My parents never could’ve either but $500k household net worth only puts you in the top 20% of households so it’s not like they were exceptionally wealthy and we don’t know if they borrowed to invest or what exactly their specific situation was. Miguel Bezos was a Cuban refugee and then worked as an engineer for Exxon and Jackie Bezos was a secretary so i mean this is pretty middle class IMO.
That doesn’t mean that all billionaires clawed their way to the top as i mentioned above, or that we shouldn’t make progressive changes to the tax code. It’s just important that we separate truth from fiction to make educated decisions.
But their net worth was a hell of a lot more than 500K. 500K was the seed capital they gave Bezos. They didn’t empty their bank accounts and mortgage their house to do it.
Bezos may have grown up poor, but his parents did finance Amazon to the tune of $250k which is closer to half a million now.
He still effectively inherited the capital to start a business. My parents could never just invest half a million in a business I would want to start.
https://www.cnbc.com/2018/08/02/how-jeff-bezos-got-his-parents-to-invest-in-amazon--turning-them-into.html
My parents never could’ve either but $500k household net worth only puts you in the top 20% of households so it’s not like they were exceptionally wealthy and we don’t know if they borrowed to invest or what exactly their specific situation was. Miguel Bezos was a Cuban refugee and then worked as an engineer for Exxon and Jackie Bezos was a secretary so i mean this is pretty middle class IMO.
That doesn’t mean that all billionaires clawed their way to the top as i mentioned above, or that we shouldn’t make progressive changes to the tax code. It’s just important that we separate truth from fiction to make educated decisions.
But their net worth was a hell of a lot more than 500K. 500K was the seed capital they gave Bezos. They didn’t empty their bank accounts and mortgage their house to do it.