Average Net Worth Exceeds $1 Million For 50 year olds.

[sealybobo]

For a few CEOs, not all CEOs.
Thanks for admitting to your error (lie?).

Doesn’t matter fool. That’s how they fucked us. In the last 40 years the top CEOs pay went up 1322 and their employees pay only went up 18%. That’s a fundamental shift of wealth dummy

 

[Lisa558]

For most Americans, an increase in the value of their homes is a good thing. If you missed the boat, it is a bad thing

Poor Americans who bought houses five years ago at low interest are doing quite well.

Poor Americans are renting.

 

[sealybobo]

Poor Americans are renting.

There’s a website most landlords use. Its fairly new. It tells them based on the zip code what to charge. And it told them to raise rent.

 

[initforme]

an thats why so many union comapnies either go out of business or move offshores,,

Union psychology isn't an issue. Cheapskste employers are. Shut rm down.

 

[progressive hunter]

Union psychology isn't an issue. Cheapskste employers are. Shut rm down.

wouldnt that be fascism??

the government controlling everyday activities of businesses,,

 

[sealybobo]

• Average net worth: $1,132,532 (ages 50-54), $1,442,075 (ages 55-59)
• Median net worth: $272,800 (ages 50-54), $320,700 (ages 55-59)

Saturday I took the water taxi in Fort Lauderdale and saw the homes of some of the richest people in the world. Amazing. It made me think of this discussion.

the median net worth of American families jumped 37% to $192,900, after adjusting for inflation. It’s the largest increase ever recorded by the federal Survey of Consumer Finances, released last fall. Surging home values and rising stock ownership fed the surge.

Some of the new numbers are startling. Average household net worth now tops $500,000 for Americans in their late 30s. For late-40-somethings, it exceeds $750,000. For 50-somethings, it reaches seven figures.

If you’re a 50-something and you’re not worth a cool $1 million, do not despair. Those numbers are averages, and the super-rich drive them waaaay up.

The 1%:The wealthiest American earners now own more wealth than the entire middle class

 

[sealybobo]

wouldnt that be fascism??

the government controlling everyday activities of businesses,,

Unions aren't government controlling everyday activities. But let me remind you, government does and should control the everyday activities of business. Or should they just do it every other day?

Unions represent workers. You don't know what fascism is apparently.

The 1%:The wealthiest American earners now own more wealth than the entire middle class

The only way to combat this is to form unions. Or government regulations. How else do you propose getting the corporations to start giving their workers more???

 

[Moonglow]

Poor Americans are renting.

The poor live on the streets.

 

[sealybobo]

The poor live on the streets.

Correct. Even upper middle class people are renting.

More than 10.2 million American households earning more than $75,000 were renters in 2018 (on Trump's watch) This was written in 2020​

that’s up by nearly a third from 7.1 million in 2010

The problem is that paying more money toward rent also makes it harder to save up for a down payment on a home, the difficult first step in any home purchase. With the median US home now costing about $240,000, the traditional 20% down payment amounts to nearly $50,000

And saving money for a house becomes even more difficult if one has significant student-loan debt, which according to Business Insider, accounts for 45% of millennials, who are renting longer and buying later, if at all.

 

[Moonglow]

Correct. Even upper middle class people are renting.

More than 10.2 million American households earning more than $75,000 were renters in 2018 (on Trump's watch) This was written in 2020​

that’s up by nearly a third from 7.1 million in 2010

The problem is that paying more money toward rent also makes it harder to save up for a down payment on a home, the difficult first step in any home purchase. With the median US home now costing about $240,000, the traditional 20% down payment amounts to nearly $50,000

And saving money for a house becomes even more difficult if one has significant student-loan debt, which according to Business Insider, accounts for 45% of millennials, who are renting longer and buying later, if at all.

I know people who never buy and only rent and then I know others who only buy and never rent....You pay either way.

 

[Flash]

In Potatohead's inflated economy a million dollars ain't that much.

 

[Moonglow]

In Potatohead's inflated economy a million dollars ain't that much.

Not when you have corporations worth trillions.

 

[DGS49]

Back in Statistics class, I was taught that there are three definitions of "average": Mean, Median, and Mode. The Mean is the calculation that accumulates all values and then divides that total by the number of individual totals. For population wealth, that would not be helpful because the stratospheric wealth of the top couple percent would skew the "average" upward. The Median is equally flawed because that is the mid-point between the highest and the lowest - again skewed by the highest numbers. The Mode is the most frequently occurring value, which in this case would require the data to be divided into bite-size chunks, for example, Net worth between $0 and $100k, net worth between $100k and $200k, and so on.

