July 23, 20214 yr 11 hours ago, Dave Moss said: Then why are people like AOC complaining about the price of their DC apartment? Your first mistake is using AOC as a point of reference. She's a whack job.
July 23, 20214 yr 10 hours ago, NOTW said: Everyone here is wealthy, has a high level important job and posts on a football discussion board all day. I have an average job and I goof off at work for at least half my day. Think Office Space but in a chemical factory.
July 23, 20214 yr 14 hours ago, Paul852 said: Hey man, great for the article but I can assure you there are lots of older people you probably walk by every day who have a comparative amount of net worth. It's all relative I guess. No chance in the world. Average retiree net worth 1.2 million. 9 million is well above average. https://www.google.com/search?q=what+is+the+net+worth+of+the+average+retiree&rlz=1C1CHZN_enUS959US960&oq=what+is+the+net+worth+of+the+avaerage+retire&aqs=chrome.1.69i57j0i13.15339j0j15&sourceid=chrome&ie=UTF-8
July 23, 20214 yr 14 hours ago, we_gotta_believe said: Sure, but while I like to think my 8 year old is pretty good at soccer, I still wouldn't mention her in the same sentence as Lionel Messi. Okay but you would call her/him a soccer player. If you were at one of his/her games and another parent said to you that your kid was a pretty good soccer player would you feel the need to ad that in?
July 23, 20214 yr 20 minutes ago, greend said: No chance in the world. Average retiree net worth 1.2 million. 9 million is well above average. https://www.google.com/search?q=what+is+the+net+worth+of+the+average+retiree&rlz=1C1CHZN_enUS959US960&oq=what+is+the+net+worth+of+the+avaerage+retire&aqs=chrome.1.69i57j0i13.15339j0j15&sourceid=chrome&ie=UTF-8 Hey man, if you want to call him rich, fine. I just call him a guy who saved his money for a very long time. When I think of rich people I think people who are buying 20 million dollar mansions and flying to Europe every weekend on their private jet (like Vikas). I'd consider Biden well off. But yes, 9 million is a lot of money.
July 23, 20214 yr Author Business insider says a net worth of 4.4 million or above put some you in the top 1 percent in the US.
July 23, 20214 yr 1 hour ago, greend said: Okay but you would call her/him a soccer player. If you were at one of his/her games and another parent said to you that your kid was a pretty good soccer player would you feel the need to ad that in? Would I add in Messi out of nowhere? Of course not, that's ridiculous. Just because they're both soccer players doesn't mean they belong in the same sentence. That's my entire point.
July 23, 20214 yr 1 hour ago, 20dawk4life said: Business insider says a net worth of 4.4 million or above put some you in the top 1 percent in the US. Only because 99 percent of people suck at saving their money.
July 23, 20214 yr 10 minutes ago, greend said: Just can't say a billion year old man with 9 million net worth is rich? C'mon guys ... 14 hours 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.
July 23, 20214 yr 3 minutes ago, we_gotta_believe said: ... Meh, he's not as rich as Bezos but why does that even need to be said? But that wasn't even the point of the meme that we took off the rails. Anyhow I'm moving on I already feel like a "poor" since I don't even have close to 9 million saved for my retirement.
July 23, 20214 yr 28 minutes ago, Paul852 said: Only because 99 percent of people suck at saving their money.
July 23, 20214 yr 10 minutes ago, Dave Moss said: This is why as soon as I started to actually have money (maybe early 30s?) we have lived below our means. My home costs about half of what I could actually afford and we both drive fairly inexpensive cars.
July 23, 20214 yr 10 minutes ago, Dave Moss said: for most people the more you earn the more all your expenses inflate to soak up that money (at least up to a point). I don't know if a $1.5m house would be considered "average", but whatever. $9M net worth by 78 is easier than $9M net work by 65. And for Old Joe I bet that jumped up quite a bit just by being Obama's VP. I would probably guess maybe 1-2% of retirees have a $9M or greater net worth. Maybe 10% have $2M or more. Are there any actual stats there?
