The Average American is a Millionaire

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So the average person is a millionaire? Why is everyone complaining?

The Federal Reserve’s 2022 consumer finance survey unveils a striking picture of American prosperity. The mean net worth of the average household has ascended to $1.06 million, up 23% from $868,000 in 2019.

Well, yes, because they own stocks and a house.

Most people don't own a home; they live in a mortgaged home.

well if they don't keep remortgaging the home, after 15 or 30 years, they will "own it"

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:According to the Federal Reserve, the median net worth of the typical American family was $192,900 in 2022. This is in contrast to the average net worth, which was $1,063,700. The median net worth increased 37% between 2019 and 2022, while the average net worth increased 23%

So average net worth is still over one million?

Yes, but that is pointless. It is skewed higher by the ultra rich getting richer.

The median tells you why People cannot afford college or to retire. If I only had $192K saved for retirement, I wouldn't be paying $30K/year for college, I couldn't afford it

It depends on age. I was on a college tour recently in North Carolina and the local in state parents many I could not tell the daughter from the Mom. Their were plenty of Moms who looked 44-45 with husbands who were 45-47. $192 is a lot saved for retirement as these peoples were 20-25 years away from retirement. One Mom two daughters in front of me was not to one called one Mom I had no clue who the Mom was. The Mom looked in her 30s and kids were like 17,15. The Dad looked like he was at most 38.

BTW 30K for college even for instate is not doable anymore in most states.

I live in a state where all except the Top Flagship are under $30K (all in for the year). And if you have decent grades/SAT, you can get $2-6K in merit at even the #2 and #3 (I know because my kids were offered that---didnt' take it but were offered it).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:According to the Federal Reserve, the median net worth of the typical American family was $192,900 in 2022. This is in contrast to the average net worth, which was $1,063,700. The median net worth increased 37% between 2019 and 2022, while the average net worth increased 23%

So average net worth is still over one million?

Yes, but that is pointless. It is skewed higher by the ultra rich getting richer.

The median tells you why People cannot afford college or to retire. If I only had $192K saved for retirement, I wouldn't be paying $30K/year for college, I couldn't afford it

It depends on age. I was on a college tour recently in North Carolina and the local in state parents many I could not tell the daughter from the Mom. Their were plenty of Moms who looked 44-45 with husbands who were 45-47. $192 is a lot saved for retirement as these peoples were 20-25 years away from retirement. One Mom two daughters in front of me was not to one called one Mom I had no clue who the Mom was. The Mom looked in her 30s and kids were like 17,15. The Dad looked like he was at most 38.

BTW 30K for college even for instate is not doable anymore in most states.

I live in a state where all except the Top Flagship are under $30K (all in for the year). And if you have decent grades/SAT, you can get $2-6K in merit at even the #2 and #3 (I know because my kids were offered that---didnt' take it but were offered it).

Can you share what state?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So the average person is a millionaire? Why is everyone complaining?

The Federal Reserve’s 2022 consumer finance survey unveils a striking picture of American prosperity. The mean net worth of the average household has ascended to $1.06 million, up 23% from $868,000 in 2019.

Well, yes, because they own stocks and a house.

Most people don't own a home; they live in a mortgaged home.

Where they build equity that adds to their nw.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:According to the Federal Reserve, the median net worth of the typical American family was $192,900 in 2022. This is in contrast to the average net worth, which was $1,063,700. The median net worth increased 37% between 2019 and 2022, while the average net worth increased 23%

So average net worth is still over one million?

Yes, but that is pointless. It is skewed higher by the ultra rich getting richer.

The median tells you why People cannot afford college or to retire. If I only had $192K saved for retirement, I wouldn't be paying $30K/year for college, I couldn't afford it

It depends on age. I was on a college tour recently in North Carolina and the local in state parents many I could not tell the daughter from the Mom. Their were plenty of Moms who looked 44-45 with husbands who were 45-47. $192 is a lot saved for retirement as these peoples were 20-25 years away from retirement. One Mom two daughters in front of me was not to one called one Mom I had no clue who the Mom was. The Mom looked in her 30s and kids were like 17,15. The Dad looked like he was at most 38.

BTW 30K for college even for instate is not doable anymore in most states.

Are you writing in English or jumble garbledy gook? Try again with proper grammar and punctuation and less stream of consciousness. Maybe then the message you are trying to convey will be revealed.

I think he liked the Mom and needed a reason to talk about her - give him some room. Let him work it out.

Why are you assuming he/him?

[Anonymous]

Anonymous wrote:

Anonymous wrote:So basically OP is asking people to feel good because the gazillionaires got even richer?

Classic DCUM clickbait.

I would guess that OP didn't understand the difference between median and mean.

No. Quite the opposite. The title of the post states “The Average American is a Millionaire.” Average is synonymous with mathematical mean or expected value, not with median. The former is a first order statistical moment while the latter is a nonlinear operation applied to a numerically ordered set of data.

