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re: Are most posters on this board very financially well-off?
Posted on 6/18/21 at 11:10 pm to ned nederlander
Posted on 6/18/21 at 11:10 pm to ned nederlander
quote:
75-95% percentiles of income and assets.
The more I learn about these two, the more I learn just how far apart they are.
For fun:
Wealth percentiles
Income percentiles
These seem about right, but I’m sure numbers could differ from source to source.
75%ile for Net Worth: $403,000
75%ile for income: about $77,000/y
The thing about this board:
Income %ile is probably relatively static, but the net worth %ile is probably dramatically different if not annually, then at least every 5 years.
A net worth of $3.43 puts you in the 11%ile. Most numbers are rounded. I include the exact one here because for some reason I find it comical.
$10K, 24%ile
$20K, 29%ile
$30K, 32%ile
$40K, 34%ile
$50K, 36%ile
Then we will start doubling to save space and include a few other interesting milestones
$100K, 47%ile
$120K is the 50th
$200K jumps to the 60th
$400K puts you in the 75th
The million mark is around the 89%ile, and then it becomes quite top-heavy, with the 98 occurring at $6MM and the 99th at $12MM
I think you’re probably right on with 75-95%ile for income, but I think net worth is probably fairly well distributed from down near the 5%ile (around $10K under broke on the balance sheet) to up that $1-2MM mark.
It’s pretty funny, though. Let’s take a kid who graduates as an engineer. Had some scholarships. Starts out at thr 5%ile ($10K in student loan debt, no assets, no other debts). He only saves in a 401k. His goal is between his employer and himself to take half his deferred space ($19,500/2= $9,750). He makes the decision to go not go into debt. To save my brain from some work, we aren’t going to add his debt repayment to his net worth. So I guess, based on my laziness, he continuously carries $10K in debt in some form or another.
Approximate net worth
%ile by year:
0- 5
1- 10
2- 29
3- 32
4- 34
5- 37
6- 40
7- 44
8- 47
9- 49
10- 52
20- 75
30- 87
40- 94
Net worth is just so goofy because an aggressive saver changes his position so rapidly and dramatically vs the rest of America, because the rest of America is relatively shitty at saving.
This post was edited on 6/18/21 at 11:11 pm
1
Posted on 6/18/21 at 11:51 pm to Hopeful Doc
quote:
Net worth is just so goofy because an aggressive saver changes his position so rapidly and dramatically vs the rest of America, because the rest of America is relatively shitty at saving.
Truth. Have tried to get my partner financial stable. 50 yo and negative net worth. Mid 6 figure income for last 5 years since I brought him in and save his arse from bankruptcy and bad divorce. Told him if he listened to me He be set in 12-15 years. Can't stop spending on bullshite. Got him a GREAT deal on some land. Instead of using equity on down payment for house, borrowed against it. Was my chief resident when I was a student. Been friends for 20+ years. He's made good money since residency and has nothing but debt.
I've been in 99% for 2-3 years. So if he would've followed my lead, by 60 he could've been there with some luck and definitely by 65. After COVID and having to bail his arse out on overhead, told him I'm done. Next time he can get loans or get f$%ked.
Doctors really are the worst money managers. It's amazing how many are broke despite large incomes. Hell, I don't think I know any that can retire at all, much less early except a few that inherited fortunes and even they have pissed away more than they've added.
Plus, they all know everything and when they do invest, it's usually in dumb shite.
Posted on 6/19/21 at 9:09 am to SmackoverHawg
quote:
save his arse from bankruptcy and bad divorce.
quote:
when they do invest, it's usually in dumb shite.
Statistically speaking, the safest and smartest investment for most doctors is a regular date night.
Posted on 6/19/21 at 9:43 am to Zachary
Very subjective, I have got a long way to consider myself well-off.
Posted on 6/19/21 at 10:03 am to Them
quote:
My only real gripe is that I’m not a homeowner
This is more common than you think. People used to be homeowners by 25. Now it’s more like 35.
Posted on 6/19/21 at 10:04 am to ColoradoAg03
quote:
Are we wealthy? Definitely not. Are we financially stable and independent? Yes.
Everyone has their own subjective definition, but I would say being able to support your life without having to work is pretty wealthy
Posted on 6/19/21 at 10:05 am to Drizzt
Well off to me is 150k as a single. You shouldn’t have to worry about much at that point. Obviously depends on where you live. That is shite in nyc, but most places that will do
This post was edited on 6/19/21 at 1:00 pm
Posted on 6/19/21 at 10:59 am to SlidellCajun
quote:
Anyone here with net worth more than 5mil?
