Anonymous
10/04/2020 08:58
Subject: The 1% in the household income and net worth distributions in the US in 2020
Anonymous wrote:Anonymous wrote:average, not median. skewed by billionaires.
if you have Jeff Bezos in a stadium with 10,000 homeless people, the average net worth of everyone in the stadium is $10 million dollars.
Excellent illustration of why you should pay attention to the median, not the average.
We already know this.
Remember the scores of poor people skews the averge down also.
Anonymous
10/04/2020 06:15
Subject: The 1% in the household income and net worth distributions in the US in 2020
Anonymous wrote:average, not median. skewed by billionaires.
if you have Jeff Bezos in a stadium with 10,000 homeless people, the average net worth of everyone in the stadium is $10 million dollars.
Excellent illustration of why you should pay attention to the median, not the average.
Anonymous
10/03/2020 23:27
Subject: The 1% in the household income and net worth distributions in the US in 2020
4% hhi, 2% nw
Anonymous
10/02/2020 17:31
Subject: Re:The 1% in the household income and net worth distributions in the US in 2020
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.
Anonymous
10/02/2020 17:27
Subject: Re:The 1% in the household income and net worth distributions in the US in 2020
Anonymous wrote:What is the average and median net worth by age?
Age Average Net Worth Median Net Worth
18-24 $28,707.13 $8,216.04
25-29 $49,387.83 $7,511.60
30-34 $122,699.69 $35,111.76
35-39 $274,112.44 $55,519.42
40-44 $623,694.13 $127,344.55
45-49 $761,560.21 $164,196.96
50-54 $897,663.14 $171,320.07
55-59 $1,165,476.62 $193,548.76
60-64 $1,187,729.54 $228,832.56
65-69 $1,250,678.99 $271,805.38
70-74 $1,173,653.23 $258,531.36
75-79 $945,479.81 $272,976.15
80+ $973,141.05 $235,192.87
Still not for individuals, and no it should not be doubled for household.
Anonymous
10/02/2020 17:23
Subject: The 1% in the household income and net worth distributions in the US in 2020
Anonymous wrote:The differences between average and median net work are crazy.
So many people with so little saved or even so little equity.
But the top 10% are doing so well!
Anonymous
10/02/2020 17:08
Subject: Re:The 1% in the household income and net worth distributions in the US in 2020
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.
Anonymous
10/02/2020 16:12
Subject: Re:The 1% in the household income and net worth distributions in the US in 2020
Anonymous wrote: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.
I think you missed the point a bit. We are over the 2% hurdle on net worth, in the $7-7.5m range. So it's not like we haven't saved anything. But getting to $11m, which is the bottom of the 1% net worth level, would be a stretch. That's kind of the point of the whole article - that net worth is a better indicator of wealth than income.
Anonymous
10/02/2020 15:36
Subject: The 1% in the household income and net worth distributions in the US in 2020
Anonymous wrote:Anonymous wrote:The differences between average and median net work are crazy.
So many people with so little saved or even so little equity.
wealth inequality and the hollowing out of the middle class are real
As a 1%er I agree with you. Good jobs requiring skilled workers have disappeared and the stock market only really affects the top 10%. Covid's greatest job effect had been on lower wage service jobs in hotels, restaurants etc. The stimulus package really helped those people until it ended.
Anonymous
10/02/2020 14:28
Subject: The 1% in the household income and net worth distributions in the US in 2020
Half of Americans over 55 may retire poor
https://www.marketwatch.com/story/half-of-americans-over-55-may-retire-poor-2020-10-01?mod=home-page
https://www.marketwatch.com/story/half-of-americans-over-55-may-retire-poor-2020-10-01?mod=home-page
Anonymous
10/02/2020 14:25
Subject: The 1% in the household income and net worth distributions in the US in 2020
Anonymous wrote:The differences between average and median net work are crazy.
So many people with so little saved or even so little equity.
wealth inequality and the hollowing out of the middle class are real
Anonymous
10/02/2020 14:11
Subject: The 1% in the household income and net worth distributions in the US in 2020
The differences between average and median net work are crazy.
So many people with so little saved or even so little equity.
So many people with so little saved or even so little equity.
Anonymous
10/02/2020 13:45
Subject: Re:The 1% in the household income and net worth distributions in the US in 2020
Anonymous wrote:Anonymous wrote:Anonymous wrote:It says average networth for 45 year old $750K.
So averge networth for 45 year old married couple is $1.5M. That seems high.
Very high!
Avg is always skewed by very rich and poor people at that age group. It doesn't mean that a large number of people have that avg net worth.
I know. Sill...
Anonymous
10/02/2020 13:44
Subject: Re:The 1% in the household income and net worth distributions in the US in 2020
What is the average and median net worth by age?
Age Average Net Worth Median Net Worth
18-24 $28,707.13 $8,216.04
25-29 $49,387.83 $7,511.60
30-34 $122,699.69 $35,111.76
35-39 $274,112.44 $55,519.42
40-44 $623,694.13 $127,344.55
45-49 $761,560.21 $164,196.96
50-54 $897,663.14 $171,320.07
55-59 $1,165,476.62 $193,548.76
60-64 $1,187,729.54 $228,832.56
65-69 $1,250,678.99 $271,805.38
70-74 $1,173,653.23 $258,531.36
75-79 $945,479.81 $272,976.15
80+ $973,141.05 $235,192.87
Age Average Net Worth Median Net Worth
18-24 $28,707.13 $8,216.04
25-29 $49,387.83 $7,511.60
30-34 $122,699.69 $35,111.76
35-39 $274,112.44 $55,519.42
40-44 $623,694.13 $127,344.55
45-49 $761,560.21 $164,196.96
50-54 $897,663.14 $171,320.07
55-59 $1,165,476.62 $193,548.76
60-64 $1,187,729.54 $228,832.56
65-69 $1,250,678.99 $271,805.38
70-74 $1,173,653.23 $258,531.36
75-79 $945,479.81 $272,976.15
80+ $973,141.05 $235,192.87
Anonymous
10/02/2020 13:41
Subject: Re:The 1% in the household income and net worth distributions in the US in 2020
Anonymous wrote:Anonymous wrote:It says average networth for 45 year old $750K.
So averge networth for 45 year old married couple is $1.5M. That seems high.
That's not what it says at all. The net worth info is for "primary economic unit" (which corresponds more closely but not perfectly to households), not individuals, and it's not broken out by age.
Yes it's broken out by age farther down the page in ranges such as 45-49, 50-54 ...