most overpaid profession?

Mort McMurray wrote:

Tom Connors wrote:

NBA players that sit on the bench.

Average salary of an NBA player is seven million dollars for one season.

I'm pretty sure that this is incorrect unless you are intentionally trying to misrepresent NBA salaries by taking a very liberal approach to your calculation of the "average."

If 9 guys each earn $50k per year and one guy earns $1 billion per year, does the average guy earn $100 million per year in your mind?

The minimum salary for an NBA player with 1 year of experience is $1.4 million. These are the guys that get 5 minutes of playing time at the end of a blowout.

Uhh wrote:

Giles Corey wrote:

Gee.

Only had to go back 30 years to find an owner that you say lost money on the team they owned.

let's fact check.

Kiam paid $83 million for the Pats in 1988 and sold it a few years later for $174 million.

So even your 30 year old example does not hold water

So what did he spend on the team between buying and selling?

Or to put it another way, if I buy a house for $1m and sell it for $2m but spend $5m renovating it, have I made a profit or loss?

Likely he made money each year the team was in operation. All NFL teams make a lot of money. That's kind of the whole point of the NFL business model

But by all means show me evidence to the contrary

+1000 It's time for a major wealth tax and a massive increase in investment gains taxes in this country.

Uhh wrote:

Giles Corey wrote:

Hedge Fund CEO.

All CEOs.

Past 20-30 years they've talked their salaries up by pretending they have a special skillset that is rare. It's not.

They're a cartel who vote payrises for each other by sitting as directors on each other's boards.

Yeah, and those careers don't last more than a couple of years. Funny how many LRC elites think nothing of obscene corporate salaries but begrudge the little guy who earns a windfall.

rt6 wrote:

Mort McMurray wrote:

I'm pretty sure that this is incorrect unless you are intentionally trying to misrepresent NBA salaries by taking a very liberal approach to your calculation of the "average."

If 9 guys each earn $50k per year and one guy earns $1 billion per year, does the average guy earn $100 million per year in your mind?

The minimum salary for an NBA player with 1 year of experience is $1.4 million. These are the guys that get 5 minutes of playing time at the end of a blowout.

SanDiegorunner wrote:

keeping up with the Jenners wrote:

Kylie Jenner. Listed as a billionaire by Forbes and only 22 years old. WTF has she done to earn a billion?

There’s reports that she’s actually not a billionaire. Here’s the link,

https://www.google.com/amp/s/www.forbes.com/sites/chasewithorn/2020/05/29/inside-kylie-jennerss-web-of-lies-and-why-shes-no-longer-a-billionaire/amp/

I took the time to read the article, thinking it was some huge bombshell, and it wasn't. A lot of wondering about numbers and say no way should could be worth that much, had to be significantly less...and at the end of the article...

They say they are right with a 900M current estimate. That deserves a huge roll-eyes. They are going to try and call out a 22 year old for only being worth 900M instead of 1000M? And trust me, I don't want to be defending them, I'm as envious as can be over being able to put out a bunch of junk and have people flock to it to the tune of hundreds of millions of dollars.

Anyone listing jobs where the salaries are under even a couple hundred thousand need to get their heads re-examined.

There are an awful lot of super wealthy people that did nothing but be born and inherit hundreds of millions or even billions of dollars. They get my vote.

rt6 wrote:

zizek wrote:

Mine. Data Scientist in corporate America. I get paid well into the six-figures to do made-up math, which is presented as 'evidence' in support of decisions that would have been made anyways.

The whole thing is pointless and ritualistic.

Yeah, there are a lot of people in corporate America getting paid a lot to do very little. I work for a large global financial services company. There are a lot of people making $200k - $400k with a large bonus in addition and managing less than 10 people. They mostly just attend pointless meetings.

I make around $200k base crunching some numbers. I worked mostly from home before covid19 and there are many days when I do less than 2 hours of work. I can pretty much run when I want.

Teaching would be so much harder.

Yeah, I try not to think about it because the whole situation ends up melting my mind. It also never ceases to amaze me how many of my coworkers' thing we are doing important work.

Not sure...

If you're a good software engineer/architect, you can get paid like 200-450k and once you learn the codebase, you can pretty much cruise and do a few bursts. Maybe 10 hours per week of concentrated effort.

No doubt there are some managers in some sort of government tech consulting that do absolutely nothing and make 200k+.

Sales is kind of silly. Once you build up your sales network it is basically a cash cow. Making like 500k for legit just calling people and making sure they keep subscribing to your Oracle sht.

Stifler wrote:

teachers in California.

"The average salary of public school teachers in 2017 - 18 for the State of California was $80,680."

A teacher who gets winter vacation, spring vacation, summer vacation, "free" healthcare, and still doesn't do a good job is being overpaid.

