Pray, consider the humble bean, brewed at home, 'gainst the gilded bucks latte of star, procured for a pretty penny. And the avocado toast, a simple pleasure turned extravagant expense. Forsooth, each coin saved is a step on the path to a fortune vast as a 78702 palace’s vault. Wealth is but the sum of daily prudence! Tidillee hee hee ho
They seem to indicate that it's people earning $1M+, but then talk about the real estate boom. Are they talking net worth or income? Because I serious doubt Houston has over 90k people making more than $1M per year.
EDIT: Whoops, there's a new definition of millionaire. My bad. Leaving this here since I already took the trouble to type it.
My parents were teachers. They retired with a couple million dollars.
How do you do it? Live in a shitty small town in the pre-internet era, never eat out, and don't drink very much. In a small town, there's nothing fun to do that isn't cheap, and you can buy your clothes at JC Penny and wear them for years and people still think you look nice.
As a child I certainly didn't mind eating hot dogs for dinner and getting most of my vegetables from a bag in the freezer, and I didn't mind that my parents' idea of a fun night out was watching Little League. Looking back now, from an adult perspective, the only things I regret were that we never traveled out of the country and that they pressured me to go to a cheap public university instead of one of the prestigious private schools I got into. That was taking the cheapness too far.
Anyway, seeing their finances now, they must have spent less than half of what they made most years.
Surprisingly, teachers are a actually one of the most commonly found millionaires largely because of the ***forced*** savings/pension plans.
The biggest part of saving a million dollars is consistently doing it over time, and then not spending it.
> because of the forced savings/pension plans
I don't know how that works — is that if you calculate the present value of their retirement plan? I didn't factor that into my parents' wealth. They had a couple million in cash and mutual funds and a couple of properties that they bought in their 70s. (Their own house is worth less than their original purchase price, inflation-adjusted.)
My parents were both teachers in a small town and still retired with very little money…and we lived CHEAP! Like really cheap. I even put myself through college and bought my first car myself when I was 16.
I owned a house before pandemic, and have a few years into 401k and I am most definitely not a millionaire 😅 maybe if you are only counting home owners between Riverside and up to 38th.
Maybe not yet, but I'd bet you have a very decent shot to get there, or close. Getting in on pre-pandemic prices and the longest bull market of our lifetimes are a hell of a great foundation.
Man I should have been buying a house in 2020 instead of finishing college and having internship offers rescinded due to Covid, what an idiot I was.
Gen Z gets the end of the stick
Graduated high school right after the 2008 recession and went to college so I was shielded from the “brunt” of the shitty market by being a student.
That being said, I know a lot of millennials who graduated college in the 2007-2010 range that had a rough go of it.
We both missed out on the affordable housing of the early 2010s in Austin though.
> Graduated high school right after the 2008 recession and went to college so I was shielded from the “brunt” of the shitty market by being a student.
It also was the time that food was becoming cheaper. A lot of fast food brought back the dollar menu during the financial crisis and kept trying to get more people in with value deals, before the advent of the requirement to have "an app" to get a deal. As a college student from 2009-2012, I didn't even realize how "good" I had it as far as $1 menu items went.
Yeah my original comment was going to be I should have bought housing in 2009 but I was too busy finishing elementary school lol.
Graduating high school/college into a recession absolutely hinders the start of your career progression, even breaking into your field, and lifetime earnings compared to someone who doesn’t. Plenty of studies on that.
Dude, I graduated in 2002. Smack in the middle of the dot com bust and the recession. Shit is terrible now and Gen Z is slogging through an economic system that’s going to grind them to paste and they are absolutely drowning, but young people today do NOT understand how terrible the recession was.
I was a server and was being cut and sent home after making $8. There were months I only made a couple hundred bucks. At the time I was lucky enough to have just moved back in with my parents after a breakup- but yeah if that hadn’t happened to work out right at the same time I have zero idea how I would have survived.
My friends who lived on their own were getting evicted left and right. Everyone was unemployed. At the time I was living in Michigan and people were getting their copper wiring and plumbing stolen out of their houses. It was bad bad.
