20 people shot at Batman midnight screening.

[Martinus]

Ok just to update you guys on our exchange with szmik in private messages. Apparently he thought I earn 20% of what I really do. I have said how much I earn before so thought that's public knowledge herre.

[garbon]

Well his implied point was that I could not be in top 1% in terms of wealth since the people who are did not start from scratch. Since I got something from my parents already, that belies his point. Is this so hard to understand?

Many people get things from their parents and that doesn't mean that they are in the top 1% in terms of wealth. I think you are focusing on one aspect and forgetting that there could be other reasons that he doesn't think you are in the top 1% in terms of wealth.  Especially since it was Yi and not Beeb that suggested you started from scratch.  BB actually said:

But they didn't start from scratch.  I understand it wasn't as bad as Russia, but numerous former government functionaries made out very well in the years following '89.

[garbon]

I have said how much I earn before so thought that's public knowledge herre.

Yes, you are terribly gauche.

[DGuller]

Not really. I mean unless they are facing imminent death - there's variability there. Not as much as if I were to say talk about my net-worth at the end of this year based on what I expect to get from my salary - but still seems sizable enough that there's not much value in talking about such.  And a weird way of catapulting oneself into a particular wealth category.

So what if they're variable?  Expected value doesn't require lack of variability, in fact it would be a redundant concept without it.  Life insurance policies have variability too.  They can pay off tomorrow, or they can pay off 30 years from now, or they may not even pay off at all if some conditions are not being met.  Still, it would be hard to claim that this policy is worth zero dollars, unless you're very stupid.

The reason assets such as expected inheritance are usually not counted is because their evaluation is too subjective.  However, economic value rarely equals accounting value.  If someone knows that they have an inheritance coming, they will probably act in different ways with the assets they currently own as opposed to someone who knows he won't have any inheritance.  Intuitively, most people are smart enough to know that even uncertain things have value.

[Admiral Yi]

Most people are poor, but hell, I live in small town (under 40k) and if you take local council, each member is much, much wealthier than you, and owning his/her profitable business. Now there're businessmen who don't give shit about going into politics and there's couple dozens around here, including high level managers. And there're other small towns like that you don't give a shit about, but they exist.

How wealthy are the members of your local council?

And that's still only 12 or so out of 40K.  You need 400 to get to 1% of 40K.

[szmik]

Ok just to update you guys on our exchange with szmik in private messages. Apparently he thought I earn 20% of what I really do. I have said how much I earn before so thought that's public knowledge herre.

I take back my point. He's there. 

[garbon]

Not really. I mean unless they are facing imminent death - there's variability there. Not as much as if I were to say talk about my net-worth at the end of this year based on what I expect to get from my salary - but still seems sizable enough that there's not much value in talking about such.  And a weird way of catapulting oneself into a particular wealth category.

So what if they're variable?  Expected value doesn't require lack of variability, in fact it would be a redundant concept without it.  Life insurance policies have variability too.  They can pay off tomorrow, or they can pay off 30 years from now, or they may not even pay off at all if some conditions are not being met.  Still, it would be hard to claim that this policy is worth zero dollars, unless you're very stupid.

The reason such assets are usually not counted is because their evaluation is too subjective.  However, economic value rarely equals accounting value.  If someone knows that they have an inheritance coming, they will probably act in different ways with the assets they currently own as opposed to someone who knows he won't have any inheritance.  Intuitively, most people are smart enough to know that even uncertain things have value.

The point is that you aren't in the top 1% by wealth if the bulk of that wealth is actually held by your parents.

[garbon]

Ok just to update you guys on our exchange with szmik in private messages. Apparently he thought I earn 20% of what I really do. I have said how much I earn before so thought that's public knowledge herre.

I take back my point. He's there. 

http://languish.org/forums/index.php/topic,5430.0.html

[szmik]

Ok just to update you guys on our exchange with szmik in private messages. Apparently he thought I earn 20% of what I really do. I have said how much I earn before so thought that's public knowledge herre.

I take back my point. He's there. 

http://languish.org/forums/index.php/topic,5430.0.html

The topic or board you are looking for appears to be either missing or off limits to you. 

[DGuller]

The point is that you aren't in the top 1% by wealth if the bulk of that wealth is actually held by your parents.

That is true for the purposes of ranking.  This isn't true for the purposes of determining actual effective wealth.  Someone who is expected to inherit $5 billion is probably going to be treated as a very wealthy person, regardless of their current bank account balance.

[garbon]

That is true for the purposes of ranking.  This isn't true for the purposes of determining actual effective wealth.  Someone who is expected to inherit $5 billion is probably going to be treated as a very wealthy person, regardless of their current bank account balance.

Who was talking about the latter?

[garbon]

Ok just to update you guys on our exchange with szmik in private messages. Apparently he thought I earn 20% of what I really do. I have said how much I earn before so thought that's public knowledge herre.

I take back my point. He's there. 

http://languish.org/forums/index.php/topic,5430.0.html

The topic or board you are looking for appears to be either missing or off limits to you. 

I didn't realize the joke forum that had been created for Marti was hidden.

Anyway, that explains to me why you didn't know his income - which he posted in said forum.

[Martinus]

Not really. I mean unless they are facing imminent death - there's variability there. Not as much as if I were to say talk about my net-worth at the end of this year based on what I expect to get from my salary - but still seems sizable enough that there's not much value in talking about such.  And a weird way of catapulting oneself into a particular wealth category.

So what if they're variable?  Expected value doesn't require lack of variability, in fact it would be a redundant concept without it.  Life insurance policies have variability too.  They can pay off tomorrow, or they can pay off 30 years from now, or they may not even pay off at all if some conditions are not being met.  Still, it would be hard to claim that this policy is worth zero dollars, unless you're very stupid.

The reason such assets are usually not counted is because their evaluation is too subjective.  However, economic value rarely equals accounting value.  If someone knows that they have an inheritance coming, they will probably act in different ways with the assets they currently own as opposed to someone who knows he won't have any inheritance.  Intuitively, most people are smart enough to know that even uncertain things have value.

The point is that you aren't in the top 1% by wealth if the bulk of that wealth is actually held by your parents.

But my point is that I own wealth I already got from my parents and this, coupled with what I earned myself, puts me in top 1%.

[Martinus]

Ok just to update you guys on our exchange with szmik in private messages. Apparently he thought I earn 20% of what I really do. I have said how much I earn before so thought that's public knowledge herre.

I take back my point. He's there. 

http://languish.org/forums/index.php/topic,5430.0.html

I have got a raise and a bonus (equal to 100% of my month pay, so effectively further increasing my annual income for the last year by app. 8%) since.

[The Brain]

I only become friends with people who make significantly less than I do. It's a great way for me to feel superior.