Anonymous
Post 01/23/2025 21:24     Subject: How many 55yo that you know in DMV have $3M+ NW?
If you have 5-10M net worth and are in your 50’s. Can you describe how you got there? Just curious. And only if it’s self made. No parent money to start you off.
Anonymous
Post 01/23/2025 21:23     Subject: How many 55yo that you know in DMV have $3M+ NW?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Net worth is correlated with income which is correlated with education. Educated people tend to hang out with/live near/work with other educated people. I think this tricks your mind into thinking you're more average or typical than you actually are.

Combine that with what another person said about wealth being in cities, especially places like DC where you have the best and the brightest....


You understand that many people with advanced degrees also don’t have a high HHI.


I was speaking in generalities and actually just a bachelor's degree is better than high school or less. College graduates on average will have a better understanding of math, interest, compounding, etc. Or at least demonstrated ability to understand it if exposed.

Also what people on this website say isn't a high HHI probably is decently high compared to the median in the US of $80.6k. There are likely many people on this board who aren't friends with anyone making even that "little."


True, but there are more families with far less HHI in the DC area than those with a NW north of $3M.
Anonymous
Post 01/23/2025 21:21     Subject: How many 55yo that you know in DMV have $3M+ NW?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I don’t know for sure, but many have $$$ and take multiple vacations per year, but cry poor and don’t have enough to retire. Makes me wonder if they are truly living hand to mouth but give the illusion of having a lot of money with the lifestyle they are living.

In DCUMlandia it seems everyone has HHI of $400k* though the statistics for the area beyond DCUM show that’s higher than most households here.

So what is going on? Are they claiming “poor” or middle class just to fit in? Or are they overspending significantly.

FWIW only 1% of American households have a NW of $3M by the time they are 55.


I thought the top 1% had a much higher NW. I have 3mm and i thought i was top 9%


You would be wrong.



Hmmmm Kiplinger says:
People with the top 1% of net worth in the U.S. in 2025 will have $11.6 million in net worth


According to data from the Federal Reserve's Survey of Consumer Finances, only a very small percentage of Americans, likely less than 1%, have a net worth of $3 million or more today.


This calculator is from that data and it's more like 5.5% ignoring home equity and 6.5% counting equity, at a HH level. Are you talking about individuals? Not sure where to find that data.


Forgot link: https://dqydj.com/net-worth-percentile-calculator/
Anonymous
Post 01/23/2025 21:21     Subject: How many 55yo that you know in DMV have $3M+ NW?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I don’t know for sure, but many have $$$ and take multiple vacations per year, but cry poor and don’t have enough to retire. Makes me wonder if they are truly living hand to mouth but give the illusion of having a lot of money with the lifestyle they are living.

In DCUMlandia it seems everyone has HHI of $400k* though the statistics for the area beyond DCUM show that’s higher than most households here.

So what is going on? Are they claiming “poor” or middle class just to fit in? Or are they overspending significantly.

FWIW only 1% of American households have a NW of $3M by the time they are 55.


I thought the top 1% had a much higher NW. I have 3mm and i thought i was top 9%


You would be wrong.



Hmmmm Kiplinger says:
People with the top 1% of net worth in the U.S. in 2025 will have $11.6 million in net worth


According to data from the Federal Reserve's Survey of Consumer Finances, only a very small percentage of Americans, likely less than 1%, have a net worth of $3 million or more today.


This calculator is from that data and it's more like 5.5% ignoring home equity and 6.5% counting equity, at a HH level. Are you talking about individuals? Not sure where to find that data.
Anonymous
Post 01/23/2025 21:20     Subject: How many 55yo that you know in DMV have $3M+ NW?
See also this article:

https://finance.yahoo.com/news/guess-percent-people-retire-3-203017978.html

“Let's start with the numbers. According to the Federal Reserve’s 2022 Survey of Consumer Finances, the average net worth of an American household hovers around $1.06 million, but that includes home equity, which isn't exactly liquid. The median net worth? Way lower. Most people aren't even in millionaire territory regarding cash savings, let alone $3 million.”
Anonymous
Post 01/23/2025 21:15     Subject: How many 55yo that you know in DMV have $3M+ NW?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Net worth is correlated with income which is correlated with education. Educated people tend to hang out with/live near/work with other educated people. I think this tricks your mind into thinking you're more average or typical than you actually are.

Combine that with what another person said about wealth being in cities, especially places like DC where you have the best and the brightest....


You understand that many people with advanced degrees also don’t have a high HHI.