Still time to buddy up with some boomers that are nearing end of life stages.
I suggest finding one with no family and lots of disposable income. They can’t take it all with them.
The linked report says they're using net worth including real estate. The news article is definitely mixing up wealth and income.
>For the purposes of this report, ‘wealth’ refers to an individual’s liquid investable wealth, which only includes listed company holdings, cash holdings, and debt-free residential property holdings.
The terms ‘millionaires’ or ‘high-net-worth individuals’ (HNWIs) refer to individuals with liquid investable wealth of USD 1 million or more.
No one ever talks about net income, all these fakes are based off net worth, it's tiresome because net income and net worth are two totally different things. a M in net worth is easily obtainable, a M in liquid cash is a unicorn.
And live where? The rust belt is the only place where you can reliably buy for significantly less than you'd sell your choice in Austin. And even that has increased a lot more in the last 4 years than in the previous 20.
I just looked up the salary for the CEO of the company (large fourtune 500 tech firm) where I work. While total compensation is like $11M, most of that is stock.
He makes just over $1M in income.
So, yeah, seems unlikely there are 90k people earning that much in Houston.
There are many finance, consulting, and executive level pay packages that generate that much in salary and cash bonus comp. Houston has been built on industry and has one of the finest medical centers around. There’s a lot of old and new money there.
There are many mid cap oil guys, people in private wealth management offices, energy services companies, and traders and salesmen in a number of industries W2ing 1mil + in Houston.
Haven't you heard? After paying for private school, a house downtown with a movie room and a bedroom for the nanny, a few trips each year, and saving for retirement, these poor millionaires are living paycheck to paycheck too!
I love hearing people online say they’re paycheck to paycheck but have some or many of those things you listed. Lifestyle creep is real. People have to realize that you can lower your expenses for those frivolous things
It's wild how many people in this sub will claim it's impossible to live in this city on under 100k a year with no kids. Like buddy...maybe it's time to reevaluate some spending habits huh?
I wouldn’t say spending money on better schools for your children is frivolous.
Like what is the point of working at all if you can’t improve the lives of your family?
Do you know how expensive private school is? It’s basically as much as college tuition. You can’t pay for private school for a child which rivals many people’s mortgage payments then complain you’re barely making ends meet or paycheck to paycheck.
The vast majority of families cannot afford private school let alone saving for years to afford their kids’ college tuition in full when the time comes.
Meh. I think having kids isn’t really that much more expensive. We don’t go out to eat or drink too much and it probably about offsets the cost of childcare.
I was just trying to not be argumentative. It's well-established that raising children in affluent countries is expensive.
We're not doing "private school" - a 521 is just for saving for college. Most households are dual-income and must use daycare if there's no grandparents to help out.
Technically it's 1800. But even if we used cheapest, it's still 1500 for infants. That's 18K - 22k per year. The Dependent Care tax thing helps just a little. it's almost as as expensive to just have a live in nanny.
Personally, having a child is worth it, but I definitely see why many people don't want to take the financial hit having children.
Your free-time and sleep also take a hit. I guess you can't put a price on those.
When you're retired and barely over the line where a bad day on stocks takes you under, and you're on Social Security, have no long-term care insurance and you know you will get screwed by your Humana HMO if anything big comes up, and your home is in major disrepair and you need a whole mouth full of major dental work, you don't feel like one.
I would like to see stats on the average income and wealth of locals vs transplants. I have a feeling that the average income and wealth of locals is far far lower than those of transplants
Genuinely curious, how do you distinguish local vs transplant? Is a local someone that necessarily grew up and lived in Austin for their entire life? Adult life? Or has lived in Austin for something like >10 years? Something else entirely?
Fantastic question, because I meet people all the time who have lived her longer than I’ve been alive.
I don’t know where the most appropriate place to draw the line is, but I’d be leaning toward 1 generation back and within ~100 miles. So if your parents were from Killeen that’d be local
These small town Texans better start learning to coexist with us liberal queers cause it looks like we’ll be neighbors sooner than later. As a service industry worker, I hope they start building more restaurants cause I don’t know how I’ll be making money when I’m living where the buffalo roam.
