July 22, 20214 yr 7 minutes ago, Dave Moss said: 6 minutes ago, Dave Moss said: Swing and a miss, Paul. Because there's way too many poor people bringing those numbers down. I would never call myself rich and I blow past all of those numbers and I bet a lot of the posters here do too.
July 22, 20214 yr 2 minutes ago, Paul852 said: Because there's way too many poor people bringing those numbers down. I would never call myself rich and I blow past all of those numbers and I bet a lot of the posters here do too. Yeah, everyone says they’re middle class.
July 22, 20214 yr Just now, Dave Moss said: Yeah, everyone says they’re middle class. Ok, then I'll ask, what's rich? If a 50 year old tells you his net worth is 2-3 million, is he rich?
July 22, 20214 yr 2 minutes ago, Paul852 said: Ok, then I'll ask, what's rich? If a 50 year old tells you his net worth is 2-3 million, is he rich? Ahh the good old days when being a millionaire meant something.
July 22, 20214 yr This really is a classic case of people not saving their money and then calling anyone who has millions "rich". If a person makes 65k and puts 8% of their paycheck in their 401k with the standard "half" employer match they will have 3 million in their 401k. That doesn't include any other savings/home/investments that can throw 500k-1million. That person was never rich. They just saved their money over a long period of time. I don't know, maybe I'm out of touch. That's a possibility.
July 22, 20214 yr 2 minutes ago, Paul852 said: Ok, then I'll ask, what's rich? If a 50 year old tells you his net worth is 2-3 million, is he rich? I guess it depends how much they have access to. If it’s all in a 401k that they can’t touch maybe not. But if you’re a 50 year-old with a couple mil in the bank, some luxury cars, and a vacation home, then yeah.
July 22, 20214 yr Just now, Dave Moss said: I guess it depends how much they have access to. If it’s all in a 401k that they can’t touch maybe not. But if you’re a 50 year-old with a couple mil in the bank, some luxury cars, and a vacation home, then yeah. Well the clear distinction with Biden is "net worth". Who knows what that all involves. For me, a guy like Joe Biden being worth 9 million at 80 years old when he's pretty much kept working...that's not rich.
July 22, 20214 yr Some stats. Millionaire Statistics (Editor’s Pick): The United States added 2,251,000 new millionaires from 2019 to 2020. The total number of millionaires in the US is 20.27 million. There are 788 billionaires in the United States. There are 323,443 millionaire households in New Jersey. 76% of US millionaires are white. New York is the city with the biggest concentration of ultra-rich millionaires with24,660 UHNW. The United States’ millennial millionaires own an average of three properties with a real estate portfolio worth $1.4 million. About 44% of US-based millennial millionaires live in California. 43.4% of the world’s wealth is controlled by the top 1%. What Percentage of Americans are Millionaires? Let’s start with the basics. The number of millionaires, their households, and how they got their wealth. 1. How many millionaires are in the US in 2020? (Source: Credit-Suisse) The Global Wealth Report says that the total number of millionaires in the US is 20.27 million. The United States also added 2,251,000 new millionaires from 2019 to 2020 alone, which puts it at the very top of the list of countries with the most millionaires. 2. How many US millionaire households are there? (Source: Spectrem) A new survey has found that there are 13.61 million households that have a net worth of $1 million or more, not including the value of their primary residence. That’s more than 10% of households in the US. So the US is definitely the country with the most millionaires. 3. What percentage of millionaires inherited their wealth? (Source: Ramsey Solutions) Only about 20% of Americans inherit their riches. The rest of them (80%) are self-made, first-generation millionaires. Most millionaires have to work for the money and don’t get rich once a relative dies, according to "The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J Stanley. Gatsby would be proud. Multimillionaires in the United States Of course, millionaires are only one part of the equation. Many people have more than a single million, and some have much, much more.
July 22, 20214 yr 13 minutes ago, Dave Moss said: I guess it depends how much they have access to. If it’s all in a 401k that they can’t touch maybe not. But if you’re a 50 year-old with a couple mil in the bank, some luxury cars, and a vacation home, then yeah. When calculating net worth, you typically include all assets, both liquid and illiquid. Homes, retirement accounts, cars, jewelry, etc.
July 22, 20214 yr 10 minutes ago, we_gotta_believe said: When calculating net worth, you typically include all assets, both liquid and illiquid. Homes, retirement accounts, cars, jewelry, etc. I’m saying I’m not sure I’d call that person rich if they’re 50 and don’t have access to their 401k savings (without paying the penalty). However, most people who make a good income are also dumping money after taxes into the market. At least I think they are.
July 22, 20214 yr I’m pretty sure my dad takes his mandatory 401k withdrawals and then dumps the money back into the market. Lol. He doesn’t have $9 million though.
