The Average American is a Millionaire

[Anonymous]

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.

Do you know the difference between the mean and the median? If not google it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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).

No. Only stupid political science and liberal arts majors believe this after having performed an internet search to determine the answer. Sorry, you can’t rely on AI to compensate for your irrefutably weak understanding of this topic.

DP. Pot meet kettle.

I’m certain you have no idea of what’s really meant by “The former is a first order statistical moment while the latter is a nonlinear operation applied to a numerically ordered set of data.”

Feeling the need to write that median is a nonlinear operation is so blindingly obvious, so lacking in any actual information value, and yet so obtuse to many people that a real numerate person could not possibly have come up with that nugget of nonsense.

If you ARE a real person and you really did stand up on your hind legs a vomit forth that nonsense, perhaps you have a future writing high school calculus textbooks. That pedantic yet obtuse tone is perfect.

Can’t decide whether or not this is a joke in simultaneously poor taste and limited intellect or just another randomly assimilated stream of consciousness from a stereotypical DCUM dimwit.

Well played, my simplistic friend.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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).

No. Only stupid political science and liberal arts majors believe this after having performed an internet search to determine the answer. Sorry, you can’t rely on AI to compensate for your irrefutably weak understanding of this topic.

DP. Pot meet kettle.

I’m certain you have no idea of what’s really meant by “The former is a first order statistical moment while the latter is a nonlinear operation applied to a numerically ordered set of data.”

Feeling the need to write that median is a nonlinear operation is so blindingly obvious, so lacking in any actual information value, and yet so obtuse to many people that a real numerate person could not possibly have come up with that nugget of nonsense.

If you ARE a real person and you really did stand up on your hind legs a vomit forth that nonsense, perhaps you have a future writing high school calculus textbooks. That pedantic yet obtuse tone is perfect.

Can’t decide whether or not this is a joke in simultaneously poor taste and limited intellect or just another randomly assimilated stream of consciousness from a stereotypical DCUM dimwit.

Well played, my simplistic friend.

Go back to your whole in the wall you MAGA people

[Anonymous]

Anonymous wrote:

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).

Washington State doesn’t have super competitive public schools. If someone is studying engineering, nursing, or accounting. Something with a well defined career path, that will work out fine. However, Washington state will not cut it for super competitive career pathways. Good luck even getting an interview at an investment banking firm or a big law firm.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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).

Washington State doesn’t have super competitive public schools. If someone is studying engineering, nursing, or accounting. Something with a well defined career path, that will work out fine. However, Washington state will not cut it for super competitive career pathways. Good luck even getting an interview at an investment banking firm or a big law firm.

UW is a top 50 school. I like how you characterized engineering and nursing as well defined career paths (areas UW is strong in) but somehow the extremely hierarchical investment banking or big law career paths aren't well defined? Or did you mean that engineering isn't competitive, because jobs at FANG are being given out like candy?

[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.

Mean isn’t usually a way used to figure out average income or worth.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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).

No. Only stupid political science and liberal arts majors believe this after having performed an internet search to determine the answer. Sorry, you can’t rely on AI to compensate for your irrefutably weak understanding of this topic.

DP. Pot meet kettle.

I’m certain you have no idea of what’s really meant by “The former is a first order statistical moment while the latter is a nonlinear operation applied to a numerically ordered set of data.”

Feeling the need to write that median is a nonlinear operation is so blindingly obvious, so lacking in any actual information value, and yet so obtuse to many people that a real numerate person could not possibly have come up with that nugget of nonsense.

If you ARE a real person and you really did stand up on your hind legs a vomit forth that nonsense, perhaps you have a future writing high school calculus textbooks. That pedantic yet obtuse tone is perfect.

Most of us are not “real numerate people”. We weren’t home on Saturday nights reading and working on next years math class to keep ahead of the crowd. There’s a disproportionate number of people who post that love their math and are good at it. Try being a regular person and explain to people who don’t know differences between mean and median.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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).

No. Only stupid political science and liberal arts majors believe this after having performed an internet search to determine the answer. Sorry, you can’t rely on AI to compensate for your irrefutably weak understanding of this topic.

DP. Pot meet kettle.

I’m certain you have no idea of what’s really meant by “The former is a first order statistical moment while the latter is a nonlinear operation applied to a numerically ordered set of data.”