I was speaking in generalities and actually just a bachelor's degree is better than high school or less. College graduates on average will have a better understanding of math, interest, compounding, etc. Or at least demonstrated ability to understand it if exposed.

Also what people on this website say isn't a high HHI probably is decently high compared to the median in the US of $80.6k. There are likely many people on this board who aren't friends with anyone making even that "little."
Anonymous
Post 01/23/2025 21:03     Subject: How many 55yo that you know in DMV have $3M+ NW?
Anonymous wrote:
Anonymous wrote:Net worth is correlated with income which is correlated with education. Educated people tend to hang out with/live near/work with other educated people. I think this tricks your mind into thinking you're more average or typical than you actually are.

Combine that with what another person said about wealth being in cities, especially places like DC where you have the best and the brightest....


You understand that many people with advanced degrees also don’t have a high HHI.
Anonymous
Post 01/23/2025 21:02     Subject: How many 55yo that you know in DMV have $3M+ NW?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I don’t know for sure, but many have $$$ and take multiple vacations per year, but cry poor and don’t have enough to retire. Makes me wonder if they are truly living hand to mouth but give the illusion of having a lot of money with the lifestyle they are living.

In DCUMlandia it seems everyone has HHI of $400k* though the statistics for the area beyond DCUM show that’s higher than most households here.

So what is going on? Are they claiming “poor” or middle class just to fit in? Or are they overspending significantly.

FWIW only 1% of American households have a NW of $3M by the time they are 55.


I thought the top 1% had a much higher NW. I have 3mm and i thought i was top 9%


You would be wrong.



Hmmmm Kiplinger says:
People with the top 1% of net worth in the U.S. in 2025 will have $11.6 million in net worth


According to data from the Federal Reserve's Survey of Consumer Finances, only a very small percentage of Americans, likely less than 1%, have a net worth of $3 million or more today.
Anonymous
Post 01/23/2025 20:58     Subject: How many 55yo that you know in DMV have $3M+ NW?
Anonymous wrote:Net worth is correlated with income which is correlated with education. Educated people tend to hang out with/live near/work with other educated people. I think this tricks your mind into thinking you're more average or typical than you actually are.

Combine that with what another person said about wealth being in cities, especially places like DC where you have the best and the brightest....


You understand that many people with advanced degrees also don’t have HHI.
Anonymous
Post 01/23/2025 20:56     Subject: How many 55yo that you know in DMV have $3M+ NW?
Anonymous wrote:That’s not much at all. I can’t think of a single friend or neighbor that is this poor in their 50’s.


Poor???
Anonymous
Post 01/23/2025 20:56     Subject: How many 55yo that you know in DMV have $3M+ NW?
Net worth is correlated with income which is correlated with education. Educated people tend to hang out with/live near/work with other educated people. I think this tricks your mind into thinking you're more average or typical than you actually are.

Combine that with what another person said about wealth being in cities, especially places like DC where you have the best and the brightest....
Anonymous
Post 01/23/2025 20:55     Subject: How many 55yo that you know in DMV have $3M+ NW?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I don’t know for sure, but many have $$$ and take multiple vacations per year, but cry poor and don’t have enough to retire. Makes me wonder if they are truly living hand to mouth but give the illusion of having a lot of money with the lifestyle they are living.

In DCUMlandia it seems everyone has HHI of $400k* though the statistics for the area beyond DCUM show that’s higher than most households here.

So what is going on? Are they claiming “poor” or middle class just to fit in? Or are they overspending significantly.

FWIW only 1% of American households have a NW of $3M by the time they are 55.


I thought the top 1% had a much higher NW. I have 3mm and i thought i was top 9%


You would be wrong.



Hmmmm Kiplinger says:
People with the top 1% of net worth in the U.S. in 2025 will have $11.6 million in net worth
Anonymous
Post 01/23/2025 20:54     Subject: How many 55yo that you know in DMV have $3M+ NW?
Anonymous wrote:These posters are so out of touch.


Some of them. Don't tar us all with the same brush. My husband was a war refugee who came from nothing and achieved significant wealth. He sends money to his relatives in his home country and is definitely not out of touch.
Anonymous
Post 01/23/2025 20:50     Subject: How many 55yo that you know in DMV have $3M+ NW?
Anonymous wrote:That’s not much at all. I can’t think of a single friend or neighbor that is this poor in their 50’s.


It certainly feels that way when you live in certain neighborhoods, PP, but please realize that you're living in a bubble.
Anonymous
Post 01/23/2025 20:50     Subject: How many 55yo that you know in DMV have $3M+ NW?
These posters are so out of touch.