July 22, 20214 yr 15 minutes ago, Dave Moss said: I’m saying I’m not sure I’d call that person rich if they’re 50 and don’t have access to their 401k savings (without paying the penalty). However, most people who make a good income are also dumping money after taxes into the market. At least I think they are. I guess I don't see the point in differentiating between liquid and illiquid assets when judging how "rich" (or wealthy) someone is. Having access to the money now or in 10 years does little to diminish the value of that wealth when they've voluntarily chosen to contribute and invest it through a retirement account in the first place. To reframe it... If someone owns a $2M home, but only has $200k in cash would you say he's less rich or more rich than someone who owns a $800k home with $500k in cash?
July 22, 20214 yr 3 minutes ago, we_gotta_believe said: I guess I don't see the point in differentiating between liquid and illiquid assets when judging how "rich" (or wealthy) someone is. Having access to the money now or in 10 years does little to diminish the value of that wealth when they've voluntarily chosen to contribute and invest it through a retirement account in the first place. To reframe it... If someone owns a $2M home, but only has $200k in cash would you say he's less rich or more rich than someone who owns a $800k home with $500k in cash? I understand how you’re calculating net worth. Whether someone is considered rich or not is completely arbitrary though. And that’s what Paul is arguing - he thinks a guy with $9 million in net worth isn’t that rich. Part of the evidence he’s using is that person is almost 80 and still working.
July 22, 20214 yr 10 minutes ago, Dave Moss said: I understand how you’re calculating net worth. Whether someone is considered rich or not is completely arbitrary though. And that’s what Paul is arguing - he thinks a guy with $9 million in net worth isn’t that rich. Part of the evidence he’s using is that person is almost 80 and still working. I don't know what else to tell you honestly. He's only accumulated 9 million dollars working for what? 50+ years? Seems like a rich guy would have a lot more over that span of time.
July 22, 20214 yr Just now, Paul852 said: I don't know what else to tell you honestly. He's only accumulated 9 million dollars working for what? 50+ years? Seems like a rich guy would have a lot more over that span of time. He’s worked his whole life in public service and his wife is a community college professor. I’d say he did pretty good.
July 22, 20214 yr 4 minutes ago, Dave Moss said: He’s worked his whole life in public service and his wife is a community college professor. I’d say he did pretty good. Also remember lifetime public servants have a lot of things paid for them. Makes it easier to save income if a lot of expenses are paid for you.
July 22, 20214 yr 22 minutes ago, Dave Moss said: I understand how you’re calculating net worth. Whether someone is considered rich or not is completely arbitrary though. And that’s what Paul is arguing - he thinks a guy with $9 million in net worth isn’t that rich. Part of the evidence he’s using is that person is almost 80 and still working. I mean, I think it's fair if you really want to call him rich, just don't do it in the same sentence as someone who is worth $200B, that's all I'm saying.
July 22, 20214 yr 2 minutes ago, we_gotta_believe said: I mean, I think it's fair if you really want to call him rich, just don't do it in the same sentence as someone who is worth $200B, that's all I'm saying. Sure. If you don’t fly a rocket into space with your own money I guess you’re not really rich.
July 22, 20214 yr 3 minutes ago, Dave Moss said: Sure. If you don’t fly a rocket into space with your own money I guess you’re not really rich. Not what I'm saying at all. The standard of rich isn't Jeff Bezos, just like the standard of good soccer player isn't Lionel Messi. But when someone says my daughter is good at soccer, they're not saying, "She played well today. That's one thing she has in common with Messi, both good soccer players."
July 22, 20214 yr 36 minutes ago, Boogyman said: Also remember lifetime public servants have a lot of things paid for them. Makes it easier to save income if a lot of expenses are paid for you. Then why are people like AOC complaining about the price of their DC apartment?
July 22, 20214 yr 29 minutes ago, we_gotta_believe said: Not what I'm saying at all. The standard of rich isn't Jeff Bezos, just like the standard of good soccer player isn't Lionel Messi. But when someone says my daughter is good at soccer, they're not saying, "She played well today. That's one thing she has in common with Messi, both good soccer players." Arguing $9 mil in net worth is common though is like arguing an Ivy League degree is common. I’m not really buying it.
July 22, 20214 yr 6 minutes ago, Dave Moss said: Arguing $9 mil in net worth is common though is like arguing an Ivy League degree is common. I’m not really buying it. Doesn't Trump and his kids have one of those? Anyway, I know many of my coworkers close to retirement age are "millionaires" and all they're trying to do is plan out their years. By no means rich. I'm certain that if Biden stopped working at 65 he'd be in the same position. I'm sure I'm just thinking of it differently than the simple "this dude is worth millions" perspective. Everyone has their opinions.
July 22, 20214 yr 19 minutes ago, Dave Moss said: Then why are people like AOC complaining about the price of their DC apartment? Would you believe someone here called AOC wealthy?
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