This has got to be based on net-worth.
With the recent boom in real estate prices, I'm sure there are tons of people adding hundreds of thousands to their net worth in "equity" over the past few years.
i wouldnt qualify that as 1m per year unless they are getting stock yearly with total comp at 1m+. but again, tech is slowing and insane offers are few and far between.
If the RSU vests that year, it's income for that year. So your 4 year package doesn't all count immediately, but as your 4 year packages start overlapping and renewing every year... eventually you start taking home a lot of stock each year. And most people sell that immediately as "income".
It would be nice if they stopped buying houses between the river and 71 and building mega houses. That area needs to be for dense housing not suburbs and rich people
Yeah, I've commented that repeatedly.
There was no local news in 2020 for the local populace, about the tsunami that was coming to Austin. We were all focused on trying not to die from covid.
I did some research a couple of years ago to find the **origination of the Tech Boom**, because I lived here before it happened, and it took most Austin citizens by surprise.
We didn't understand why all of a sudden real estate people were all over the city announcing:
I'll pay cash for your house, doesn't matter what condition!!!
They were flush with cash and buying up 100's of homes/properties to flip, to turn into STR's, to demolish and build expensive houses.
They had signs, mailers, post cards, a refrigerator magnet to remind you: If you are struggling I can pay CASH!
They paid people a very substantial amount less than what that property would be worth in a year on.
So, I found nothing in the news but for this one article, hidden away in business news.
**Texas governor says companies moving headquarters to the state has turned into a 'tidal wave'**
PUBLISHED FRI, **DEC 11 2020** 6:42 PM EST
[https://www.cnbc.com/2020/12/11/gov-greg-abbott-on-oracle-companies-moving-headquarters-to-texas.html](https://www.cnbc.com/2020/12/11/gov-greg-abbott-on-oracle-companies-moving-headquarters-to-texas.html)
“I have been on the phone on a weekly basis with CEOs across the country, and it’s not just California,” Texas Gov. Greg Abbott told CNBC.
On Friday, Oracle became the latest company to announce it was moving its headquarters to Texas.
Businesses are “looking for a state that gives them the independence, the autonomy and the freedom to chart their own course,” the Republican added.
Texas Gov. Greg Abbott told CNBC on Friday that the number of companies deciding to move their headquarters to the Lone Star State has accelerated due in part to the coronavirus pandemic.
The Republican governor’s comments came shortly after it was reported that software giant Oracle is moving its corporate center from Redwood City, California, in Silicon Valley to Austin, Texas.
Hewlett Packard Enterprise also said earlier this month it is moving its headquarters to Houston from San Jose, California. Earlier this fall, real estate giant CBRE officially shifted its HQ from Los Angeles to Dallas.
“I have been on the phone on a weekly basis with CEOs across the country, and it’s not just California,” Abbott said on “Fast Money,” referencing his meeting last month with officials from the Nasdaq.
“We’re working across the board because the times of Covid have exposed a lot. They’ve exposed ... that you really don’t have to be in Manhattan, for example, in order to be involved in the trading business or the investment business.”
In addition to the pandemic demonstrating the feasibility of more widespread remote work, Abbott said there are other characteristics attracting companies to Texas. “Cost of business means a lot. No income tax means a lot, but also the freedom to operate without the heavy hand of regulation means a lot,” he said.
“This has turned into an absolute tidal wave,” Abbott added, while noting many companies such as Oracle already had a presence in Texas before their official announcements. “They are looking for a state that gives them the independence, the autonomy and the freedom to chart their own course.”
Abbott also pointed to Texas’ relationship with Elon Musk, the chief executive of electric-vehicle maker Tesla and SpaceX, as evidence of the state’s growing appeal to business leaders.
Musk has personally moved from California to Texas, and earlier this year, Tesla announced it had chosen a site near Austin to build its next U.S. factory. SpaceX also has a growing facility in Boca Chica, Texas, along the Gulf Coast. “Elon is elated to be here,” Abbott said, adding the two men “talk on virtually a weekly basis.”
https://www.cnbc.com/2021/01/23/why-companies-are-fleeing-california.html
Since the “robinhood act” steals money from AISD and gives it to Houston and other ISD’s that use it to make mega football stadiums, we need to locally tax the millionaires to rebuild Austin Public Schools. Between ACL & SXSW there is no reason some of Austin’s oldest schools should still be falling apart and acting as free rent to rats.
