Anonymous wrote:Ridiculous. We are just in the top 1 percent, by a whisker, but we are very far from rich.

After paying mortgages on our two homes, bills, private school, meals out, soirees, European vacations etc. there is very little left at the end of the month.

🤣

Anonymous wrote:we only have 93% income, but are at 98% net worth for our age group.

That would indicate that you are smart with your money and know how to save and invest. HHI does not mean high net worth.

Anonymous wrote:Ridiculous. We are just in the top 1 percent, by a whisker, but we are very far from rich.

After paying mortgages on our two homes, bills, private school, meals out, soirees, European vacations etc. there is very little left at the end of the month.

You have my sympathy!

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

Anonymous wrote:Ridiculous. We are just in the top 1 percent, by a whisker, but we are very far from rich.

After paying mortgages on our two homes, bills, private school, meals out, soirees, European vacations etc. there is very little left at the end of the month.

Sounds like you are 1% in terms of income but not net worth. 1% of net worth is a better indicator of wealth than income. When in 1% of net worth, you don't worry about financial security so much.

Anonymous wrote:Ridiculous. We are just in the top 1 percent, by a whisker, but we are very far from rich.

After paying mortgages on our two homes, bills, private school, meals out, soirees, European vacations etc. there is very little left at the end of the month.

Well done. You almost had me.

Anonymous wrote:Interesting. We are easily over the 1% hurdle for income, but barely at the 2% hurdle for net worth (and that assumes net worth includes RE equity, which isn't liquid). It's definitely a lot harder to build up net worth.

Surely I won't be the first person to point out that if your HHI is that high, it really should not be that hard to build up net worth. You might have to choose between an enormous house and putting money away/investing it. But if your HHI is over 500k and you are struggling to build net worth, you have made a serious of very stupid financial choices.

It's actually incredibly hard for people to build net worth when they can't afford to buy real estate or simply do not make enough to set aside savings. That's not you.

my net worth is 35x hhi. i'm a 2%er

Ridiculous. We are just in the top 1 percent, by a whisker, but we are very far from rich.

After paying mortgages on our two homes, bills, private school, meals out, soirees, European vacations etc. there is very little left at the end of the month.

we only have 93% income, but are at 98% net worth for our age group.

On average, the one % have net worth almost 21x hhi. There is likely a skew in these numbers as bezos, buffett, gates and other billionaires pull that multiple way up.

Interesting. We are easily over the 1% hurdle for income, but barely at the 2% hurdle for net worth (and that assumes net worth includes RE equity, which isn't liquid). It's definitely a lot harder to build up net worth.

This isn't surprising to anyone but people with 200k+, 300k+, 400k+, and 500k+ HHI who don't "feel wealthy". The rest of us know.

interesting. it says we are 97% income, 97% NW but sure don't feel like it. but it was fun.

This was published 2 days ago.

$531,020 in HHI qualifies as within the 1% in income, and

$11,099,199 puts you in the 1% in net worth.

https://dqydj.com/top-one-percent-united-states/

Sources:

Net Worth
Data comes from the Federal Reserve Survey of Consumer Finances (SCF), released September, 2020. It comes from interviews mainly conducted in 2019. 9% of interviews were conducted between February and April 2020 – when Coronavirus was already in the US.

HHI
Data originated in the United States Census Bureau's Annual ASEC survey, first released in September 2020. The University of Minnesota's Minnesota Population Center harmonizes it, making it easy to do these calculations – especially for the household income by year post.

Sarah Flood, Miriam King, Renae Rodgers, Steven Ruggles and J. Robert Warren. Integrated Public Use Microdata Series, Current Population Survey: Version 7.0 [dataset]. Minneapolis, MN: IPUMS, 2020. https://doi.org/10.18128/D030.V7.0