I'd say the 19-year-old basketball player who sits on the bench and makes $1 million because of "potential" instead of talent is more overpaid.

Life coaches

Says the lawyer who has never built anything (lawyers don't make as much as they used to because supply from the Foggy Bottom Law Schools of the world exceed demand). The $300k he is paid a year is probably 2% or less of the cost of the construction he oversees. If done well, the company makes millions. If done poorly, the company can lose millions. He's paid what he is to make sure tens to hundreds of millions of dollars in engineered projects come in under budget. If Shell loses money on his projects, he gets canned (of course he might be out of work right now anyhow with oil still under $40). My wife and I both went to state schools and do fine (of course we both graduated with honors and she was top 5 in her dental school class and had residency offers from Harvard but elected to go to a state school instead). My wife and I with our state school degrees out earn my brothers with their advanced degrees from Vanderbilt, MIT and Notre Dame, but we also took some big risks in starting her business, building her building, etc. We make a lot of money, but we have taken out over a million dollars in loans over the years (all of which we paid off). Heck, I made more money than I make in a typical year in the past few months by buying a bunch of stock when everyone else was losing their minds.

I have always had a job [same professional job for 21 of the past 22 years (I took a 1 year "sabbatical" with another company)] because I have always made my employer money and my compensation has grown as I have taken on more responsibility. Young guys make less because they are generally responsible for less money (if they make a mistake it will cost a company thousands, if the big guys make a mistake, it will cost millions).If a person wants to make a lot of money, they either have to be responsible for large sums of money or have to take a lot of measured risks.

… take a lot of measured risks which aren't risks because they beg for and get bailouts.

LRCUghh wrote:

+1000

It's time for a major wealth tax and a massive increase in investment gains taxes in this country.

Uhh wrote:

All CEOs.

Past 20-30 years they've talked their salaries up by pretending they have a special skillset that is rare. It's not.

They're a cartel who vote payrises for each other by sitting as directors on each other's boards.

You want to see the stock market collapse, your retirement accounts drop and tax collections go down as the truly wealthy move their money back off shore to places like Singapore and the Cayman Islands? Because that is what would happen with that type of plan. As far as hedge fund CEOs, just buy Vanguard Funds. Most of those only charge 0.1% management fees, and they perform as well as any of the ones with higher management fees.

joedirt wrote:

LRCUghh wrote:

+1000

It's time for a major wealth tax and a massive increase in investment gains taxes in this country.

You want to see the stock market collapse, your retirement accounts drop and tax collections go down as the truly wealthy move their money back off shore to places like Singapore and the Cayman Islands? Because that is what would happen with that type of plan. As far as hedge fund CEOs, just buy Vanguard Funds. Most of those only charge 0.1% management fees, and they perform as well as any of the ones with higher management fees.

You think a dozen men should be able to blackmail hundreds of millions of Americans with threats like that?

I don't. Time for a change

I need to make 70+ within two years and have no programming skills. What would letsrun recommend me to do? I Spent last 2 years in HR recruiting, have SAP and BI, and have strong soft skills.

Seriously, if you can recommend me something good I will quit tomorrow and chase it.

GFR wrote:

Stifler wrote:

teachers in California.

You think so? How much would they have to pay you to keep a class of 30 kindergartners engaged and under control every day. I bet you couldn't last 2 days.

Given there is a high demand for teaching jobs, way more than we have available the fact that we are not negotiating down salaries and benefits means yes they are overpaid. The public employees in California, particularly the teachers, firefighters, and cops are bankrupting the state with their corrupt public unions using public money to sway policy.

For me it is those in the American Finance system. Wall Street is an old boys club from a small group of colleges that maintains control of the financial systems and creates nothing. Their job is not hard and they are not special. But they use their connections and existing control of the financial markets to continue their control of our money.

Mort McMurray wrote:

Tom Connors wrote:

NBA players that sit on the bench.

Average salary of an NBA player is seven million dollars for one season.

I'm pretty sure that this is incorrect unless you are intentionally trying to misrepresent NBA salaries by taking a very liberal approach to your calculation of the "average."

If 9 guys each earn $50k per year and one guy earns $1 billion per year, does the average guy earn $100 million per year in your mind?

the median is ~$ 3 million

electrician

Great thread topic. If you look at any list of the world's richest persons, you will see that the majority of them amassed wealth far beyond their actual, merit-based, quantitative contributions of value. It is routine for founders or executives to cash out hundreds of millions from stock repurchases while their companies don't even make a profit (eg. Uber). The system that allows this is inherently unjust.

Another example: if you add up all of Amazon's net incomes throughout their time as a public company, the result will still be less than Bezos' net worth. Try it. It's dumbfounding. Clearly, equity wealth often has no relation to underlying value.

yyy wrote:

doctors (MDs, not real doctors) and lawyers.

How much does a doctor actually make?