Average Person is the Richest Ever as of 4PM today

[Anonymous]

Just logged into my accounts they're up $550k in about 4 weeks. Surprised the markets raging in a war. Not sure this has happened before.

[Anonymous]

We were adding up 401ks this weekend. My wife who last worked in 2000 we got a 401k statement last week, I dont think we saw one in a decade. She left workforce at 35. Well it was 1.3 million.

She put in around 2k a year for 15 years and got 100 percent match. So her 30K investment is now 1.3 million. Which means even SAHMs with low paid jobs who quit at 33-35 for good are not millionaires on their way to be multimillinaires by retirement.

BTW with rule of 7 money doubling every year the amounts you put in early before 35 is a huge impact.
in 1986 a new college graduates puts 2k in 401k with match is 4k
in 1993 it becomes 8k
in 2000 becomes 16k
2007 becomes 32k
2014 becomes 64k
2021 becomes 128K
2028 becomes 256K
2035 becomes 512k
2042 when person is 77 that 2k is now worth $1,024,,000
at 84 is $2,048,000
at 91 is $4,096,000
at 98 is $8,192,000

Can you imagine investing $2,000 at 21 and somehow when you die a it is worth $8,192,000

It is why old people are rich.

[Anonymous]

Anonymous wrote:We were adding up 401ks this weekend. My wife who last worked in 2000 we got a 401k statement last week, I dont think we saw one in a decade. She left workforce at 35. Well it was 1.3 million.

She put in around 2k a year for 15 years and got 100 percent match. So her 30K investment is now 1.3 million. Which means even SAHMs with low paid jobs who quit at 33-35 for good are not millionaires on their way to be multimillinaires by retirement.

BTW with rule of 7 money doubling every year the amounts you put in early before 35 is a huge impact.
in 1986 a new college graduates puts 2k in 401k with match is 4k
in 1993 it becomes 8k
in 2000 becomes 16k
2007 becomes 32k
2014 becomes 64k
2021 becomes 128K
2028 becomes 256K
2035 becomes 512k
2042 when person is 77 that 2k is now worth $1,024,,000
at 84 is $2,048,000
at 91 is $4,096,000
at 98 is $8,192,000

Can you imagine investing $2,000 at 21 and somehow when you die a it is worth $8,192,000

It is why old people are rich.

??

4K a year for 15 years at 10% return is $127,131

$127,131 then grows to $329,745 at 10% in another 10 years. Or did she get 16% returns per year??

[Anonymous]

The value of my largest retirement account (a rollover 401k) has increased by $1.1 million in the one year period ending today.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We were adding up 401ks this weekend. My wife who last worked in 2000 we got a 401k statement last week, I dont think we saw one in a decade. She left workforce at 35. Well it was 1.3 million.

She put in around 2k a year for 15 years and got 100 percent match. So her 30K investment is now 1.3 million. Which means even SAHMs with low paid jobs who quit at 33-35 for good are not millionaires on their way to be multimillinaires by retirement.

BTW with rule of 7 money doubling every year the amounts you put in early before 35 is a huge impact.
in 1986 a new college graduates puts 2k in 401k with match is 4k
in 1993 it becomes 8k
in 2000 becomes 16k
2007 becomes 32k
2014 becomes 64k
2021 becomes 128K
2028 becomes 256K
2035 becomes 512k
2042 when person is 77 that 2k is now worth $1,024,,000
at 84 is $2,048,000
at 91 is $4,096,000
at 98 is $8,192,000

Can you imagine investing $2,000 at 21 and somehow when you die a it is worth $8,192,000

It is why old people are rich.

??

4K a year for 15 years at 10% return is $127,131

$127,131 then grows to $329,745 at 10% in another 10 years. Or did she get 16% returns per year??

I was also very confused by this math.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We were adding up 401ks this weekend. My wife who last worked in 2000 we got a 401k statement last week, I dont think we saw one in a decade. She left workforce at 35. Well it was 1.3 million.

She put in around 2k a year for 15 years and got 100 percent match. So her 30K investment is now 1.3 million. Which means even SAHMs with low paid jobs who quit at 33-35 for good are not millionaires on their way to be multimillinaires by retirement.

BTW with rule of 7 money doubling every year the amounts you put in early before 35 is a huge impact.
in 1986 a new college graduates puts 2k in 401k with match is 4k
in 1993 it becomes 8k
in 2000 becomes 16k
2007 becomes 32k
2014 becomes 64k
2021 becomes 128K
2028 becomes 256K
2035 becomes 512k
2042 when person is 77 that 2k is now worth $1,024,,000
at 84 is $2,048,000
at 91 is $4,096,000
at 98 is $8,192,000

Can you imagine investing $2,000 at 21 and somehow when you die a it is worth $8,192,000

It is why old people are rich.

??

4K a year for 15 years at 10% return is $127,131

$127,131 then grows to $329,745 at 10% in another 10 years. Or did she get 16% returns per year??

I was also very confused by this math.

Total BS.

[Anonymous]

Anonymous wrote:You have a really oversimplified version of how this works. Only 28% of Americans who make under $50,000 have any $ in the stock market.

That represents 30-50% of Americans.

People are struggling right now financially. They do not feel like millionaires.

+1

People are forgoing food and medications because of inflation. Among the 74 million children living in the United States, 11 million live in poverty, with Mississippi (27.7%) and Louisiana (26.9%) having the highest state rates as of 2021.

It's a disgrace.

[Anonymous]

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Anonymous wrote:What a strange post. To this day, 38% of all Americans don't own a single stock, like another 20% - 30% only own stocks through their 401k (and no...they aren't maxxing out their 401ks).

