The first $10mm is the hardest.

First five really.

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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The ones whose sole existence is to make money will be enjoyed by heirs whose soul existence will be to spend it.

APHIS 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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The ones whose sole existence is to make money will be enjoyed by heirs whose soul existence will be to spend it.

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You offset that by implementing net zero mentality. Spend it all! F* those kids!

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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I think the reason the $10m number is bigger than the $9m number is because the table starts going up in $5m increments, the the $9m number is everyone with net worth between $9m and $10m, but the $10m number is everyone with a net worth between $10m and $15m.

Question - is this on a per person basis, or per household? In other words, do I need to take my household networth and divide by 2 (for me and my wife) and that's where we are on the table?

Science Denier said:

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The first $10mm is the hardest.

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The first $100m

Logos Stick said:

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OP, since you believe AI is nothing but hype, I posted your table into Claude Max.

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Did you pull this out of somewhere?
I work in AI. I get a salary because of AI. Where did this "nothing but hype" come from? There is a LOT of hype, sure, but you added the "nothing" and attributed it to me. Own up to your own opinions.

BTW,I used ChatGPT to get my numbers. Your AI vs my AI. Let's fight!

Im working on my 2nd million

I gave up on my first.

MemphisAg1 said:

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Lots of different ways to get there. No one size fits all.

Money is important, but it's not everything.

If you're poor and happy, you're a blessed man.

If you're rich and lonely, you're a wretched soul.

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Lots of ifs and buts. These things are usually said by lolpoors to cope.

I'd rather be rich than poor. A rich person ismore likely to be happy and remain happy than a poor person.

Thanks to God, I am doing aight.

I asked Claude to give me my income and net worth rank in the US.

Not bad I must say

then I told Claude I was an Aggie, and I hit the top 1%

infinity ag said:

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MemphisAg1 said:

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Lots of different ways to get there. No one size fits all.

Money is important, but it's not everything.

If you're poor and happy, you're a blessed man.

If you're rich and lonely, you're a wretched soul.

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Lots of ifs and buts. These things are usually said by lolpoors to cope.

I'd rather be rich than poor. A rich person ismore likely to be happy and remain happy than a poor person.

Thanks to God, I am doing aight.

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No ifs and buts here. Blessed by God with a wonderful wife, three amazing children, the means to support them, and a robust retirement on the horizon.

My post wasn't quoted in response to yours.

It's very sad you feel a need to elevate yourself by taking shots at people you perceive as poor. I hope you solve what makes you feel so inadequate that prompts you to brag about money. Good luck!

I thought your original post and your response here were very on point and admirable. Lots of grace.

And I have been well blessed and I have found there's nothing special about having money that drives happiness.

It can make things easier, it can cut some worry for some folks, and for sure being dirt poor makes finding happiness a bit harder, but it can still be found.

And with money and the things it buys you can chase happiness, but if you have to keep spending to keep chasing, you likely never find it. And your consolation prize is you likely end up broke too.

Tl;dr wise words and good grace. Well done.

Principal Uncertainty said:

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flown-the-coop said:

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You wasted it all at Starbucks. Just be honest.

Also, if you owned a home you likely had a double digit mortgage rate.

Stock markets were the lands of hookers, blows and fast cars.

And to achieve $9,000 that would be maxing out your IRA and 401k (likely not offered at your job… for most folks) and IRA.

So it's not a realistic scenario.

However, saving what you can early and often is very, very wise.

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Looking back now at the 10,000 things I chose to do without all those years to put $500/month into savings, realizing that was $6000/year, when I now make that every week, makes me wish I'd had the lobster that one time instead of saving $9 to settle for the fish. Yeah, compounding and all, but still....

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Very valuable lesson I learned when I was working for Dell in 1999 at Brockton 3 with a Taco Bell within walking distance.

You can be a VP making $150k/yr (in 1999 dollars) and still go eat with the normies at Taco Bell every so often.

I try to include Taco Bell (or Del Taco if I'm in CA/NV) in my meal plan at least once a week even though I can afford Freebirds or Chipotle now. Of course there's no 69 cent value menu anymore.

infinity ag said:

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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.

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Your chart stops at $50M

I'd like to know where you'd land on that chart if you got paid $76M to walk away from your job because you sucked.

Quote:

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Why would you advocate separating retirement accounts? Even early retirees can penalty free get into certain tax advantages retirement accounts at age 55.

I do understand the argument for not including primary residence in Net Worth calculations as generally "you cannot eat your home.".

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I'm not necessarily advocating separating retirement accounts (my IRA/401(k) balances are by far the largest portion of my personal net worth).

