.

[Mari333]

48. dang!! Id be in Fiji or Bali!! nt

[flvegan]

49. I'd have a lot more in savings. My mom would be better off. Otherwise, not much.

However, if I could consistently make that for the next 15 years, being able to bank $450k of that per year, I would probably splurge on a ridiculous car. Otherwise, I'm not the McMansion/uber vatation/fancy schmancy kind of person. I'd rather leave a legacy when I die that does some good.

[azmouse]

50. There isn't much I'd change other than saving even more than I do now.

I have enough money to meet my needs right now so charity would get more too.

[Constance Craving]

51. If I ran the circus . . .

and made $500,000 a year . . . let's see . . . I could

1. pay off my mortgage (in one year)
2. pay my husband's college loans (mine are paid off)
3. pay off credit card bills
4. go back to school for my PhD
5. pay off my parents' mortgage
6. open the theater company of my dreams
7. save more $$$ for my retirement
8. save $$ to help support my brother when my parents pass
9. afford to have a child that I can raise and not put in day care
10. give more to my charities, support more causes, etc (be my brother's keeper for reals)

and that is just the SHORT list.

$500,000 is a shit-potful (my father's measurement system) of money! If I was able to make that, there would not be a complaint escaping my mouth. I would even pay my taxes on it. Imagine!

[ColbertWatcher]

64. "I would even pay my taxes on it."

LOL!

[tabbycat31]

52. I'd own a house

probably outright, and I would have replaced my 10 year old car by now.

I'm used to living like a poor college student so anything outrageous would blow me away. I'd probably also buy the Coach bag I have my eyes on.

After I'm set up, and my family (funding my cousin's college funds, paying off my parents house, etc) is set up, I would give the lion's share of the income away to local charity.

[OPERATIONMINDCRIME]

53. Ehhhhh, Not That Different Really. Bigger House And Really Nice Car.

Would also go on vacation more.

[mainer]

57. you need to specify -- for how long? A year? 10 years?

The problem is that even when people earn that much, they don't know how long their good fortune will last. Which is why so many rich people feel compelled to put it away for a rainy day that may never come. Or could come tomorrow.

[ecstatic]

58. wow. where do I begin? I wouldn't go too overboard

with material things, but I would definitely have a very sleek, modern lifestyle--maybe the latest model BMW, a high rise condo with a great view, all hardwood floors. Stainless steel subzero fridge :rofl:

I would be at the salon every week and maybe even consult with a stylist to do my clothes shopping (I'm one of the rare women who can't stand shopping for clothes). I'd probably get Lipo too.

I would travel around the country and world every few months. I'd bring my friends along--don't worry about the cost--It's all on me! I'd probably have a maid come in a few times a month too. School loans would be paid in full and I'd probably have some investments going (maybe get an extra degree just for the hell of it).
:shrug:

I'd try to help others too. :) :hide:

[emilyg]

60. If I made that much I would

pay off my daughter's mortgage and made sure she and kids ate well and got medical care.

[hfojvt]

62. cue the orchestra (clears throat)

If I were a rich man, da da dee da da da dee da dee da da
all day long, I'd ...


Okay, I don't actually know the words to that song.

[havocmom]

63. Different location, one with longer growing season

Bit of land for gardens and fruit trees, a dairy cow and I would make friends with a young family who could help me drink the milk, pick and enjoy the fruit and make laughter ring in the garden.

One doesn't need much and most is better shared. One doesn't need their own grandchildren; there are plenty to help take care of and enjoy.

I would buy lots of bookcases for Havocdad. I would grow many things I can't now.