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re: Are you in the 1% club?
Posted on 1/25/15 at 5:17 pm to bayoubengals88
Posted on 1/25/15 at 5:17 pm to bayoubengals88
quote:
Posted by bayoubengals88
You could say the same thing about most decades since the 1920s.
We've been living on quantitative easing for the past half decade and historically low interest rates for the past decade or so.
0
Posted on 1/25/15 at 5:31 pm to siliconvalleytiger
That can't be accurate, but yes my net worth exceeds 800 K
Posted on 1/25/15 at 6:40 pm to ELVIS U
Lot of people exceeding 800k net worth considering this is a message board where 80% of posters are younger than 32.
Posted on 1/25/15 at 6:47 pm to CidCock
quote:
Posted by CidCock
Lot of people exceeding 800k net worth considering this is a message board where 80% of posters are younger than 32.
Unless you have US stocks and Treasuries exceeding that amount, then I think your claim is very suspect. I'm not sure how much I trust real estate and jewelry "appraisals" these days. How many people on this site would be considered accredited investors?
Posted on 1/25/15 at 6:48 pm to siliconvalleytiger
quote:
moot question
Mute question
Posted on 1/25/15 at 6:49 pm to CidCock
quote:
Lot of people exceeding 800k net worth considering this is a message board where 80% of posters are younger than 32.
People under 32 can't exceed 800k?
Posted on 1/25/15 at 6:51 pm to nolanola
quote:
Posted by nolanola
quote:
Lot of people exceeding 800k net worth considering this is a message board where 80% of posters are younger than 32.
People under 32 can't exceed 800k?
Outside of trust fund babies, how many people have $800K in retirement funds less than 10 years out of college? The internet is known to be full of liars.
Posted on 1/25/15 at 6:53 pm to siliconvalleytiger
"Obviously billionaires like Bill Gates, Warren Buffett and Mark Zuckerberg are part of the 1%. But who else is? According to Credit Suisse, another 47m people - everyone with wealth of $798,000 (£530,000) or more."
Poor writing is poor. There are 7 billion people on this planet. Guess what 47 million is NOT 1% of.
The way the piece is written seems to imply that if you do business with Credit Suisse, you should probably check their math REALLY closely since they can't compute how many people comprise the richest 1% of the planet.
Or, perhaps Credit Suisse meant that 47 million people hold 1% of the world's wealth, but the writer completely failed to grasp that.
My money's on that second thing.
Poor writing is poor. There are 7 billion people on this planet. Guess what 47 million is NOT 1% of.
The way the piece is written seems to imply that if you do business with Credit Suisse, you should probably check their math REALLY closely since they can't compute how many people comprise the richest 1% of the planet.
Or, perhaps Credit Suisse meant that 47 million people hold 1% of the world's wealth, but the writer completely failed to grasp that.
My money's on that second thing.
This post was edited on 1/25/15 at 6:59 pm
Posted on 1/25/15 at 6:54 pm to OFWHAP
quote:
Outside of trust fund babies, how many people have $800K in retirement funds less than 10 years out of college? The internet is known to be full of liars.
We prefer the term "trustafarians."
Posted on 1/25/15 at 6:59 pm to OFWHAP
quote:
how many people have $800K in retirement funds less than 10 years out of college?
Net worth is more than just retirement dollars.
Posted on 1/25/15 at 7:06 pm to nolanola
I'm not sure how I'd want to value illiquid assets such as real estate or jewelry. They're so subjective.
Posted on 1/25/15 at 7:07 pm to nolanola
quote:
People under 32 can't exceed 800k?
Of course they can.
Leave it to the OT for this to be the norm.
Posted on 1/25/15 at 7:09 pm to nolanola
quote:
Net worth is more than just retirement dollars.
Obviously.
Someone who is 32 years old (or 10 years out of college), 800k is pretty significant. To assume that 50% (which seems about right from responses) have accumulated 80k of assets (or cash) per year is a little far fetched.
Sure some have, but it's not common.
By this logic, you have to assume those folks are going to retire with and be worth upwards of $10M. Pretty significant, and would probably put you in the 0.1% (aka, average run of the mill OTer)
This post was edited on 1/25/15 at 7:11 pm
Posted on 1/25/15 at 7:10 pm to CidCock
Okay let's play this game. If you had to liquidate your entire net worth by the beginning of February, how much of it could you take with you (minus taxes)?
Posted on 1/25/15 at 7:12 pm to OFWHAP
quote:
Okay let's play this game. If you had to liquidate your entire net worth by the beginning of February, how much of it could you take with you (minus taxes)?
Me, I'm well south of 800k and I feel like I'm doing okay.
If I sold the house and liquidated retirement accounts and sold cars? Maybe 180k-200k.
I'm 30, not an OT baller, at all.
Posted on 1/25/15 at 7:16 pm to CidCock
quote:
quote:
Okay let's play this game. If you had to liquidate your entire net worth by the beginning of February, how much of it could you take with you (minus taxes)?
Me, I'm well south of 800k and I feel like I'm doing okay.
If I sold the house and liquidated retirement accounts and sold cars? Maybe 180k-200k.
I'm 30, not an OT baller, at all.
I know a bunch of well-off people in the Bay Area who are in their 30s-40s who have trouble making a $250K down payment toward a home. According to the OT that's poverty.
Posted on 1/25/15 at 7:16 pm to CidCock
I honestly think it's dumb, form a real-life standpoint, to include a house in your net.
If I have a mortgage free house worth 750, but no other savings, what do I really have?
You have to live somewhere.
Also, people tend to overvalue cars and personal belongings a great deal.
If I have a mortgage free house worth 750, but no other savings, what do I really have?
You have to live somewhere.
Also, people tend to overvalue cars and personal belongings a great deal.
Posted on 1/25/15 at 7:17 pm to VetteGuy
quote:
I honestly think it's dumb, form a real-life standpoint, to include a house in your net.
If I have a mortgage free house worth 750, but no other savings, what do I really have?
You have to live somewhere.
Also, people tend to overvalue cars and personal belongings a great deal.
You have a lot more than someone who rents and has no other savings?
Home should absolutely be included in net worth.
Posted on 1/25/15 at 7:18 pm to CidCock
Yes, I understand that.
I'm probably not doing a good job in explaining my line of reasoning.
I'm probably not doing a good job in explaining my line of reasoning.
Posted on 1/25/15 at 7:20 pm to VetteGuy
quote:
I'm probably not doing a good job in explaining my line of reasoning.
I got it.
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