How is everyone so wealthy?

[midlifeguy]

If I read one more article about how a family is struggling despite their $1,600,000 net worth, I am going to gag.

What am I missing? I busted my ass for years working
and do not have a million dollars put away. I guess mortgages, car payments, groceries, kids, wife etc got in the way. It just seems like everyone is wealthy and middle class is a $2 million net worth.

The odd thing is that if you look at job ads, most pay crap. I was downsized and would like to work again but can make more daytrading and would feel stupid to give it up for some crummy service sector job.

 

[wareco]

Yeah, a million isn't much these days, unless of course, you don't have a million.

 

[DynamicHedge]

Quote from midlifeguy:

about how a family is struggling despite their $1,600,000 net worth

They are probably up to their eyeballs in debt.

 

[acerbits]

Quote from DynamicHedge:

They are probably up to their eyeballs in debt.

Well, 1.6M net worth is still net worth. that means they have 1.6M in equity not assets.

 

[traderdragon2]

Huh? Since when did net worth not include assets???

 

[Businessman]

You still need income, regardless of your net worth.

You shouldnt include someones primary property value as an indication how well off they are either.

 

[monistat7]

they could have 8 kids that they need to put through college.

 

[GTS]

Quote from DynamicHedge:
They are probably up to their eyeballs in debt.

The concept of net worth is apparently lost on some people.

 

[stevegee58]

Quote from midlifeguy:

...It just seems like everyone is wealthy and middle class is a $2 million net worth...

Wasn't that the whine of the 90's?

"Everyone's getting rich except me!"

I remember distinctly how the 90's ended.

 

[makloda]

Inflation goes a long way. $1.6m was something in 1980, now it barely buys you a plot of land to build your $8.4m house on.