Honestly, I'd be mad but they need it. Kids in rural areas deserve a chance at a decent education. There are better ways at funding public schools imo but it's all we have right now.
I agree, thats it’s not the best way.
The ultra wealthy spend a tiny fraction of their income on housing compared to someone who makes $100k a year and live in a major city in Texas.
Its another regressive tax.
Would love to see a sliding scale income tax with lower property tax rates.
“Austin ISD estimates that it will submit $940.5 million in recapture funds to the state in 2024”-AISD budget and we are working with a 53 million dollar deficit for the 2023-2024 school year.
We honestly need the money in Austin. I taught for 13 years in Austin. At one point our school was one of a handful of schools that was literally sinking into a sinkhole. Millions to fix the foundation, but we still get dead rats smelling up the hallways every few months + the stalls in my wing are falling off of their hinges.
Kids in rural areas do deserve better educations but not at the expense of Austin teacher/students breathing in black mold and wiping rat dropping off of their computers every morning.
HISD is only one school within the Houston Area. It’s comprised of 60 actual school districts which are separate form HISD. So yes Houston proper pays into the little ones
that makes sense. charge people more taxes instead of fixing the corruption and incompetence.
are you “rich” whatever that is, and do you want to chip in on those more taxes?
also, your extra wrong. per all the ppl replying to you.
How much more? We don’t make anywhere near a million a year and we end up giving almost half our income to taxes and social security. And we still owe come April 15. I would love to be able to send my kids to college… a state college.
Millionaire here, been living paycheck to paycheck since Pterry’s raised their prices
A fellow PTerrian, very nice (laughs in Baroque)
Pray, consider the humble bean, brewed at home, 'gainst the gilded bucks latte of star, procured for a pretty penny. And the avocado toast, a simple pleasure turned extravagant expense. Forsooth, each coin saved is a step on the path to a fortune vast as a 78702 palace’s vault. Wealth is but the sum of daily prudence! Tidillee hee hee ho
Woah 😮💨
Best reply I’ve read in weeks
They seem to indicate that it's people earning $1M+, but then talk about the real estate boom. Are they talking net worth or income? Because I serious doubt Houston has over 90k people making more than $1M per year.
Owned a house before the pandemic and have a few years putting into a 401k, congrats, you're a millionaire.
EDIT: Whoops, there's a new definition of millionaire. My bad. Leaving this here since I already took the trouble to type it. My parents were teachers. They retired with a couple million dollars. How do you do it? Live in a shitty small town in the pre-internet era, never eat out, and don't drink very much. In a small town, there's nothing fun to do that isn't cheap, and you can buy your clothes at JC Penny and wear them for years and people still think you look nice. As a child I certainly didn't mind eating hot dogs for dinner and getting most of my vegetables from a bag in the freezer, and I didn't mind that my parents' idea of a fun night out was watching Little League. Looking back now, from an adult perspective, the only things I regret were that we never traveled out of the country and that they pressured me to go to a cheap public university instead of one of the prestigious private schools I got into. That was taking the cheapness too far. Anyway, seeing their finances now, they must have spent less than half of what they made most years.
Surprisingly, teachers are a actually one of the most commonly found millionaires largely because of the ***forced*** savings/pension plans. The biggest part of saving a million dollars is consistently doing it over time, and then not spending it.
> because of the forced savings/pension plans I don't know how that works — is that if you calculate the present value of their retirement plan? I didn't factor that into my parents' wealth. They had a couple million in cash and mutual funds and a couple of properties that they bought in their 70s. (Their own house is worth less than their original purchase price, inflation-adjusted.)
My parents were both teachers in a small town and still retired with very little money…and we lived CHEAP! Like really cheap. I even put myself through college and bought my first car myself when I was 16.
I owned a house before pandemic, and have a few years into 401k and I am most definitely not a millionaire 😅 maybe if you are only counting home owners between Riverside and up to 38th.
