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Started By
Message
re: Are you richer than the average American?
Posted on 8/17/14 at 5:21 pm to blades8088
Posted on 8/17/14 at 5:21 pm to blades8088
Exactly. Most of the nicer places are owned by family money. Nicer as in million dollar homes.
0
Posted on 8/17/14 at 5:21 pm to blades8088
And here we go!
Posted on 8/17/14 at 5:24 pm to VABuckeye
As embarrassing as these figures are, it's absurd how many people in this thread are continually misunderstanding the terms in this discussion.
Posted on 8/17/14 at 5:26 pm to FootballNostradamus
quote:
As embarrassing as these figures are, it's absurd how many people in this thread are continually misunderstanding the terms in this discussion.
I don't think too many people confuse the terms. Like most every thread, it kind of morphs into its own conversation.
Posted on 8/17/14 at 5:27 pm to blades8088
quote:
How exactly is this? Inherit the money like majority of them do?
you have absolutely no idea what you're talking about...look it up junior
Posted on 8/17/14 at 5:28 pm to Ole War Skule
quote:
Are you richer than the average white American
FIFY
Posted on 8/17/14 at 5:30 pm to Ole War Skule
quote:
If the poor and middle class want more, then go get it the same way the 1%ers do. There's no law stopping them, there's no caste system, there's nothing but their lack of ability and motivation...oh wait, so the problem is not that there is an income/wealth gap, but there is a talent/motivation gap and it will continue get worse and technology amplifies the differences in ability
I see your point, and I agree to certain extent. However, hard work, financial planning and discipline will only get you so far up the wealth ladder. You will retire comfortably leave some assets for your kids, and maybe even their kids, but to say it's possible for the average american to reach 1% status is bit to "pie in the sky" for me.
Posted on 8/17/14 at 5:31 pm to 777Tiger
quote:
That's my point, determining net worth is dynamic.
All these figures are dynamic. While it's interesting to see the decrease in median net worth, and while it is lower than I'd expect, it's not shocking.
The two major factors in the decrease would be increase in student loan debts and the real estate market falling out. The debt number is a problem, but the real estate issue is cyclical (to an extent). Home prices still haven't recovered from where they were in the early 2000s so that's why you see so many people with underwater mortgages hurting their net worth.
If they are able to continue making their payments and ride the storm out then their real estate values will eventually return to similar levels, this significantly affecting their net worth.
Posted on 8/17/14 at 5:31 pm to TigerintheNO
Not if you count mortgage debt
Posted on 8/17/14 at 5:31 pm to blades8088
quote:
Load of horse manure? What exactly is untrue about?
it's a load of horse manure because it starts with facts, then leaps into a BS solution to a problem that isn't a problem...
for more information, see my detailed reply...you, and your commie friends, are the greedy ones wanting to take something that isn't yours..
per my earlier post, I assume you, in your crusade to equalize wealth, are sending most of your money (not some, but most of it) to the 'real' poor in the 3rd world...right?
Posted on 8/17/14 at 5:32 pm to GreatLakesTiger24
quote:
I bet the OT's average net worth and household income is nearly double the national average. Same with education level. As much as it's joked about, this board really is full of ballers and scholars.
And both go up substantially when PJ is banned
Posted on 8/17/14 at 5:33 pm to Ole War Skule
quote:
you have absolutely no idea what you're talking about...look it up junior
What exactly am I looking up? How most earn their way from nothing to the 1%? Or how most inherit such?
Tell me more on how most of the poor/middle class can obtain the 1% status?
Posted on 8/17/14 at 5:34 pm to FootballNostradamus
quote:
If they are able to continue making their payments and ride the storm out then their real estate values will eventually return to similar levels, this significantly affecting their net worth.
Not necessarily. A lot of neighborhoods have changed for the worse since the market tanked. I hope it's less than more, but some people will never see equity in their homes.
Posted on 8/17/14 at 5:35 pm to BIGDAB
quote:
I see your point, and I agree to certain extent. However, hard work, financial planning and discipline will only get you so far up the wealth ladder. You will retire comfortably leave some assets for your kids, and maybe even their kids, but to say it's possible for the average american to reach 1% status is bit to "pie in the sky" for me.
agreed...it's a combination of luck, work, and talent...pretty much need all 3 to get there..and then the odds of making it are very, very small.
but if one does, it's no one's else's business that they did...assuming it was legal, every penny they have was GIVEN to them by others without coercion.
there's nothing wrong with middle class or poor...Bill Gates being a billionaire doesn't mean I lost anything for him to have it, in fact he made my life much much better with his products..far better than the few thousand I gave him..
Posted on 8/17/14 at 5:36 pm to Ole War Skule
Has the OP (or anyone) posted the source of this statistic?
Posted on 8/17/14 at 5:36 pm to TigerintheNO
Yes
Posted on 8/17/14 at 5:38 pm to Ole War Skule
Thank you, sir.
My daughter, a senior in high school, brought home that crap from her teacher to "review".
I went through it with her to show her the fallacies and how the graph ignores common sense to prove a point.
To really understand wealth and how it's distributed, slice up the 1%. You'll be amazed at what you'll find and that graph won't prove what the video wanted the producer to "prove".
America, with its 40% tax bracket on success, now punishes people who work hard and make it.
Congratulations.
My daughter, a senior in high school, brought home that crap from her teacher to "review".
I went through it with her to show her the fallacies and how the graph ignores common sense to prove a point.
To really understand wealth and how it's distributed, slice up the 1%. You'll be amazed at what you'll find and that graph won't prove what the video wanted the producer to "prove".
America, with its 40% tax bracket on success, now punishes people who work hard and make it.
Congratulations.
Posted on 8/17/14 at 5:38 pm to BIGDAB
quote:
Not necessarily. A lot of neighborhoods have changed for the worse since the market tanked. I hope it's less than more, but some people will never see equity in their homes.
Definitely true, but I'd think/hope it is the minority.
A cousin on mine has a mortgage in Charleston that's underwater right now. It's in a fine neighborhood that's going to come back eventually. They had to move as they had more kids so instead of selling it and losing he's now renting it until it returns to its earlier value.
This would technically be a negative hit to his worth, but he'll be fine in 5-10 years. The issue becomes those who are in trouble and can't make payments and now cant make any money if they sell.
Posted on 8/17/14 at 5:40 pm to N2cars
quote:
America, with its 40% tax bracket on success, now punishes people who work hard and make it.
agreed, 1000%, but I'd be willing to bet that the true "1%ers" aren't in this bracket
Posted on 8/17/14 at 5:41 pm to TigerintheNO
Yeah. I'm crushing that.
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