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Started By
Message
re: The average 50 year old in the U.S. is now a millionaire.
Posted on 1/15/24 at 7:43 pm to PetroBabich
Posted on 1/15/24 at 7:43 pm to PetroBabich
quote:
With that being said, I do believe the American middle class is gaining a lot of wealth from inheritance as their silent generation and boomer parents die off and that spending is keeping a lot of the economy afloat.
How much is the government going to tax that inheritance?
1
Posted on 1/15/24 at 7:47 pm to skiboman1
quote:fact. and 250k is the new 100k.
$1,000,000 isn’t impressive anymore. $10,000,000 is yesterdays millionaire.
Posted on 1/15/24 at 7:47 pm to TBoy
That's it, exactly.
"Net" is great, but sell your house and you still need a place to live...
"Net" is great, but sell your house and you still need a place to live...
Posted on 1/15/24 at 7:50 pm to StringedInstruments
This effing passes me off.
Eff Warren Buffet...
Eff Warren Buffet...
Posted on 1/15/24 at 7:53 pm to Motownsix
I've got 8 years. I don't think I'll be a millionaire, but my children are a bit young still so my money situation is still pretty fluid.
Posted on 1/15/24 at 7:54 pm to GeorgeTheGreek
quote:
if you don't have a million dollar net worth by age 50, you've made some major mistakes in life This.
Uh no. Not even close. You could maybe say this about a small subset of highly educated, capable people. The overwhelming majority of people won’t get close. You need to get out more if you believe this.
Posted on 1/15/24 at 7:55 pm to BigPerm30
quote:
Average and median is not close - median which is more representative is only $275k. That means the average 50 year old is only worth $275k.
You can’t make a point to differentiate between average and median only to use them interchangeably in your conclusion.
Sure the median 50 year old is worth about $300k and the average 50 year old is worth a million.
Posted on 1/15/24 at 7:56 pm to GreatLakesTiger24
quote:
if you don't have a million dollar net worth by age 50, you've made some major mistakes in life
If you’ve squirreled away this much money by age 50, you’ve missed out on too much in life.
Posted on 1/15/24 at 8:01 pm to Motownsix
quote:
You can’t make a point to differentiate between average and median only to use them interchangeably in your conclusion. Sure the median 50 year old is worth about $300k and the average 50 year old is worth a million.
I’m using average to describe the person not the quantity of something. I guess I should dumb it down for some of you slower guys.
Posted on 1/15/24 at 8:02 pm to East Coast Band
quote:
How many 50 year old s have both parents to pass away and to already received inheritance? I doubt that it's more than 30% to have had both parents pass away and received some type inheritance.
A 50 year old today born to two parents at age 25 would have been born in 1974 and their parents would be 75 years old. The current average lifespan is about 77. So the idea that people in their fifties right now are experiencing a bit of inheritance seems absolutely reasonable.
Posted on 1/15/24 at 8:04 pm to Motownsix
Yes
Posted on 1/15/24 at 8:05 pm to TorchtheFlyingTiger
quote:
I'm doing my part making up for a few $0 net worth deadbeats.
By the time a cohort gets to 50, a good chunk of the true deadbeat population (think alcoholics, addicts, and gangbangers) has already passed away
This post was edited on 1/15/24 at 8:06 pm
Posted on 1/15/24 at 8:10 pm to GreatLakesTiger24
What’s your net worth?
Posted on 1/15/24 at 8:10 pm to soccerfüt
quote:
That is due to the top being so high.
That one is correct. I was typing on my phone and trying to reheat some homemade chicken noodle soup.
Posted on 1/15/24 at 8:33 pm to LSU82BILL
quote:
Yep. If Mark Zuckerberg was sitting in Tiger Stadium and every other person sitting in those seats was flat broke, the “average” person in that stadium would be worth $1.3 million
Maybe, but there isn’t a Mark Zuckerberg per 100,000 Americans. In fact there are 20 Americans worth more than 35 billion dollars. If you confiscated all of their wealth and distributed it equally among all Americans each American would get $4,439. If you confiscated all the money from every billionaire in America, and distributed it, each American would only get $13,576.
So NO, the super rich are not skewing this very much. Not unless you are defining it down to double-digit millionaires.
This post was edited on 1/15/24 at 8:35 pm
Posted on 1/15/24 at 8:35 pm to Motownsix
I must be missing out…
Posted on 1/15/24 at 8:38 pm to GreatLakesTiger24
Idiot.
Posted on 1/15/24 at 8:43 pm to Motownsix
quote:
And the extreme poor drive the “average” down.
Not really. There’s a practical floor to how negative your net worth can be. There aren’t any “anti-Elon Musks” out there with negative-billion dollar net worth.
Posted on 1/15/24 at 8:58 pm to LSUSkip
quote:
I've got 8 years. I don't think I'll be a millionaire, but my children are a bit young still so my money situation is still pretty fluid.
College tuition is the final hurdle. I’m on track to pay about $375k in tuition and costs. After that, I can become an alcoholic.
Posted on 1/15/24 at 9:08 pm to tigerbutt
I’m not in the “average” but well above the median. Right in the middle. No inheritance help and probably won’t be any. My dad is 80 and healthy but has no assets to his name that I am aware of. He doesn’t even own the house he lives in. His common law wife of 30 years owns the house and when she dies it will probably go to her kids eventually, as it should.
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