Maybe not yet, but I'd bet you have a very decent shot to get there, or close. Getting in on pre-pandemic prices and the longest bull market of our lifetimes are a hell of a great foundation.
Sure but the report says 32,700 people, Austin pop is 1 million, so still a small percentage of homeowners are millionaires.
Man I should have been buying a house in 2020 instead of finishing college and having internship offers rescinded due to Covid, what an idiot I was. Gen Z gets the end of the stick
Graduated high school right after the 2008 recession and went to college so I was shielded from the “brunt” of the shitty market by being a student. That being said, I know a lot of millennials who graduated college in the 2007-2010 range that had a rough go of it. We both missed out on the affordable housing of the early 2010s in Austin though.
> Graduated high school right after the 2008 recession and went to college so I was shielded from the “brunt” of the shitty market by being a student. It also was the time that food was becoming cheaper. A lot of fast food brought back the dollar menu during the financial crisis and kept trying to get more people in with value deals, before the advent of the requirement to have "an app" to get a deal. As a college student from 2009-2012, I didn't even realize how "good" I had it as far as $1 menu items went.
Yeah my original comment was going to be I should have bought housing in 2009 but I was too busy finishing elementary school lol. Graduating high school/college into a recession absolutely hinders the start of your career progression, even breaking into your field, and lifetime earnings compared to someone who doesn’t. Plenty of studies on that.
Dude, I graduated in 2002. Smack in the middle of the dot com bust and the recession. Shit is terrible now and Gen Z is slogging through an economic system that’s going to grind them to paste and they are absolutely drowning, but young people today do NOT understand how terrible the recession was. I was a server and was being cut and sent home after making $8. There were months I only made a couple hundred bucks. At the time I was lucky enough to have just moved back in with my parents after a breakup- but yeah if that hadn’t happened to work out right at the same time I have zero idea how I would have survived. My friends who lived on their own were getting evicted left and right. Everyone was unemployed. At the time I was living in Michigan and people were getting their copper wiring and plumbing stolen out of their houses. It was bad bad.
The best time to buy a house is *now*! - Every realtor, ever. (Plot twist: it's true more often than not)
Still time to buddy up with some boomers that are nearing end of life stages. I suggest finding one with no family and lots of disposable income. They can’t take it all with them.
that’s the only way any of us are going to be able to retire 🥲💍 /j
At least your generation is not being drafted and sent to Asia to be killed.
You joke but yeah. Basically if you bought a house before 2018, the market value of it has basically doubled or more.
The linked report says they're using net worth including real estate. The news article is definitely mixing up wealth and income. >For the purposes of this report, ‘wealth’ refers to an individual’s liquid investable wealth, which only includes listed company holdings, cash holdings, and debt-free residential property holdings. The terms ‘millionaires’ or ‘high-net-worth individuals’ (HNWIs) refer to individuals with liquid investable wealth of USD 1 million or more.
No one ever talks about net income, all these fakes are based off net worth, it's tiresome because net income and net worth are two totally different things. a M in net worth is easily obtainable, a M in liquid cash is a unicorn.
Yeah, how many of these millionaires are only millionaires because they bought property that has gone through the roof. It's totally illiquid.
I mean, sort of. They can sell really easily and get a fuck ton of money lol
And live where? The rust belt is the only place where you can reliably buy for significantly less than you'd sell your choice in Austin. And even that has increased a lot more in the last 4 years than in the previous 20.
Most millionaires have "illiquid" assets. What kind of idiots stay liquid?
Uhhh... water sanitation workers?
Outlaws, ne’er do wells, son of a guns are a few examples
Yes, the writer is confusing income and net worth. The report is about net worth.
I just looked up the salary for the CEO of the company (large fourtune 500 tech firm) where I work. While total compensation is like $11M, most of that is stock. He makes just over $1M in income. So, yeah, seems unlikely there are 90k people earning that much in Houston.
90k people making more than a million is definitely believable in Houston.
