How much are you worth?

[Rearden Metal]

WTF is the point of lying to an anonymous poll?

It would have been interesting to see the real net worth breakdown here, but apparently that'll never happen.

 

[Port1385]

1 million can be a "lot of wealth" depending on what lifestyle you have. There are ways to live frugaly where you could virtually live 20 or more years off of 1 million. In fact, some folks could probably live off the interest.

If you look on the highway, many people get by with a 7+year old vehicle. Other people dont go out. Some people live with the old tube tvs and never seem to buy anything for their residence. Their clothes were purchased 3-4 years ago and the only time they get new ones is when the old ones really start to tear and fade.

So 1 million is enough to retire...

Quote from Deadwood:

Im not arguing your basic point, but....

According to most published reports there are something like 9.5 million households in the US with a net worth of 1 mill or more or roughly 7% of all households.

Another report I saw recently basically stated that someone in the 40-49 age group needed 500K in Net Worth to be in the top 20% of that age bracket.

At 46 I figure I'll need at least 3 mil to retire. I'm not there yet but I don't think of 1 mil as a lot of wealth. I'm surprised so many here seem to.

 

[Nanook]

If you have to ask...

... you cannot afford me!

 

[newtoet]

Quote from Deadwood:

Im not arguing your basic point, but....

According to most published reports there are something like 9.5 million households in the US with a net worth of 1 mill or more or roughly 7% of all households.

Do you have a link to "most published reports"?

 

[clacy]

I would bet my entire trading account that a minimum of 20% of the people on here have a negative net worth.

 

[Deadwood]

Quote from newtoet:

Do you have a link to "most published reports"? [/QUOTE

It took all of 5 seconds to google this one up. I'm sure there are others if your interested.

"According to TNS, the number of millionnaire US households is now 9.3 million, with an increase of half a million since 2005.[9] Millionaire households thus constituted roughly seven percent of all American households"

http://en.wikipedia.org/wiki/Millionaire

 

[clacy]

Quote from lagnflag:

But what if you are one of those people?

I'm not.

 

[loik]

Quote from Deadwood:

Im not arguing your basic point, but....

According to most published reports there are something like 9.5 million households in the US with a net worth of 1 mill or more or roughly 7% of all households.

Another report I saw recently basically stated that someone in the 40-49 age group needed 500K in Net Worth to be in the top 20% of that age bracket.

At 46 I figure I'll need at least 3 mil to retire. I'm not there yet but I don't think of 1 mil as a lot of wealth. I'm surprised so many here seem to.

What percentage of the 6.8 billion on the planet consider 1 mil(or even the equal buying power in their own country) as a lot of wealth?

 

[Deadwood]

Quote from loik:

What percentage of the 6.8 billion on the planet consider 1 mil(or even the equal buying power in their own country) as a lot of wealth?

I have no idea nor do I particularly care what someone else thinks. All I know and all I care about with repsect to wealth is how I'm used to living and how much is enough for me.

If I were to guess, I'd think the overwhelming majority would say 1 mill is rich. I'd also guess that after they had 1 mill for a while they would change their mind.

Money is all about perception if you ask me. I used to think 50K in income was a lot. Now I think thats poverty because on 50K I'd have to radically change my lifestyle. I once thought 400K in net worth was a lot. Now I don't. It seems like the more wealthier you get the less wealthy you feel, at least for me.

 

[TheStudent]

This is one of those surveys where it would be better if you had to pay to participate and only get to see the results if you paid.

It would bias the average upwards but the quality of information would be higher.