Everything we do everyday is to make money so we can have a good comfortable life for ourselves and our families. So it is important to know where we stand and if we are improving or not.

This table answers for each million mark of total net worth (inclusive of home equity), how exclusive are you? Data is US only.

Example: If your net worth is $1M, then there are 24M Americans in your group, which is about 7% of the US population. 1 in 14.

torrid said:

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This is TexAgs. We're all millionaires.

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multi-millionaires.

They have one that excludes primary residence from the Net Worth calc? I'm not saying that it isn't a valid part of the calculation, but there's value in excluding it as well. This is especially true for determining retirement income.

TOUCHDOWN! said:

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$8m - 1,700,000 Americans
$9m - 1,500,000 Americans
$10m - 1,700,000 Americans

Doubt

Is this household net worth, or individual net worth?

Does the count of Americans include children? I don't care how I stack up against 5-year olds. I make way more money then them

Dumb table.

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You must be fun at parties.

It's okay, you will get there some day. Keep grinding.

BMX Bandit said:

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No kidding! I'd be pretty miserable if all I worried about was making money.


If you have $1 million, and are happy with your life, why would you care how many other Americans are also millionaires?


It seems like too many are not chasing their own happiness, but chasing what others have. Explains a lot of the jealousy.

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How did you figure that people who are successful making money is all that they do? Maybe they are smart enough to play golf over the weekends, travel, spend time with the family, AND make money.

lolpoors at 40mm

/texags

TOUCHDOWN! said:

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$8m - 1,700,000 Americans
$9m - 1,500,000 Americans
$10m - 1,700,000 Americans

Doubt

Is this household net worth, or individual net worth?

Does the count of Americans include children? I don't care how I stack up against 5-year olds. I make way more money then them

Dumb table.

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What doubt. Over $10 million puts you in the top 1% so seems in line with what I would expect.

I am surprised the drop off from $10 million and $15 million. Per discussion with mfbarnes, once you hit the $10 million mark you should start compounding wealth if you maintain a responsible lifestyle.

infinity ag said:

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TOUCHDOWN! said:

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$8m - 1,700,000 Americans
$9m - 1,500,000 Americans
$10m - 1,700,000 Americans

Doubt

Is this household net worth, or individual net worth?

Does the count of Americans include children? I don't care how I stack up against 5-year olds. I make way more money then them

Dumb table.

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You must be fun at parties.

It's okay, you will get there some day. Keep grinding.

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Explain how the cumulative number of people who make $10m is higher than the cumulative number of people who make $9m.

Curious how much of that in the $1M +/- is tied up in equity, or whether this factors into the equation.

All I know is I always had a goal in mind of when I would be able to quit my job. I reached it a few years ago, but by that time it was not nearly enough. I then made a new goal and am getting closer, but even that will probably not be enough.

It's net worth, not earnings
Have
Not earn

Well according to the money I have on GTA, I'm ultra elite poor.

Same.. Why quit working when I'm having fun?

BlueSmoke said:

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Curious how much of that in the $1M +/- is tied up in equity, or whether this factors into the equation.

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The majority of it is the mid-price between the bid and the ask on everything they "own".

Equity in investments and real estate isn't the same as cash equivalents. Your net worth is important, but really the dividing line is if you can provide for your annual living expenses off of investment income or if you have to resort to wages.

Your net worth may have a 2 million dollar house but if all the houses where you plan to live cost 2 million dollars, you really have zero, because that cash is tied up in the asset.

backintexas2013 said:

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Not sure what life you are living but not everything I do every day is to make money. I have time for myself, gym, hobbies, and even volunteer.

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You left out waste time on TexAgs.

people saying that millionaires only worry about their money, let me tell you most of them made their money long ago or it was an inheritance. These wealthy people aren't living day to day lives worrying about their money. they are hiring the peasants to tend to their houses, yachts, weekend homes and other belongings. Anyone that thinks they are worrying about their money doesn't know or hasn't been around wealthy people. Now someone in the 1 million to 3 million range may worry more about staying in that range and live a more day to day life, those with 5-10 million have made it, they are rocking along in life enjoying all the finer things life has to offer. most of the people that get wealthy on their own tend to make smart decisions in life and were not afraid to make a few very educated and calculated decisions in life that got them into a position to be wealthy.

infinity ag said:

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BMX Bandit said:

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No kidding! I'd be pretty miserable if all I worried about was making money.


If you have $1 million, and are happy with your life, why would you care how many other Americans are also millionaires?


It seems like too many are not chasing their own happiness, but chasing what others have. Explains a lot of the jealousy.

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How did you figure that people who are successful making money is all that they do? Maybe they are smart enough to play golf over the weekends, travel, spend time with the family, AND make money.

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Not everyone I've met but I do have a theory that the more money someone has, the cheaper those effers are when it comes to spending on others.

inb4 Boomer hate

Its about keeping score dummy. Be happy with your measly $1M. I passed you when I was 5.

Not this again.

Comparison is the thief of joy.

Why are you asking? Do you work for the IRS or AOC?

torrid said:

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All I know is I always had a goal in mind of when I would be able to quit my job. I reached it a few years ago, but by that time it was not nearly enough. I then made a new goal and am getting closer, but even that will probably not be enough.

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Keep in mind it's more than just a number. Very quickly it falls into the world of tax strategy. Simply put you've got untaxed income from Roth accounts, ordinary income from SS and pre-tax retirement accounts, then capital gains.

Cap gains tax brackets, SS income tax brackets, and IRMAA (just for starters) all adjust based on income. Some is based only on income classified as "earned" and other is based on MAGI. So "how" you hit your number can be just as important as simply hitting the number.


Ultimately lets not read too much into this table. Yes it's probably household. I don't really care if it includes 5 year olds or if it's just households >18 yrs old. The bigger theme is that in whole most people do not have nearly as much as some would like to make us think. This table is only evaluating total numbers, just the raw percentage of where you and your household sit. It's a good metric. But it doesn't tell us anything about where we stand by age and where averages and medians sit.

Sorry, $5 to $10M in net worth doesnt equal cash flow....It goes away quick unless you live in a small house with no luxury expenditures....

Well call me stupid...

I find it hard to believe 7% of the US population has a net worth of $1 MM or more. That seems high.

MouthBQ98 said:

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Equity in investments and real estate isn't the same as cash equivalents. Your net worth is important, but really the dividing line is if you can provide for your annual living expenses off of investment income or if you have to resort to wages.

Your net worth may have a 2 million dollar house but if all the houses where you plan to live cost 2 million dollars, you really have zero, because that cash is tied up in the asset.

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Let me add that Annual living income can be an assortment of income sources. I was talking with an older family friend this past weekend and he said his income is $600-$800K a year based on 4 types of income. It all adds up in the end. As you stated, he does not consider his house or property part of his income for living because it does not add to the annual incomes he lives on

- Investment Income (stocks, bounds, money market, etc.)- his biggest income
- Pension income from his company- contributes about 75K a year
- Social security income (although this is small compared to the rest) - peanuts, he feeds the local squirrels
- royalties from O&G- his 2nd biggest income

Yeah, he said he basically screws around all day and watches his stocks and then buys and sells some cars just for fun