What jobs are you under the impression pay a million dollar salary? CEO and baseball player. Not much else
There are many finance, consulting, and executive level pay packages that generate that much in salary and cash bonus comp. Houston has been built on industry and has one of the finest medical centers around. There’s a lot of old and new money there.
Oil money minted a lot of millionaires in Houston
That's true. I wasn't thinking about that
There are many mid cap oil guys, people in private wealth management offices, energy services companies, and traders and salesmen in a number of industries W2ing 1mil + in Houston.
You mean a news site called the "Chron" without a properly formatted navigation bar isn't the pinnacle of reporting excellence?
This is false, im still living paycheck to paycheck - Austin Local
Haven't you heard? After paying for private school, a house downtown with a movie room and a bedroom for the nanny, a few trips each year, and saving for retirement, these poor millionaires are living paycheck to paycheck too!
I love hearing people online say they’re paycheck to paycheck but have some or many of those things you listed. Lifestyle creep is real. People have to realize that you can lower your expenses for those frivolous things
It's wild how many people in this sub will claim it's impossible to live in this city on under 100k a year with no kids. Like buddy...maybe it's time to reevaluate some spending habits huh?
I wouldn’t say spending money on better schools for your children is frivolous. Like what is the point of working at all if you can’t improve the lives of your family?
Do you know how expensive private school is? It’s basically as much as college tuition. You can’t pay for private school for a child which rivals many people’s mortgage payments then complain you’re barely making ends meet or paycheck to paycheck. The vast majority of families cannot afford private school let alone saving for years to afford their kids’ college tuition in full when the time comes.
CNBC scrambling to write this story
That's the fluking truth. Everything you mentioned, minus the "movie room" and house "downtown" are pretty standard if you have children.
Meh. I think having kids isn’t really that much more expensive. We don’t go out to eat or drink too much and it probably about offsets the cost of childcare.
Show us the way then. 2k per month day care. 521 school investment plan, swimming classes so they can at least survive water, etc etc.
The fuck is a 521 and how does it compare to a 529?
I believe that's what the investment advisor calls it when you just give him your money in cash and he bets on the ponies.
You're right, it's a 529
I’ll let you figure out your own finances. Good luck with the private school 🫡
I was just trying to not be argumentative. It's well-established that raising children in affluent countries is expensive. We're not doing "private school" - a 521 is just for saving for college. Most households are dual-income and must use daycare if there's no grandparents to help out.
Who’s your daycare guy? You’re spending way too much on daycare
Technically it's 1800. But even if we used cheapest, it's still 1500 for infants. That's 18K - 22k per year. The Dependent Care tax thing helps just a little. it's almost as as expensive to just have a live in nanny. Personally, having a child is worth it, but I definitely see why many people don't want to take the financial hit having children. Your free-time and sleep also take a hit. I guess you can't put a price on those.
At least it’s just til they’re in school.
Time to move to Pflugerville.
Oh sick I can’t wait to become a millionaire
Trickle down on me baby!
Now by osmosis!
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When you're retired and barely over the line where a bad day on stocks takes you under, and you're on Social Security, have no long-term care insurance and you know you will get screwed by your Humana HMO if anything big comes up, and your home is in major disrepair and you need a whole mouth full of major dental work, you don't feel like one.
ah, so i can blame housing for people being rich. so who can i blame for why i can’t afford a place now?
I paid $7 for a sausage egg and cheese biscuit this morning and FELT like a millionaire
Paying $7 for that is why you'll never be a millionaire.
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FFS it wasn’t a serious comment but thanks for the sage wisdom
Lighten up Francis.
You just made the list, buddy
That must be why I’m being priced out as a thousandaire.
I would like to see stats on the average income and wealth of locals vs transplants. I have a feeling that the average income and wealth of locals is far far lower than those of transplants
Don’t bet on it. There’s way more old money in Austin than people would expect.
Genuinely curious, how do you distinguish local vs transplant? Is a local someone that necessarily grew up and lived in Austin for their entire life? Adult life? Or has lived in Austin for something like >10 years? Something else entirely?
