The internet says that by income it is a household earning 430k.
Or a net worth of 10M.
What is it for spending?
Or a net worth of 10M.
What is it for spending?
The internet says that by income it is a household earning 430k.
Or a net worth of 10M.
What is it for spending?
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Things must have shot up recently.
There was a blog that was widely cited for showing Americans by wealth when the % by income was all the rage. There, in 2012 or so you could get into the top 1% with just 3-4M. Things have gotten out of hand since then.
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What is it for spending?
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I can’t cite it but I remember reading an article last year about how a lot of people spend a few years in the 1% but not many do it consistently over 20 years, which would account for the difference in income vs networth.
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Well VTSAX has more than doubled since then. Though survey apparently only through end of 2017. Agree the 10M net worth is a bit surprising.
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It’s always amusing when doctors who think they’re ‘rich’ while earning a few hundred k a year become aware that there are peole out there who earn far more or, more interestingly, have accumulated far more. Hedge fund managers earning nine figures, beneficiaries of massive trust funds, selling a business… its a big world out there and some people are wildly successful.
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In the real world I only know 5 people with NW over 10M. In the virtual world, probably only 5 people also. Very few people with NW in the 20M range. Even fewer in the 50M range. My neighbour has a business that employs 200 people and they are not in the 20M range. You’d be surprised.
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I think the 10M is the mean. So a few billionaires can really drag the number up.
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