It’s trendy to rage against the top 1% nowadays, even though the economy has recovered handsomely since the 2009 lows. Although volatility has returned in 2015 with a massive decline in oil prices signifying weaker-than-expected global demand, continued Eurozone debt issues, and frothy tech/internet valuations, opportunities still abound for those who have enough determination to succeed. Let’s explore who are the top 1% income earners in this post.
From my recent renter screen process as a landlord, I discovered the top 1% are a couple who met in law school at 25 and are now 28 year old 2nd year associates making $380,000 combined. The top 1% is also the 28 year old Google software engineer from Caltech who brings in $350,000 a year and has $400,000 in savings. The top 1% is the 35 year old cardiologist who is finally making over $300,000 a year after 11 years of post high school education and 3 years of residency work at $60,000 a year. By the time he’s 45, he will probably make over $1 million dollars.
Where else can we find the top 1%? Oh yeah, MBA grads who join Wall Street firms such as JP Morgan and Goldman Sachs at the standard $150,000 base salary and $30,000 sign-on bonus at age 29-30. But, you knew this already since that’s who so many people are demonstrating against. If they can last through the treacherous ups and downs of the markets, the multiple rounds of layoffs every year, the intense pressure of 60-80 hour work weeks, not to mention all the internal political landmines, they too will make over $380,000 a year by the time they are 35 year old second year Vice Presidents.