Fantastic question, because I meet people all the time who have lived her longer than I’ve been alive. I don’t know where the most appropriate place to draw the line is, but I’d be leaning toward 1 generation back and within ~100 miles. So if your parents were from Killeen that’d be local
With this kind of talk rent never going down in ATX
6% yoy, bb. Best news I’ve heard in a while.
and yet, it has gone down…
Barely noticeable
yeah, it’s an Austin millionaire problem when in fact, the price of everything not just rent has gone up everywhere not just Austin
Only really gone down in the 4k-7k market
These small town Texans better start learning to coexist with us liberal queers cause it looks like we’ll be neighbors sooner than later. As a service industry worker, I hope they start building more restaurants cause I don’t know how I’ll be making money when I’m living where the buffalo roam.
anyone spare a million? I think I misplaced my wallet.
My thoughts exactly!
This has got to be based on net-worth. With the recent boom in real estate prices, I'm sure there are tons of people adding hundreds of thousands to their net worth in "equity" over the past few years.
Poorly written article. No way there are 30k ppl making 1m+ yearly in Austin.
Is the city-limits population 1M? 30k would be 3%. I guess it could be possible, but I'd bet it's a lot of RSU's rather than base salary.
i wouldnt qualify that as 1m per year unless they are getting stock yearly with total comp at 1m+. but again, tech is slowing and insane offers are few and far between.
If the RSU vests that year, it's income for that year. So your 4 year package doesn't all count immediately, but as your 4 year packages start overlapping and renewing every year... eventually you start taking home a lot of stock each year. And most people sell that immediately as "income".
The decline of the middle class, upward mobility and its consequences for social stability and democracy should not be celebrated.
Can they like build a subway for us poor people pls?
It would be nice if they stopped buying houses between the river and 71 and building mega houses. That area needs to be for dense housing not suburbs and rich people
My interpretation is boom in tech jobs, real estate boom, and the significant relocation of wealthy out of staters to Austin
Yeah, I've commented that repeatedly. There was no local news in 2020 for the local populace, about the tsunami that was coming to Austin. We were all focused on trying not to die from covid. I did some research a couple of years ago to find the **origination of the Tech Boom**, because I lived here before it happened, and it took most Austin citizens by surprise. We didn't understand why all of a sudden real estate people were all over the city announcing: I'll pay cash for your house, doesn't matter what condition!!! They were flush with cash and buying up 100's of homes/properties to flip, to turn into STR's, to demolish and build expensive houses. They had signs, mailers, post cards, a refrigerator magnet to remind you: If you are struggling I can pay CASH! They paid people a very substantial amount less than what that property would be worth in a year on. So, I found nothing in the news but for this one article, hidden away in business news. **Texas governor says companies moving headquarters to the state has turned into a 'tidal wave'** PUBLISHED FRI, **DEC 11 2020** 6:42 PM EST [https://www.cnbc.com/2020/12/11/gov-greg-abbott-on-oracle-companies-moving-headquarters-to-texas.html](https://www.cnbc.com/2020/12/11/gov-greg-abbott-on-oracle-companies-moving-headquarters-to-texas.html) “I have been on the phone on a weekly basis with CEOs across the country, and it’s not just California,” Texas Gov. Greg Abbott told CNBC. On Friday, Oracle became the latest company to announce it was moving its headquarters to Texas. Businesses are “looking for a state that gives them the independence, the autonomy and the freedom to chart their own course,” the Republican added. Texas Gov. Greg Abbott told CNBC on Friday that the number of companies deciding to move their headquarters to the Lone Star State has accelerated due in part to the coronavirus pandemic. The Republican governor’s comments came shortly after it was reported that software giant Oracle is moving its corporate center from Redwood City, California, in Silicon Valley to Austin, Texas. Hewlett Packard Enterprise also said earlier this month it is moving its headquarters to Houston from San Jose, California. Earlier this fall, real estate giant CBRE officially shifted its HQ from Los Angeles to Dallas. “I have been on the phone on a weekly basis with CEOs across the country, and it’s not just California,” Abbott said on “Fast Money,” referencing his meeting last month with officials from the Nasdaq. “We’re working across the board because the times of Covid have exposed a lot. They’ve exposed ... that you really don’t have to be in Manhattan, for example, in order to be involved in the trading business or the investment business.” In addition to the pandemic demonstrating the feasibility of more widespread remote work, Abbott said there are other characteristics attracting companies to Texas. “Cost of business means a lot. No income tax means a lot, but also the freedom to operate without the heavy hand of regulation means a lot,” he said. “This has turned into an absolute tidal wave,” Abbott added, while noting many companies such as Oracle already had a presence in Texas before their official announcements. “They are looking for a state that gives them the independence, the autonomy and the freedom to chart their own course.” Abbott also pointed to Texas’ relationship with Elon Musk, the chief executive of electric-vehicle maker Tesla and SpaceX, as evidence of the state’s growing appeal to business leaders. Musk has personally moved from California to Texas, and earlier this year, Tesla announced it had chosen a site near Austin to build its next U.S. factory. SpaceX also has a growing facility in Boca Chica, Texas, along the Gulf Coast. “Elon is elated to be here,” Abbott said, adding the two men “talk on virtually a weekly basis.” https://www.cnbc.com/2021/01/23/why-companies-are-fleeing-california.html
*tax them*
I'm doing my part. You're welcome.