In.
Posted on 6/19/21 at 12:45 pm to xxTIMMYxx
quote:
Well off to me is 150k as a single.
Income isn’t a particularly useful way of testing how well off someone is, though.
The single guy that hops into a new F250 platinum every 3 years and lives in a $350,000 house isn’t likely to be nearly as well off as the guy above making half that and saving $10,000/y.
Posted on 6/19/21 at 5:08 pm to Hopeful Doc
quote:I get what you're saying.quote:Income isn’t a particularly useful way of testing how well off someone is, though.
Are most posters on this board very financially well-off?
But, a guy driving a $400K car, to fly his $5M jet, to access his $2M yacht, at his second home is QUITE well off. Sorry.
He might not be able to continue anything near that lifestyle into retirement. But poor planning has nothing to do with being well off in the present sense.
That's a matter of income.
OTOH, a saver will do much better in later life assuming they live to that point. It's an assumption some of us are willing to make.
This post was edited on 6/19/21 at 5:24 pm
Posted on 6/19/21 at 5:52 pm to Zachary
Could be better, could be way worse
Posted on 6/19/21 at 6:24 pm to NC_Tigah
quote:
OTOH, a saver will do much better in later life assuming they live to that point. It's an assumption some of us are willing to make
This. If you told me at 30 I’d have a shot at NAV 1M at any point in my life, I’d have laughed at you. Thirty years of four jobs, staying married, living in one house, timing the market, zero debt, and that benchmark was surprisingly easy.
I still make pasta in the winter, and plug the sink to retain the drained boiling water. Free heat.
Posted on 6/19/21 at 11:01 pm to nolaks
I don’t think you would consider someone making $40,000 a year very well off but I agree that you can make a lot of money and not save much. I was referring to people on this board who make money but also seem to manage it well. I don’t think most posters on here are Buffett with a modest salary and billion dollars in stock.
I also agree many physicians are awful with money. I think most would agree that a neurosurgeon making $500k-$800k is still well off.
I also agree many physicians are awful with money. I think most would agree that a neurosurgeon making $500k-$800k is still well off.
Posted on 6/20/21 at 7:32 am to Zachary
I’m not sure.
Posted on 6/20/21 at 10:54 am to xxTIMMYxx
quote:
This is more common than you think. People used to be homeowners by 25. Now it’s more like 35.
Yes. Your 20s matter a lot in terms of compounding. Unfortunately, I wasted mine. I’ve made up some ground, but still kick myself for my behavior in the formative years.
The other thing that can be a big boon is marrying well and early. If you married at 24 and did a DINK until you hit 30, you’re pretty set. Marry wrong, and you’re in a hole.
Posted on 6/20/21 at 12:18 pm to southernelite
Hard to imagine marrying into hundreds of thousands in debt. I would have to see some legitimate discipline of handling that kind of financial situation.
The idea of “Coast” FIRE becomes pretty appealing for those who can start early in 20s. It takes a lot of pressure off the 40s and 50s.
The idea of “Coast” FIRE becomes pretty appealing for those who can start early in 20s. It takes a lot of pressure off the 40s and 50s.
Posted on 6/20/21 at 12:27 pm to southernelite
Marry wrong and you’re in a hole more ways than one. Divorce is maybe the most common destroyer of wealth accumulation. Dividing your assets by half later in life kills your finances (some people do this multiple times).
Posted on 6/20/21 at 1:23 pm to lynxcat
quote:
The idea of “Coast” FIRE becomes pretty appealing for those who can start early in 20s. It takes a lot of pressure off the 40s and 50s.
This is basically my plan. I probably won't quit entirely until much later in life, but I think I may be able to scale back to part time in my mid to late 40s. Healthcare is obviously the biggest question mark here.
Posted on 6/20/21 at 2:52 pm to FinleyStreet
quote:
Healthcare is obviously the biggest question mark here.
Yep, healthcare seems to be the boogeyman when it comes to truly exiting the workforce. Purchasing individually is so costly even with high deductibles that it strains even the most well equipped savers.
Posted on 6/20/21 at 2:57 pm to lynxcat
quote:
Hard to imagine marrying into hundreds of thousands in debt.
We started out approximately $300K in the hole from school when we got married. A responsible partner who isn’t a big spender and is open to the idea of paying it down fast is the sort of partner I can’t imagine being without.
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