So...are you going to go to McDonalds and buy someone a burger?

No what's strange is the inability to be happy for someone else.

No what’s strange is dipshits like you don’t know that over 50% of the US population gets nothing or close to nothing from stocks.

According to a Gallup report last year, 62% of Americans own stock. Among those 50 t0 64, it is 72%.

https://news.gallup.com/poll/266807/percentage-americans-owns-stock.aspx

Again...here are the facts which support why many people don't care what the stock market does at all because they benefit either 0% or very minimally

- 38% of all people own no stocks at all
- Top 10% of the wealthiest own 87% of the stock market
- Bottom 50% of the population owns 1% of the stock market
- Of the 62% who own stock, most own stock through their 401k. The Median 401k balance for someone aged 55-64 is $95,642 (and that is the highest median balance for any age group that is tracked)

Interesting. It seems like owning stock is a good way to improve your finances. Owning cash doesn't make money.

Understand...the 38% who own no stocks have like a $0 net worth as well. It's not like they are making some decision to not own stocks.

Is this 38% of all Americans? Or 38% of adult Americans?

Adults

Sounds like the time for education has begun. With the passage of the Secure Act, those part time McDonald’s employees should absolutely be throwing in a couple of dollars a month into the company 401k.

The match is dollar-for-dollar up to 6% of eligible pay for all mcdonalds employees, the guy serving you a burger is in the market!

The McDonald's manager might be in the market, but the guy flipping burgers and cleaning the bathroom for $18 an hour is not in the market. They need every dollar to live and do not have extra money to spare for something they can't touch in thirty to forty years. They need the money today and are not in the stock market.

[Anonymous]

This has been absolutely brilliant for our kids. DS is 22yo and has been maxing out his Roth IRA since 17. Currently has about $425K, almost all of which is capital gains.

We fully expect he will hit the $1M mark by the age of 25. What’s exceptionally curious is that all the major investment banks are constantly advertising average household retirement savings of substantially less. How is it even possible for anyone over the age of 30 to have less than $1M in savings these days?

[Anonymous]

Anonymous wrote:This has been absolutely brilliant for our kids. DS is 22yo and has been maxing out his Roth IRA since 17. Currently has about $425K, almost all of which is capital gains.

We fully expect he will hit the $1M mark by the age of 25. What’s exceptionally curious is that all the major investment banks are constantly advertising average household retirement savings of substantially less. How is it even possible for anyone over the age of 30 to have less than $1M in savings these days?

Maxing out a Roth IRA for 5 years can't be more than $37,500 in contributions. Investing in the S&P 500 wouldn't get you to $425k from there. What exactly is he doing?

[Anonymous]

Anonymous wrote:

Anonymous wrote:This has been absolutely brilliant for our kids. DS is 22yo and has been maxing out his Roth IRA since 17. Currently has about $425K, almost all of which is capital gains.

We fully expect he will hit the $1M mark by the age of 25. What’s exceptionally curious is that all the major investment banks are constantly advertising average household retirement savings of substantially less. How is it even possible for anyone over the age of 30 to have less than $1M in savings these days?

Maxing out a Roth IRA for 5 years can't be more than $37,500 in contributions. Investing in the S&P 500 wouldn't get you to $425k from there. What exactly is he doing?

Investing in the S&P 500 is so pre-COVID. DS is all in on hot AI stocks like NVDA and APLD.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We were adding up 401ks this weekend. My wife who last worked in 2000 we got a 401k statement last week, I dont think we saw one in a decade. She left workforce at 35. Well it was 1.3 million.

She put in around 2k a year for 15 years and got 100 percent match. So her 30K investment is now 1.3 million. Which means even SAHMs with low paid jobs who quit at 33-35 for good are not millionaires on their way to be multimillinaires by retirement.

BTW with rule of 7 money doubling every year the amounts you put in early before 35 is a huge impact.
in 1986 a new college graduates puts 2k in 401k with match is 4k
in 1993 it becomes 8k
in 2000 becomes 16k
2007 becomes 32k
2014 becomes 64k
2021 becomes 128K
2028 becomes 256K
2035 becomes 512k
2042 when person is 77 that 2k is now worth $1,024,,000
at 84 is $2,048,000
at 91 is $4,096,000
at 98 is $8,192,000

Can you imagine investing $2,000 at 21 and somehow when you die a it is worth $8,192,000

It is why old people are rich.

??

4K a year for 15 years at 10% return is $127,131

$127,131 then grows to $329,745 at 10% in another 10 years. Or did she get 16% returns per year??

I was also very confused by this math.

It's 26 years since she quit working, so in your assumed 10% a year example that's $127,131*1.10^26 which is $1,443,660.

Google says $127,131 in the S&P 500 in 2000 would be $940k, so this seems in the realm of possible, especially if he's guessing roughly on the initial investment.

[Anonymous]

💰💰💰💰stocks up, great kobs report making money folks.

[Anonymous]

*jobs

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This has been absolutely brilliant for our kids. DS is 22yo and has been maxing out his Roth IRA since 17. Currently has about $425K, almost all of which is capital gains.

We fully expect he will hit the $1M mark by the age of 25. What’s exceptionally curious is that all the major investment banks are constantly advertising average household retirement savings of substantially less. How is it even possible for anyone over the age of 30 to have less than $1M in savings these days?

Maxing out a Roth IRA for 5 years can't be more than $37,500 in contributions. Investing in the S&P 500 wouldn't get you to $425k from there. What exactly is he doing?

Investing in the S&P 500 is so pre-COVID. DS is all in on hot AI stocks like NVDA and APLD.

Oh ok, yeah, we're not all doing that.