Obviously, you can take a distribution any time you want, but your are subject to the additional 10% penalty if you do so before age 59-1/2.

But if you're earning a salary and take a retirement distribution on top of that you are likely pushing yourself into a higher income tax bracket which many are loathe to do for obvious reasons.

Does this count value of home ownership? If so, almost meaningless anymore. A decent home is at least $500K now.

A lot of people still haven't wrapped their mind around what happened in 2020 that really rocketed this K-Shaped economy.

During the COVID break, a lot of people got side hustles that turned into legitimate earning... going from working for the man to running their own business (or in some cases, doing both).

From COVID lows to now, the S&P has gone up almost 200% -- those that subscribed to "when there's blood in the streets, buy" mantra multiplied their net worth very quickly.

From COVID lows to now, Bitcoin (and other crypto) has gone up almost 2000%. Say what you will about whether or not its a fad, ponzi, whatever... For many that was life changing real money.


Simply put, if you just hammered away at your 9 to 5 the last 10 years or so with your company match... you're doing just fine... but you've been lapped by a ton of people in that timeframe.

ts5641 said:

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Does this count value of home ownership? If so, almost meaningless anymore. A decent home is at least $500K now.

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Will y'all please quit poking the Net Worth Definition bear? Net Worth includes your home if you have one.

top 3.2%

and still not "affluent"

With a $2,000,000 portfolio and a 4% annual withdrawal rate:

Annual withdrawal: $80,000
Monthly spending: $6,667

The 4% rule comes from the "Trinity Study," which found that a 4% annual withdrawal rate has historically allowed a portfolio to last 30+ years across most market conditions.

A few things worth keeping in mind:

This assumes a diversified portfolio (typically a mix of stocks and bonds).

In down-market years, sticking to the dollar amount (rather than recalculating 4% each year) helps protect the portfolio.

Taxes on withdrawals (if from tax-deferred accounts) would reduce your actual spendable amount.

For longer retirements (40+ years), some planners suggest 33.5% to be safer.

YouBet said:

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ts5641 said:

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Does this count value of home ownership? If so, almost meaningless anymore. A decent home is at least $500K now.

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Will y'all please quit poking the Net Worth Definition bear? Net Worth includes your home if you have one.

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Net worth includes the equity you have you in your home minus any mortgage you still owe.

Assets - liabilities.

You can own a $500K home, but if you still owe $475K on the mortgage, the net worth of the home is only $25K.

BTHOB said:

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YouBet said:

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ts5641 said:

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Does this count value of home ownership? If so, almost meaningless anymore. A decent home is at least $500K now.

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Will y'all please quit poking the Net Worth Definition bear? Net Worth includes your home if you have one.

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Net worth includes the equity you have you in your home minus any mortgage you still owe.

Assets - liabilities.

You can own a $500K home, but if you still owe $475K on the mortgage, the net worth of the home is only $25K.

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Correct.

also keep in mind this chart is deceptive in that "net worth" would likely include your home

the REAL test of wealth is liquid assets which you can actually use to buy things.

so two million in stocks / bonds / cash / CD / Crypto / 401K / social security monthly payments

is much more valuable than still paying off a home worth $1.5 million in New York.

BTHOB said:

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YouBet said:

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ts5641 said:

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Does this count value of home ownership? If so, almost meaningless anymore. A decent home is at least $500K now.

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Will y'all please quit poking the Net Worth Definition bear? Net Worth includes your home if you have one.

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Net worth includes the equity you have you in your home minus any mortgage you still owe.

Assets - liabilities.

You can own a $500K home, but if you still owe $475K on the mortgage, the net worth of the home is only $25K.

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And if you were going to think about it practically, selling that home would bring a real estate commission of around 5%, or $25k. Closing fees would add more to that number. Meaning your real net worth in the home in this example is zero or less.

Biz Ag said:

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Quote:

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Why would you advocate separating retirement accounts? Even early retirees can penalty free get into certain tax advantages retirement accounts at age 55.

I do understand the argument for not including primary residence in Net Worth calculations as generally "you cannot eat your home.".

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I'm not necessarily advocating separating retirement accounts (my IRA/401(k) balances are by far the largest portion of my personal net worth).

Obviously, you can take a distribution any time you want, but your are subject to the additional 10% penalty if you do so before age 59-1/2.

But if you're earning a salary and take a retirement distribution on top of that you are likely pushing yourself into a higher income tax bracket which many are loathe to do for obvious reasons.

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I said 55 because at 55 you can retire and withdraw from a 401k managed by your final employer without penalty. It's a special carve out for early retirees.