Feeling the need to write that median is a nonlinear operation is so blindingly obvious, so lacking in any actual information value, and yet so obtuse to many people that a real numerate person could not possibly have come up with that nugget of nonsense.

If you ARE a real person and you really did stand up on your hind legs a vomit forth that nonsense, perhaps you have a future writing high school calculus textbooks. That pedantic yet obtuse tone is perfect.

Can’t decide whether or not this is a joke in simultaneously poor taste and limited intellect or just another randomly assimilated stream of consciousness from a stereotypical DCUM dimwit.

Well played, my simplistic friend.

Better to remain silent and be thought a fool than to speak and remove all doubt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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).

No. Only stupid political science and liberal arts majors believe this after having performed an internet search to determine the answer. Sorry, you can’t rely on AI to compensate for your irrefutably weak understanding of this topic.

DP. Pot meet kettle.

I’m certain you have no idea of what’s really meant by “The former is a first order statistical moment while the latter is a nonlinear operation applied to a numerically ordered set of data.”

Feeling the need to write that median is a nonlinear operation is so blindingly obvious, so lacking in any actual information value, and yet so obtuse to many people that a real numerate person could not possibly have come up with that nugget of nonsense.

If you ARE a real person and you really did stand up on your hind legs a vomit forth that nonsense, perhaps you have a future writing high school calculus textbooks. That pedantic yet obtuse tone is perfect.

Can’t decide whether or not this is a joke in simultaneously poor taste and limited intellect or just another randomly assimilated stream of consciousness from a stereotypical DCUM dimwit.

Well played, my simplistic friend.

Go back to your whole in the wall you MAGA people

No you go there and study up. You can have the hole whole to yourself.

[Anonymous]

I thought the average American didn't have $400 to pay for an emergency?

[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.

The fact that you think this is notable, and that it must be North Carolina, is interesting to me.

I’m 44 and the parent of a senior. We’ve taken a bunch of college tours.

(Net worth is $4.5M.)

[Anonymous]

$500 a month into market for 30 years would be about a million now. I know why I don't have it, but I'm nearing it now after getting serious about it.
I have some idea why most of my friends, co-workers, relatives, and acquaintances don't have one million NW and why others do.

[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.

The fact that you think this is notable, and that it must be North Carolina, is interesting to me.

I’m 44 and the parent of a senior. We’ve taken a bunch of college tours.

(Net worth is $4.5M.)

You must be a child bride. Just kidding. But seriously I lived in Manhattan when single and I was literally dating, going to clubs out in the Hamptons in my early 30s and all my friends single and I was dating girls my age. My youngest I turned 50 when she was in kindergarten. And in NY plenty of Dads were younger than me.

Weird to see moms so young, people born in 1980s with kids in college strange. They are like children to me.

[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.

The fact that you think this is notable, and that it must be North Carolina, is interesting to me.

I’m 44 and the parent of a senior. We’ve taken a bunch of college tours.

(Net worth is $4.5M.)

You must be a child bride. Just kidding. But seriously I lived in Manhattan when single and I was literally dating, going to clubs out in the Hamptons in my early 30s and all my friends single and I was dating girls my age. My youngest I turned 50 when she was in kindergarten. And in NY plenty of Dads were younger than me.

Weird to see moms so young, people born in 1980s with kids in college strange. They are like children to me.

Manhattan is literally #2 for the oldest average age of first time mothers in the US. The average age for first time fathers is around 3 years older. So the average mother with a college degree has her first child at 33 in Manhattan and the average age of a first time father (with a college degree) in Manhattan is probably around 36. https://www.nytimes.com/interactive/2018/08/04/upshot/up-birth-age-gap.html

[Anonymous]

Anonymous wrote:$500 a month into market for 30 years would be about a million now. I know why I don't have it, but I'm nearing it now after getting serious about it.
I have some idea why most of my friends, co-workers, relatives, and acquaintances don't have one million NW and why others do.

Simple---most Americans do not value saving. There is always something they "need" (and 95%+ of the time it's a want, not a need). they run up credit card debt and pay high interest for "wants" and then it's a hard hole to dig yourself out of. Also a mindset that is difficult to change---you have to stop keeping up with the joneses and live within your means.