Youe life time earnings and something you probably do not want to hear. People projected to earn the median amount will see their earnings grow 38 percent from the time they're 25 to when they turn 55; those in the 95th percentile will see their earnings grow 230 percent over the same period; and those in the 99th percentile will see their earnings grow 1,450 percent. That may seem obvious—those at the top of the wealth differential were probably propelled there by astronomical earnings growth, not a streak of flat earnings. The Fed report, however, points out that the steepest pay increases happen early. "Across the board, the bulk of earnings growth happens during the first decade," Fortunately for me mine took the upward swing after 23 years of employment. There is still hope.
From a purely economic perspective: Is college worth it?
The Washington Post has posted a clickable county map of the United States, illustrating the percentage of households in the top 5% of national income (based on data from the US Census Bureau).
Who's richer: Montgomery Burns, Cruella De Vil, or Bruce Wayne? On the heels of last month's Top-Earning Dead Celebrities list, Forbes brings us their Fictional Fifteen, the wealthiest made-up people in the world. Anyone see any egregious exclusions?
Do short men get short-changed? Any real life experiences to back up or refute this study? I found this very interesting: "If a teenage sense of social exclusion influences future earnings, it may have great implications for youngsters from minority groups."
It's easy to think of lawyers as greedy, overpaid blood-sucking pigs. But do we have any clue what lawyers earn? Yes we do, thanks to American Lawyer Media's (via law.com) annual roundup of lawyer compensation. Not all of which is surprising. For example, partners at the top corporate firms like Wachtell Lipton, or Cravath, Swaine & Moore or Davis Polk each averaged millions in 2001 ($3,285,000, $2,245,000 and $1,740,000, respectively). Even piddly little first year associates at those firms got $125,000 to start. (We're talking 24-year-old law school grads with precisely zero professional experience and know-how. Zero.) But most newbie lawyers don't win those jobs. Also difficult to land are entry-level positions at district attorneys' offices, but they're not nearly as lucrative. A junior Manhattan D.A. earned $45,000 last year (up from $42,000 in 2000). But locking up criminals beats toiling for civil rights at a not-for-profit like the New York Civil Liberties Union, which paid entry-level lawyers only $35,000 last year. Over all, best off are lawyers who work for big companies. Top counsel at IBM last year earned a measly $506,000 in cash (salary & bonus), but throw in stocks & options and his compensation totaled $7,795,613. Compared to that, you have to worry about the Chief Justice of the U.S. Supreme Court whose family in 2001 had to struggle along on $192,600.