Net Worth Data- for those who like to keep score...

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  • NJDoc
    Member
    • Feb 2016
    • 197

    Net Worth Data- for those who like to keep score...

    Interesting data, just sharing.

     

    https://dqydj.com/net-worth-brackets-wealth-brackets-one-percent/

     
  • Peds
    Member
    • Jan 2016
    • 8202

    #2
    thanks.

    we do track our net worth. i definitely try to get my colleagues to see that as the big picture.

    Comment

    • StarTrekDoc
      Member
      • Jan 2017
      • 8456

      #3
      As most here realize, docs  typically fall in top 10%.  Many into top 5%.  Only a few into the top 1%.

      This is NOT the perception people have of docs though -- most think we all live in the Top 1%.  --smh.

      Comment

      • q-school
        Member
        • May 2017
        • 2636

        #4




        As most here realize, docs  typically fall in top 10%.  Many into top 5%.  Only a few into the top 1%.

        This is NOT the perception people have of docs though — most think we all live in the Top 1%.  –smh.
        Click to expand...


        perception-doctors-- top 1% for both income and net worth

         

        Comment

        • ajm184
          Member
          • Jul 2017
          • 773

          #5
          I thought the article/data is very useful.  Though not a physician, coming out of medical school with 100k - 200k+ plus of debt potentially puts you in the negative 90%+ net worth bracket.  A lot more context could be added by a similar study/data set with age strata.  There is a huge difference between a 100k net worth at 24 yo versus 55 yo.

          Comment

          • Hatton
            Moderator
            • Jan 2016
            • 5804

            #6
            Interesting data. Another calculator on that blog let's you put in your net worth and tells you if you are in the 1%

            Comment

            • docnews
              Member
              • Jan 2016
              • 558

              #7
              Fascinating.

              Quick rounded recap by networth/income
              Top 50% >100k/40k
              Top 20% >500k/80k
              Top 10% >1.2mil/110k
              Top 5% >2.4mil/150k
              Top 1% >10.4mil/300k
              Top 0.1% >43.1mil/1mil

              Comment

              • EJ at Dads Dollars and Debts
                Member
                • Dec 2016
                • 228

                #8
                Often docs are top 1% by income...thus the 300K income bracket....

                As for net worth, I doubt many of us have a 10 million dollar net worth, but I would take that any day over a 300k income. I suspect most of us end up in the top 5% and that may take 10 years of practicing and some good saving.

                 

                Comment

                • Hatton
                  Moderator
                  • Jan 2016
                  • 5804

                  #9
                  The income is easy enough to achieve but maintaining it year after year becomes tedious.

                  Comment

                  • Craigy
                    Spouse
                    • Sep 2016
                    • 2226

                    #10
                    I don't know, $10M strikes me as awful high for the top 1%, and $1.2M for top 10%.  Are they saying that one in ten households is a millionaire?  Seems like a lot.

                    Also says it excludes wealth such as pensions and social security which would seemingly make it more of a stretch.  Relatively small sample size too.

                    Then again, $1.2M isn't really a lot.  That could be owning a home and putting a reasonable amount of money into retirement.  There's definitely a lot more people out there with money than most people realize.

                    Comment

                    • ITEngineer
                      Member
                      • May 2017
                      • 343

                      #11
                      I track my Networth monthly but I think income is a better choice. That income should include Rents and Dividends. An extreme example, $10M in T-bills is very different from $10M in real estate providing you with inflation protected monthly income.  Of course you might have $10M in T-bills because you are about to buy a hotel.

                      Comment

                      • LizOB
                        Member
                        • Jun 2017
                        • 328

                        #12
                        75%ile under age 35- I'll take it!

                        Comment

                        • Kamban
                          Moderator
                          • Aug 2016
                          • 7453

                          #13
                          Net worth is difficult to calculate

                          If you look at this blog the requirement to get into the top 1% net worth was 1.2M and even the 2014 update did not change that much. I doubt that it has become $10M today.

                          http://www2.ucsc.edu/whorulesamerica/power/investment_manager.html

                          Comment

                          • Hatton
                            Moderator
                            • Jan 2016
                            • 5804

                            #14




                            Net worth is difficult to calculate

                            If you look at this blog the requirement to get into the top 1% net worth was 1.2M and even the 2014 update did not change that much. I doubt that it has become $10M today.

                            http://www2.ucsc.edu/whorulesamerica/power/investment_manager.html
                            Click to expand...


                            Yes I have seen that post before but not the update.  An awfully lot of us are 1%ers if it only takes 1.2 mill to get there.  I intuitively I feel 8-10 is more realistic. I don't know if it even matters.

                            Comment

                            • Craigy
                              Spouse
                              • Sep 2016
                              • 2226

                              #15




                              Net worth is difficult to calculate

                              If you look at this blog the requirement to get into the top 1% net worth was 1.2M and even the 2014 update did not change that much. I doubt that it has become $10M today.

                              http://www2.ucsc.edu/whorulesamerica/power/investment_manager.html
                              Click to expand...


                              I skimmed it but this bit compares the two methods briefly:
                              A New York Times article (Economix, 1/17/12) agrees that the threshold for being in the top 1 per cent in household income is about $380k but states that, based on Fed data, the 1% threshold for net worth is $8.4M. The figure I use is around $1.5M and comes from the IRS. The Fed uses a simple formula based on assets and liabilities at a broad level of analysis with little detail. Using Fed data, about 8% of US households have a net worth exceeding $1M and the median net worth of the top 10% of US families is $1.569M. The IRS uses the estate multiplier technique to calculate the data, a more complex measure based on tax returns, capitalization of earnings power, and other factors. The estate multiplier technique has been around for decades, is more widely used, and in the opinion of many, is the more accurate number. Where the true threshold is located is impossible to determine with accuracy, but my observations in managing money support the lower number or something close to it.

                               

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