In that case, it is not difficult to believe that the most frequently occurring Net Worth for a household with the main earner between 50 and 55 y.o. is a million bucks. Net Worth would be the value of their owned residence, all investments (esp. 401k or defined-benefit pension), and other tangible assets having significant value, if any.

But it is astounding as you drive through high-demand resorts, neighborhoods, and posh neighborhoods, how many seven figure houses, townhouses, condo's, etc., there are . In Florida alone, there are hundreds of thousands of them, and that's probably only 10% of the national total. My own personal reaction includes consideration that MOST OF THEM - certainly more than half - are owned by people who are drawing Social Security. [Perhaps it's time for "means testing" SS].

Since the 1970's, buying a first home has always been a challenge. I remember in about 1975, one of my brothers in California begged my dad for some help with a down payment, because if they didn't buy a house THEN, it would increase beyond their ability to pay within a year or two (10% per year was common at the time). My dad turned him down because he didn't want all of his kids coming to him later for the same thing.

"We" have reached the point where, to paraphrase HRC, "It takes a family to..." buy a house. Parents of young adults have to seriously consider giving their "kids" money to help with the down payment and furnishing of their first house, if that is possible. It would be a damn shame to watch your kids paying thousands of dollars each month in rent - and increasing every year - when helping out could get them into home ownership. For those who don't have well-solvent parents, they just need to work harder to get off the monthly rent treadmill.

Sorry.

 

[Lisa558]

Back in Statistics class, I was taught that there are three definitions of "average": Mean, Median, and Mode. The Mean is the calculation that accumulates all values and then divides that total by the number of individual totals. For population wealth, that would not be helpful because the stratospheric wealth of the top couple percent would skew the "average" upward. The Median is equally flawed because that is the mid-point between the highest and the lowest - again skewed by the highest numbers. The Mode is the most frequently occurring value, which in this case would require the data to be divided into bite-size chunks, for example, Net worth between $0 and $100k, net worth between $100k and $200k, and so on.

In that case, it is not difficult to believe that the most frequently occurring Net Worth for a household with the main earner between 50 and 55 y.o. is a million bucks. Net Worth would be the value of their owned residence, all investments (esp. 401k or defined-benefit pension), and other tangible assets having significant value, if any.

But it is astounding as you drive through high-demand resorts, neighborhoods, and posh neighborhoods, how many seven figure houses, townhouses, condo's, etc., there are . In Florida alone, there are hundreds of thousands of them, and that's probably only 10% of the national total. My own personal reaction includes consideration that MOST OF THEM - certainly more than half - are owned by people who are drawing Social Security. [Perhaps it's time for "means testing" SS].

Since the 1970's, buying a first home has always been a challenge. I remember in about 1975, one of my brothers in California begged my dad for some help with a down payment, because if they didn't buy a house THEN, it would increase beyond their ability to pay within a year or two (10% per year was common at the time). My dad turned him down because he didn't want all of his kids coming to him later for the same thing.

"We" have reached the point where, to paraphrase HRC, "It takes a family to..." buy a house. Parents of young adults have to seriously consider giving their "kids" money to help with the down payment and furnishing of their first house, if that is possible. It would be a damn shame to watch your kids paying thousands of dollars each month in rent - and increasing every year - when helping out could get them into home ownership. For those who don't have well-solvent parents, they just need to work harder to get off the monthly rent treadmill.

Sorry.

I agree with everything you said - except that the “most frequently” occurring net worth for an earner in his 50s is a million bucks. An earner who went to college, had a profession for 25 years, contributed to a 401k, and bought a house 25 years ago for $200,000? Yes.

But that’s not most people. Most people are high school grads, with relatively modest incomes, and half of them are renters (at least). After rent, they have to budget out for food, medical, transportation, and other expenses. With little left for savings, and no home equity, a big bloc of Americans have little net worth.

There is a big difference between college-educated professionals and those who never went beyond high school. Of the college-educated people I know, every single one owns their own home - many worth in excess of $1 million. The three high school friends I have kept in touch with all rent - one with a roommate in a 2-bedroom. I of course don‘t know their savings, but to hear how tough it is for them to pay the high electric bills and groceries, I would guess not much.

 

[Moonglow]

I agree with everything you said - except that the “most frequently” occurring net worth for an earner in his 50s is a million bucks. An earner who went to college, had a profession for 25 years, contributed to a 401k, and bought a house 25 years ago for $200,000? Yes.