OP’s assertions are spot on. Most readers seem to have inferred something else. Understandable, if one also doesn’t the difference between mean and median.

[Anonymous]

Nope OP, not the median. There are a few US oligarchs who have more money than the rest of us combined.

A decent retirement requires a million now, and forces those of us lucky enough who can save to invest it all in the stock market instead of getting a pension. Can't touch it until we live off it in retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So basically OP is asking people to feel good because the gazillionaires got even richer?

Classic DCUM clickbait.

I would guess that OP didn't understand the difference between median and mean.

No. Quite the opposite. The title of the post states “The Average American is a Millionaire.” Average is synonymous with mathematical mean or expected value, not with median. The former is a first order statistical moment while the latter is a nonlinear operation applied to a numerically ordered set of data.

OP’s assertions are spot on. Most readers seem to have inferred something else. Understandable, if one also doesn’t the difference between mean and median.

The OP would have been accurate if it said: “The Average Net Worth of Americans is over million.” It didn’t. It claimed the “average American is a millionaire.” If you average people, it is the same as the median.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:According to the Federal Reserve, the median net worth of the typical American family was $192,900 in 2022. This is in contrast to the average net worth, which was $1,063,700. The median net worth increased 37% between 2019 and 2022, while the average net worth increased 23%

So average net worth is still over one million?

Yes, but that is pointless. It is skewed higher by the ultra rich getting richer.

The median tells you why People cannot afford college or to retire. If I only had $192K saved for retirement, I wouldn't be paying $30K/year for college, I couldn't afford it

It depends on age. I was on a college tour recently in North Carolina and the local in state parents many I could not tell the daughter from the Mom. Their were plenty of Moms who looked 44-45 with husbands who were 45-47. $192 is a lot saved for retirement as these peoples were 20-25 years away from retirement. One Mom two daughters in front of me was not to one called one Mom I had no clue who the Mom was. The Mom looked in her 30s and kids were like 17,15. The Dad looked like he was at most 38.

BTW 30K for college even for instate is not doable anymore in most states.

I live in a state where all except the Top Flagship are under $30K (all in for the year). And if you have decent grades/SAT, you can get $2-6K in merit at even the #2 and #3 (I know because my kids were offered that---didnt' take it but were offered it).

Can you share what state?

WA

So all except Univ of Washington are under 30K---UW is about $33

WWU and WSU are under $30K and offer merit to decent students (my 1240/3.5UW got $4K at both---kids with much higher scores get more).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So the average person is a millionaire? Why is everyone complaining?

The Federal Reserve’s 2022 consumer finance survey unveils a striking picture of American prosperity. The mean net worth of the average household has ascended to $1.06 million, up 23% from $868,000 in 2019.

Well, yes, because they own stocks and a house.

Most people don't own a home; they live in a mortgaged home.

Where they build equity that adds to their nw.

And if they don't keep remortgaging for a 30 year loan, they will eventually pay off the mortgage and own the home + increase in the equity

[Anonymous]

800 billionaires have more combined wealth than the bottom 50% of all US households combined.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So basically OP is asking people to feel good because the gazillionaires got even richer?

Classic DCUM clickbait.

I would guess that OP didn't understand the difference between median and mean.

I weep for this country.

It is the internet. Anybody who can type and say a sentence thinks they know something. If anything does not line up with what they can see day to day (virus, the space...), then it must be false. Who cares about science, mathematics, experts... Who needs a PHD?

[Anonymous]

Anonymous wrote:Because that's a mean and not the median. Wealth is concentrated at the top.

Bingo.

Someone remembers 6th grade math. Well done.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So basically OP is asking people to feel good because the gazillionaires got even richer?

Classic DCUM clickbait.

I would guess that OP didn't understand the difference between median and mean.

No. Quite the opposite. The title of the post states “The Average American is a Millionaire.” Average is synonymous with mathematical mean or expected value, not with median. The former is a first order statistical moment while the latter is a nonlinear operation applied to a numerically ordered set of data.

OP’s assertions are spot on. Most readers seem to have inferred something else. Understandable, if one also doesn’t the difference between mean and median.

Everybody who made it past 5th grade knows that average is not synonymous with mean. It is an ambiguous term for any measure of central tendency.

Mean, median, mode, and midpoint range are all error-minimizing for norms of different dimensions (L_2 square error, L_1 linear error, L_0 indicator error, and L_infinity max error).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So the average person is a millionaire? Why is everyone complaining?

The Federal Reserve’s 2022 consumer finance survey unveils a striking picture of American prosperity. The mean net worth of the average household has ascended to $1.06 million, up 23% from $868,000 in 2019.

Well, yes, because they own stocks and a house.

Most people don't own a home; they live in a mortgaged home.

Where they build equity that adds to their nw.

And if they don't keep remortgaging for a 30 year loan, they will eventually pay off the mortgage and own the home + increase in the equity

Or get foreclosed