How many 55yo that you know in DMV have $3M+ NW?

[Anonymous]

I don’t know for sure, but many have $$$ and take multiple vacations per year, but cry poor and don’t have enough to retire. Makes me wonder if they are truly living hand to mouth but give the illusion of having a lot of money with the lifestyle they are living.

In DCUMlandia it seems everyone has HHI of $400k* though the statistics for the area beyond DCUM show that’s higher than most households here.

So what is going on? Are they claiming “poor” or middle class just to fit in? Or are they overspending significantly.

FWIW only 1% of American households have a NW of $3M by the time they are 55.

[Anonymous]

I’m younger than that and I have higher NW. Not in DMV though.

[Anonymous]

Anonymous wrote:I’m younger than that and I have higher NW. Not in DMV though.

Same but in dmv. I’d be pretty shocked if most of my friends don’t have that, but I know we live in a bubble.

[Anonymous]

We're 52 and 54 with a NW of over $10M saved all on our own (no family money). Not rich by any means but we do have a high HHI. We've saved aggressively since we started working and don't spend a ton.

[Anonymous]

I am 54 and my spouse is 56 we have a higher net worth and have always worked as Federal employees. Bought a house in our 20s and max out on TSP

[Anonymous]

Anonymous wrote:I don’t know for sure, but many have $$$ and take multiple vacations per year, but cry poor and don’t have enough to retire. Makes me wonder if they are truly living hand to mouth but give the illusion of having a lot of money with the lifestyle they are living.

In DCUMlandia it seems everyone has HHI of $400k* though the statistics for the area beyond DCUM show that’s higher than most households here.

So what is going on? Are they claiming “poor” or middle class just to fit in? Or are they overspending significantly.

FWIW only 1% of American households have a NW of $3M by the time they are 55.

I thought the top 1% had a much higher NW. I have 3mm and i thought i was top 9%

[Anonymous]

Anonymous wrote:We're 52 and 54 with a NW of over $10M saved all on our own (no family money). Not rich by any means but we do have a high HHI. We've saved aggressively since we started working and don't spend a ton.

What do you mean you’re not rich?!

[Anonymous]

Anonymous wrote:We're 52 and 54 with a NW of over $10M saved all on our own (no family money). Not rich by any means but we do have a high HHI. We've saved aggressively since we started working and don't spend a ton.

“Not Rich be any means” jfc

[Anonymous]

I have that at 45 but we can't retire. We will live for at least 20 years and I'd like to keep doing expensive things so can't just live off interesting $3M.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We're 52 and 54 with a NW of over $10M saved all on our own (no family money). Not rich by any means but we do have a high HHI. We've saved aggressively since we started working and don't spend a ton.

What do you mean you’re not rich?!

The PP is a humble braggart - and a rich one

[Anonymous]

I assume a lot of that wealth is concentrated in major cities, including DC.
We have about 20M, depending on market fluctuations, but never earned more than 150K a year in household income. If we could do it, I assume many others can.

[Anonymous]

Read the millionaire next door, OP. Those who are spending for show generally are not the ones with a high NW. It’s the ones living in a modest home driving non-flashy older cars who have/are building wealth.

[Anonymous]

We're 45/46 at $2.1M including our house equity. Based on current growth we'll be at $3m in a few years so before age 50. We're both fed attorneys and take nice but not crazy vacations in the summer and a few small trips nearby. Lucked out with our house and mortgage rates and we save an OK amount of money every month. Basically the same with our cohort unless they inherited or went private and are doing very well. We feel a pinch some months but only because we have savings targets for retirement and college. None of my friends are screaming they're poor but yeah shi* is getting more expensive and you're gonna notice and whine about it.

[Anonymous]

That’s not much at all. I can’t think of a single friend or neighbor that is this poor in their 50’s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don’t know for sure, but many have $$$ and take multiple vacations per year, but cry poor and don’t have enough to retire. Makes me wonder if they are truly living hand to mouth but give the illusion of having a lot of money with the lifestyle they are living.

In DCUMlandia it seems everyone has HHI of $400k* though the statistics for the area beyond DCUM show that’s higher than most households here.

So what is going on? Are they claiming “poor” or middle class just to fit in? Or are they overspending significantly.

FWIW only 1% of American households have a NW of $3M by the time they are 55.

I thought the top 1% had a much higher NW. I have 3mm and i thought i was top 9%

You would be wrong.