But that’s not most people. Most people are high school grads, with relatively modest incomes, and half of them are renters (at least). After rent, they have to budget out for food, medical, transportation, and other expenses. With little left for savings, and no home equity, a big bloc of Americans have little net worth.

There is a big difference between college-educated professionals and those who never went beyond high school. Of the college-educated people I know, every single one owns their own home - many worth in excess of $1 million. The three high school friends I have kept in touch with all rent - one with a roommate in a 2-bedroom. I of course don‘t know their savings, but to hear how tough it is for them to pay the high electric bills and groceries, I would guess not much.

Lotz of farmers around where I live who only graduated high school and they not only own a house but lotz of land also...

 

[Toddsterpatriot]

Back in Statistics class, I was taught that there are three definitions of "average": Mean, Median, and Mode. The Mean is the calculation that accumulates all values and then divides that total by the number of individual totals. For population wealth, that would not be helpful because the stratospheric wealth of the top couple percent would skew the "average" upward. The Median is equally flawed because that is the mid-point between the highest and the lowest - again skewed by the highest numbers. The Mode is the most frequently occurring value, which in this case would require the data to be divided into bite-size chunks, for example, Net worth between $0 and $100k, net worth between $100k and $200k, and so on.

In that case, it is not difficult to believe that the most frequently occurring Net Worth for a household with the main earner between 50 and 55 y.o. is a million bucks. Net Worth would be the value of their owned residence, all investments (esp. 401k or defined-benefit pension), and other tangible assets having significant value, if any.

But it is astounding as you drive through high-demand resorts, neighborhoods, and posh neighborhoods, how many seven figure houses, townhouses, condo's, etc., there are . In Florida alone, there are hundreds of thousands of them, and that's probably only 10% of the national total. My own personal reaction includes consideration that MOST OF THEM - certainly more than half - are owned by people who are drawing Social Security. [Perhaps it's time for "means testing" SS].

Since the 1970's, buying a first home has always been a challenge. I remember in about 1975, one of my brothers in California begged my dad for some help with a down payment, because if they didn't buy a house THEN, it would increase beyond their ability to pay within a year or two (10% per year was common at the time). My dad turned him down because he didn't want all of his kids coming to him later for the same thing.

"We" have reached the point where, to paraphrase HRC, "It takes a family to..." buy a house. Parents of young adults have to seriously consider giving their "kids" money to help with the down payment and furnishing of their first house, if that is possible. It would be a damn shame to watch your kids paying thousands of dollars each month in rent - and increasing every year - when helping out could get them into home ownership. For those who don't have well-solvent parents, they just need to work harder to get off the monthly rent treadmill.

Sorry.

The Median is equally flawed because that is the mid-point between the highest and the lowest - again skewed by the highest numbers.

How is the median skewed by the highest numbers?

 

[sealybobo]

I know people who never buy and only rent and then I know others who only buy and never rent....You pay either way.

When us liberals point out that class warfare exists and the rich are winning, Republicans/conservatives always cry class envy, or suggest we want to "take" what the rich have "earned". Earned by paying off politicians to re social engineer our economy so that the money goes all to the top. How? Breaking unions, allowing them to go overseas, bankruptsy laws, turning a blind eye to illegal employers, corporations shouldn't pay taxes, giving the guys at the top all the raises for 40 years.

Republicans need to explain how they think the middle class is going to do better with them in charge when their policies are why the rich are getting richer and the middle class can't buy a fucking home!

You pay either way, but owning a home means you have something of value. I'm staying at my brother's little condo 3 miles from the ocean. A dump by his standards but his wife is here making it cute. And the location is great. So is the price. I think they paid $120K and people are offering them $180K. They just bought it last year. Person died, brother in NY wanted to get rid of it, my brother had the cash to pay for it. So he just made $60K in one year. Don't kid yourself. Owning is better.

 

[sealybobo]

The Median is equally flawed because that is the mid-point between the highest and the lowest - again skewed by the highest numbers.

How is the median skewed by the highest numbers?

If 1-9 have 33 and number 10 has 1 million then the median is skewed by that one guy.

 

[rightwinger]

If 1-9 have 33 and number 10 has 1 million then the median is skewed by that one guy.

No it isn’t
Number 10 being 34 would yield the same median

 

[sealybobo]

No it isn’t
Number 10 being 34 would yield the same median

Huh?

Let me start over. If 9 of us make $100K a year and 1 guy makes $1 million the median is $190,000.

But the average person in the group does not make that. 9 of us make $100K. So the rich dude is throwing the number off. What am I missing?