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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 9:10 pm to Motownsix
Posted on 1/15/24 at 9:10 pm to Motownsix
quote:
I would guess the costliest of them all would be one or more divorces.
When I first started working and started to get to know people who worked for the same company.. over the years, at first I couldn't believe the situations a lot of the dudes were in.
I still remember talking to one guy and I mentioned something about working OT and that it makes for a better check. He told me "I don't work OT" I asked why and he started telling me about how that would be more money going to his ex wife.
Then I found out this other guy had two ex wives, a kid with both.. So he paid child support to two wives and was about to get married to a girl he got pregnant who had two kids of her own. They were all guys in their late 30s to mid 40s.
One guy was recently divorced and he was talking about how much he paid and how much his lawyer cost. This was a few years before the housing market crashed and I remember joking around saying that half the people who were losing their house were probably recently divorced and couldn't continue paying the note.
But they say 50% of marriages end in divorce. Lets say half of those people who end up getting a divorce end up in financial trouble. That's a lot of people.
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Posted on 1/15/24 at 9:11 pm to GreatLakesTiger24
quote:
f you don't have a million dollar net worth by age 50, you've made some major mistakes in life
“They hated him because he spoke the truth.”
Posted on 1/15/24 at 9:12 pm to TBoy
Mean median mode… realistically mode is what you see in life..
Also top one percent controls more wealth than the entire middle class…
And that net worth in the article counts your house.. so who is better.. two guys have a million dollars… one lives in a 700k house and has 300k in bank…
Other lives in a 300k dollar house and has 700k in bank
Both work as engineers .. but different states
Also top one percent controls more wealth than the entire middle class…
And that net worth in the article counts your house.. so who is better.. two guys have a million dollars… one lives in a 700k house and has 300k in bank…
Other lives in a 300k dollar house and has 700k in bank
Both work as engineers .. but different states
Posted on 1/15/24 at 9:15 pm to Thecoz
quote:
And that net worth in the article counts your house.. so who is better.. two guys have a million dollars… one lives in a 700k house and has 300k in bank…
Other lives in a 300k dollar house and has 700k in bank
Well, if they each own the house outright, it’s the same.
Posted on 1/15/24 at 9:21 pm to TigrrrDad
quote:
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.
Big gains in net worth in the past few decades came from investing in assets that greatly appreciate like real estate, small businesses, and equities. Saving money and investing in a 401k won't get you there quickly alone, you have to use at least some of that money to invest in something that appreciates and/or generates more income.
Posted on 1/15/24 at 9:23 pm to Penrod
quote:
So NO, the super rich are not skewing this very much. Not unless you are defining it down to double-digit millionaires.
The top one percent of households have about a third of all the wealth. That’s pretty darn skewed, which is why the average isn’t very useful.
Posted on 1/15/24 at 9:25 pm to Motownsix
Now subtract their home and see who has what.
Posted on 1/15/24 at 9:26 pm to BigApple
quote:
It’s pretty hard not to be a millionaire by 50
Wait until you wrap your head around what constitutes the average human.
Posted on 1/15/24 at 9:30 pm to BigApple
quote:
It’s pretty hard not to be a millionaire by 50
What world do you live in?
Posted on 1/15/24 at 9:34 pm to Motownsix
Salary or net worth?
Posted on 1/15/24 at 9:35 pm to OTIS2
quote:
What world do you live in?
I’d say it’s “attainable” for a lot of people, especially if you start accumulating assets and managing debt early, but anyone saying it should be a given is simply shitposting.
Posted on 1/15/24 at 9:49 pm to Motownsix
I guess the old OT ballers no longer post here.
I agree that if you're not a millionaire (counting your home equity) by age 50 in 2024 you definitely underachieved in life.
I agree that if you're not a millionaire (counting your home equity) by age 50 in 2024 you definitely underachieved in life.
This post was edited on 1/15/24 at 9:51 pm
Posted on 1/15/24 at 10:17 pm to Motownsix
All I know is I was among the first batch of COVID checks.
Posted on 1/15/24 at 10:22 pm to Dadren
There are lots of people that give the impression of wealth but are mortgaged to the hilt and have lots of other unnecessary debt and are barely coasting by on probably a $150-200k household income. And sure many peoples homes may be worth $600-700k but how many own them outright?
It were as common as portrayed in this thread bankers wouldn’t trip over their own dicks to try and sell you every service they have when they see 7 digits in a bank account
It were as common as portrayed in this thread bankers wouldn’t trip over their own dicks to try and sell you every service they have when they see 7 digits in a bank account
Posted on 1/15/24 at 10:25 pm to Jason9782003
quote:yes. maybe "major mistakes" is a stretch but you're 100%, without a doubt behind where you should be
I agree that if you're not a millionaire (counting your home equity) by age 50 in 2024 you definitely underachieved in life.
Posted on 1/15/24 at 10:27 pm to Motownsix
quote:
It may not fit everyone’s political narrative, but it appears to be accurate.
Thanks for today's lesson in Bidenomics, dickface.
Posted on 1/15/24 at 11:14 pm to SWCBonfire
quote:
Saving money and investing in a 401k won't get you there quickly alone
How many of those posting in this thread realize that having $1 million in a 401k =\= being a millionaire? You have to adjust for deferred taxation to get to net worth.
Posted on 1/15/24 at 11:56 pm to PowerTool
quote:
Thanks for today's lesson in Bidenomics, dickface.
Love the melt. Something really hit a nerve.
Posted on 1/15/24 at 11:57 pm to SloaneRanger
quote:
How many of those posting in this thread realize that having $1 million in a 401k =\= being a millionaire? You have to adjust for deferred taxation to get to net worth.
Not sure but with including home equity you should still be a millionaire by 50.
Posted on 1/16/24 at 12:17 am to Motownsix
Nearly 90% of my peers are and it's jaw dropping how many are living paycheck to paycheck. Millionaire doesn't mean much today.
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