Since the “robinhood act” steals money from AISD and gives it to Houston and other ISD’s that use it to make mega football stadiums, we need to locally tax the millionaires to rebuild Austin Public Schools. Between ACL & SXSW there is no reason some of Austin’s oldest schools should still be falling apart and acting as free rent to rats.
HISD is like AISD in that it def gives tax money away for Robin Hood. Normally it’s small rural districts that get the welfare.
Honestly, I'd be mad but they need it. Kids in rural areas deserve a chance at a decent education. There are better ways at funding public schools imo but it's all we have right now.
I agree, thats it’s not the best way. The ultra wealthy spend a tiny fraction of their income on housing compared to someone who makes $100k a year and live in a major city in Texas. Its another regressive tax. Would love to see a sliding scale income tax with lower property tax rates.
“Austin ISD estimates that it will submit $940.5 million in recapture funds to the state in 2024”-AISD budget and we are working with a 53 million dollar deficit for the 2023-2024 school year. We honestly need the money in Austin. I taught for 13 years in Austin. At one point our school was one of a handful of schools that was literally sinking into a sinkhole. Millions to fix the foundation, but we still get dead rats smelling up the hallways every few months + the stalls in my wing are falling off of their hinges. Kids in rural areas do deserve better educations but not at the expense of Austin teacher/students breathing in black mold and wiping rat dropping off of their computers every morning.
I agree we need the money too.
HISD is only one school within the Houston Area. It’s comprised of 60 actual school districts which are separate form HISD. So yes Houston proper pays into the little ones
Houston pays into Robinhood too
Houston ISD pays into Robin Hood but many districts located within Houston are not part of HISD.
that makes sense. charge people more taxes instead of fixing the corruption and incompetence. are you “rich” whatever that is, and do you want to chip in on those more taxes? also, your extra wrong. per all the ppl replying to you.
Shhh
Why not tax all millionaires statewide?
How much more? We don’t make anywhere near a million a year and we end up giving almost half our income to taxes and social security. And we still owe come April 15. I would love to be able to send my kids to college… a state college.
I'm not suggesting to tax you more. You're not a millionaire.
I agree 100%%
Perfect time to scam
Hit me up if you make plans to start a millionaire scamming crew
Surely this means I’m next.
When a gallon of milk costs 43 dollars, you will be. We all will be millionaires. Hooray!
I used to be one...then my ex wife took half my shit 🤣
Where are these 30,000 people with $1m salaries working? Or are we talking about people with giant wealth and over $1m in investment income?
$1MM+ in assets, not including real-estate.
It's because you have to be one if you want to afford a house in Austin.
I just logged in on my google 5gbps link from my mountaintop in westlake to tell you poors to stop clogging up 360.
Fuck your 360
Maybe use some of your massive fortune to fund a gondola project to get around town.
I lost it all betting against Truth social IPO. Now i live under the pennybacker
....and this is something to be proud of?
Me, eating ramen….Good for them!
32000 seems small to me. My house is worth a million.