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re: This chart ranks everyone (even you) by their wealth
Posted on 10/9/19 at 10:55 am to OleWarSkuleAlum
Posted on 10/9/19 at 10:55 am to OleWarSkuleAlum
quote:Is that individual income or household income? With or without kids? Married or single?
A $1MM net worth is associated with someone making $80-125k a year
For a person making $100,000 per year they would have to invest 25% of their GROSS income annually for 22 consecutive years with a 5% return to have $1million. That is doable but not likely and there is no way in hell someone making $100k with a wife and 2 kids is saving $25K per year.
0
Posted on 10/9/19 at 11:04 am to OleWarSkuleAlum
quote:And don't forget that people would irrationally hate it
And don’t forget minimum of $700MM in operational losses each quarter
Posted on 10/9/19 at 11:09 am to OleWarSkuleAlum
quote:
#2 to say someone with a net worth of $1MM can afford a second home by the shore
Suppose I have three homes at the shore?
Posted on 10/9/19 at 11:23 am to Areddishfish
quote:Seems unlikely. You think a majority of people are underwater on their homes?
Majority of people that have mortgages technically have a negative net worth
Posted on 10/9/19 at 11:30 am to PearlJam
Especially right after buying absolutely. As more years go on you get further away from it, but if you have to unexpectedly sell a year or less after buying, you will most likely lose money after paying fees and closing costs. The only way that is avoided is if you have a strong down-payment, but most Americans on their first home are lucky to put down 3% and more loans are starting to let you get the house without a down-payment at all.
Posted on 10/9/19 at 11:47 am to OleWarSkuleAlum
quote:
#2 to say someone with a net worth of $1MM can afford a second home by the shore is.
I was going to agree.
But then I remembered not all shores are equal
...biloxi...
Posted on 10/9/19 at 11:49 am to TigersSEC2010
Say what now? A net worth of 10 mil puts you in the 0.0226% of humans on this planet.
Posted on 10/9/19 at 11:54 am to TigersSEC2010
quote:
A net worth of $10 million gets you a "third home wherever you want"?
$1 million net worth is nothing. $10 million is a little better but still nothing crazy.
Whoever wrote this is a moron.
It does say that’s the bottom end of the bracket. So the 10 mil bracket goes up to 100 million.
Also depends heavily on how you are with money. You can make 200k a year and get a net worth in the millions after a decade if you live modestly. You can make 5 million a year and incur lots of debt in the millions and lower your net worth, but you’ll have a lot of stuff
Posted on 10/9/19 at 11:55 am to Areddishfish
quote:Still probably not, but this is far different than your original statement.
Especially right after buying absolutely.
Posted on 10/9/19 at 12:14 pm to OleWarSkuleAlum
This chart fails to adjust for the fact that everyone posting on internet message boards is an 11. Fake news.
Posted on 10/9/19 at 1:10 pm to OleWarSkuleAlum
So this adopted into OT Ratings? So I be an OT 5?
Posted on 10/9/19 at 1:15 pm to TigersSEC2010
quote:Not sure if serious
$1 million net worth is nothing. $10 million is a little better but still nothing crazy.
Posted on 10/9/19 at 1:16 pm to OleWarSkuleAlum
Still holding out for space travel.
Posted on 10/9/19 at 1:17 pm to OleWarSkuleAlum
Do they know how much hard cash someone has?
Posted on 10/9/19 at 1:18 pm to OleWarSkuleAlum
quote:
A $1MM net worth is associated with someone making $80-125k a year.
Horse shite.
I’m 31 and make the top end of that and have no where CLOSE to a $1m net worth.
Posted on 10/9/19 at 1:19 pm to TigersSEC2010
quote:
Whoever wrote this is a moron.
I read this as “whoever wrote this is a Mormon” at first. I guess I’m the morman now.
Posted on 10/9/19 at 1:19 pm to TheCaterpillar
quote:
I’m 31 and make the top end of that and have no where CLOSE to a $1m net worth.
then GTFO of TD and go make it happen! then come back and sit in with us ballers
Posted on 10/9/19 at 1:27 pm to TigersSEC2010
quote:
Whoever wrote this is a moron.
quote:
$1 million net worth is nothing.
quote:
by TigersSEC2010
Posted on 10/9/19 at 1:29 pm to DownshiftAndFloorIt
If you’re in your 60’s and don’t have a net worth ~$1MM you are an failure in life and spend way above your means.
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