The 1% in the household income and net worth distributions in the US in 2020

[Anonymous]

The 50 Richest Americans Are Worth as Much as the Poorest 165 Million
https://www.bloomberg.com/news/articles/2020-10-08/top-50-richest-people-in-the-us-are-worth-as-much-as-poorest-165-million?utm_source=pocket-newtab

[Anonymous]

Anonymous wrote:Mike Tyson earned $300 million and declared BK. No matter how much you earn or save, you can always spend it all and more.

He also had a bunch of Money stolen and mismanaged by others. His team invested in a bunch of stuff that he could not comprehend and was on the hook for a lot of the debt incurred by these companies.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

We are over the 2% hurdle on net worth, in the $7-7.5m range.

Good grief! I've only accumulated $6.5mln. Now I feel like a pauper going into the weekend.

Well according to the PP who criticized my savings pattern, I should have been able to save at least $11m by now so apparently I am also a pauper!

Seriously though, the difference between income and net worth is partially a function of time. If one has only recently gone over the 1% income line, there is likely to be a gap with the net worth line. Most regular wage earners don's start earning $500k+, it takes a while to get there.

This

[Anonymous]

Anonymous wrote:

Anonymous wrote:Mike Tyson earned $300 million and declared BK. No matter how much you earn or save, you can always spend it all and more.

He also had a bunch of Money stolen and mismanaged by others. His team invested in a bunch of stuff that he could not comprehend and was on the hook for a lot of the debt incurred by these companies.

He also bought a house in Connecticut once with 16 bedrooms and 16 bathrooms. That one went away in bk. Also married 3x with 8 children. Can't imagine what his monthly nut is.

[Anonymous]

87th percentile for household income ($180K)
95th percentile for household wealth ($2.9M)

We live simply, had no student loans, Our house has gone up in value about $300K over 20 years. We inherited about $250K from father-in-law five years ago. Net worth will go down after we pay for our kids' college (about $400K is wrapped up in that). We are in our early 50s.

[Anonymous]

22:14 here. Oh, and we have clearly benefited from the bull stock market over the last 11 years.