July 23, 20214 yr 36 minutes ago, greend said: Just can't say a billion year old man with 9 million net worth is rich? C'mon guys There are two ways to look at this. One is it took him a considerable amount of time to accumulate 9 million. So if you look at it that way it may seem like not a lot of money for a high profile person. But the other way to look at it is he has 9 million and since he is so old he doesn't really have to stretch it out for very long lol.
July 23, 20214 yr 3 minutes ago, Boogyman said: This is why as soon as I started to actually have money (maybe early 30s?) we have lived below our means. My home costs about half of what I could actually afford and we both drive fairly inexpensive cars. Yep. If people knew how much money I had they'd be asking why I don't have a nicer house/car. I'm a huge proponent of living below your means.
July 23, 20214 yr 1 minute ago, Boogyman said: There are two ways to look at this. One is it took him a considerable amount of time to accumulate 9 million. So if you look at it that way it may seem like not a lot of money for a high profile person. But the other way to look at it is he has 9 million and since he is so old he doesn't really have to stretch it out for very long lol. Bingo. Someone making 100k-200k a year as an IT professional who continues to work and contribute to their 401k (getting company match) will easily hit 9 million if they work until 80. That's exactly how I'm looking at it.
July 23, 20214 yr Just now, Paul852 said: Yep. If people knew how much money I had they'd be asking why I don't have a nicer house/car. I'm a huge proponent of living below your means. Yup. I just bought the home I'm gonna live in until I leave NJ and my realtor kept presenting me houses that cost twice as much telling me they were well within my price range. No thanks.
July 23, 20214 yr 2 minutes ago, Boogyman said: Yup. I just bought the home I'm gonna live in until I leave NJ and my realtor kept presenting me houses that cost twice as much telling me they were well within my price range. No thanks. Probably how that couple above ended up in a 1.5 million dollar home.
July 23, 20214 yr 11 minutes ago, JohnSnowsHair said: for most people the more you earn the more all your expenses inflate to soak up that money (at least up to a point). I don't know if a $1.5m house would be considered "average", but whatever. $9M net worth by 78 is easier than $9M net work by 65. And for Old Joe I bet that jumped up quite a bit just by being Obama's VP. I would probably guess maybe 1-2% of retirees have a $9M or greater net worth. Maybe 10% have $2M or more. Are there any actual stats there? Yeah, I mean, those expenses very much reflect a lifestyle that is surely above average. The use of the term "feel" here is perhaps reflective of the hedonic treadmill concept more than anything. And to a previous point, an intent of prioritizing investment into illiquid assets vs liquid ones.
July 23, 20214 yr 31 minutes ago, greend said: Meh, he's not as rich as Bezos but why does that even need to be said? But that wasn't even the point of the meme that we took off the rails. Anyhow I'm moving on I already feel like a "poor" since I don't even have close to 9 million saved for my retirement. Because it's ridiculous to lump them together? To think of it another way, you'd surely laugh if someone said you and trump are both rich white guys, no? This is pretty much the same thing as saying Biden and Bezos are both rich white guys.
July 23, 20214 yr According to this: https://www.investopedia.com/articles/personal-finance/010616/whats-average-401k-balance-age.asp Average person approaching retirement age has less than $200k on average saved for retirement. Nowhere NEAR enough. It's probably very top-heavy. Among high earners most probably have 7-8 figure retirement accounts. But the rest? Zero. That's probably a combination of some people being undisciplined, and others simply not making enough to cover life expenses as well as saving sufficiently in retirement. You could argue the 2nd is really an extension of the 1st, but there are a lot of earners at and below the median (50% by definition!) and even saving 8% of a $40k/year job is not going to do it. None of this is new. The majority of boomers entered retirement with bupkis and are living off social security.
July 23, 20214 yr 10 minutes ago, Paul852 said: Bingo. Someone making 100k-200k a year as an IT professional who continues to work and contribute to their 401k (getting company match) will easily hit 9 million if they work until 80. That's exactly how I'm looking at it. Just out of curiosity how many coworkers over 70 do you have?
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