For IRA accounts or 401ks still with other employers you cannot take penalty free distributions until 59.5

LMCane said:

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also keep in mind this chart is deceptive in that "net worth" would likely include your home

the REAL test of wealth is liquid assets which you can actually use to buy things.

so two million in stocks / bonds / cash / CD / Crypto / 401K / social security monthly payments

is much more valuable than still paying off a home worth $1.5 million in New York.

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I hope that it does because the definition of Net Worth automatically includes your home, if you have one.

If this chart is using the term Net Worth without factoring a home, then it is wrong to use that term.

ts5641 said:

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Does this count value of home ownership? If so, almost meaningless anymore. A decent home is at least $500K now.

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I would think any net equity, if included, makes at most a 10%, likely less, impact on those figures. Debating whether or not it should be included is, as mentioned earlier, a lengthy ongoing discussion on the B&I board. To save you time, the arguments go in both directions.

MemphisAg1 said:

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infinity ag said:

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MemphisAg1 said:

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Lots of different ways to get there. No one size fits all.

Money is important, but it's not everything.

If you're poor and happy, you're a blessed man.

If you're rich and lonely, you're a wretched soul.

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Lots of ifs and buts. These things are usually said by lolpoors to cope.

I'd rather be rich than poor. A rich person ismore likely to be happy and remain happy than a poor person.

Thanks to God, I am doing aight.

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No ifs and buts here. Blessed by God with a wonderful wife, three amazing children, the means to support them, and a robust retirement on the horizon.

My post wasn't quoted in response to yours.

It's very sad you feel a need to elevate yourself by taking shots at people you perceive as poor. I hope you solve what makes you feel so inadequate that prompts you to brag about money. Good luck!

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You are bragging about your "wonderful wife" and "amazing kids". Maybe you should take your own advice? Why are you laughing at people who may not have a wife or no kids?

Very sad.

PS: I am wealthy enough and I am trying to get my fellow Aggies to get wealthy too. This is done not by licking corporate boots like many here do (I am an employee as well right now) but by investing or starting a business. To those who already do, congratulations!

One interesting stat might be "Net worth aside from primary residence and tax-deferred retirement savings".

That would give you a clear picture of "excess" disposable wealth.

ts5641 said:

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Does this count value of home ownership? If so, almost meaningless anymore. A decent home is at least $500K now.

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Yes, it is "net worth" which means everything. So if your house is $500k and you put down $100k, you add equity of 400k

LMCane said:

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also keep in mind this chart is deceptive in that "net worth" would likely include your home

the REAL test of wealth is liquid assets which you can actually use to buy things.

so two million in stocks / bonds / cash / CD / Crypto / 401K / social security monthly payments

is much more valuable than still paying off a home worth $1.5 million in New York.

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Both are indicative. Having cash and having cash in a house are the same from the worth of a person perspective. Liquidity issues are different.

Home equity is not very liquid and is often excluded under the concept that most people are unwilling to sell their house and take the residual equity to then become homeless.

Most people do not realize that final equity cash out on the house until they are dead or headed to the nursing home.

Investment properties should be included for the same reasons.

infinity ag said:

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MemphisAg1 said:

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infinity ag said:

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MemphisAg1 said:

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Lots of different ways to get there. No one size fits all.

Money is important, but it's not everything.

If you're poor and happy, you're a blessed man.

If you're rich and lonely, you're a wretched soul.

---

Lots of ifs and buts. These things are usually said by lolpoors to cope.

I'd rather be rich than poor. A rich person ismore likely to be happy and remain happy than a poor person.

Thanks to God, I am doing aight.

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No ifs and buts here. Blessed by God with a wonderful wife, three amazing children, the means to support them, and a robust retirement on the horizon.

My post wasn't quoted in response to yours.

It's very sad you feel a need to elevate yourself by taking shots at people you perceive as poor. I hope you solve what makes you feel so inadequate that prompts you to brag about money. Good luck!

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You are bragging about your "wonderful wife" and "amazing kids". Maybe you should take your own advice? Why are you laughing at people who may not have a wife or no kids?

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Where did I laugh at people with no wife or kids?

You try to connect a lot of dots that don't make sense... me poor, lol. me laughing at unmarried or childless people, lol. All CEOs are evil, lol.

I appreciate the humor you bring to this board. Thank you.

HollywoodBQ said:

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I try to include Taco Bell (or Del Taco if I'm in CA/NV) in my meal plan at least once a week even though I can afford Freebirds or Chipotle now. Of course there's no 69 cent value menu anymore.

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So you find it's good "clean out the system", so to speak?

flown-the-coop said:

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Most people do not realize that final equity cash out on the house until they are dead or headed to the nursing home.

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That's kind of how I view my home equity. That's my final piggy-bank to pay for end-of-life care.