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

[eagle1462010]

Remember that’s an average. So the rich got really rich. And even with your losing money, household incomes went up.

For example, your home is worth more.

Sounds like 2007 2008

 

[sealybobo]

Yes, being unemployed or your business forced closed for two years does wonders for the average pocketbook.


A million bucks isn't all that much money now since Joe Biden.

And most of you only have $300,000

 

[rightwinger]

And?? The inflation that caused this is a good thing for America??

You are always saying you are for the poor but then brag about how them owning a home is becoming immpossible.

Pffft

Real Estate runs in cycles. Sometimes you hit it right, sometimes you don’t

In 1964 my parents bought a 2000 sq ft house for $19,000 at 4 percent interest. $75 a month

In 1985, that same type of house cost me $80,000 at 13 percent interest $900 a month

Fair?
No

But I had to play the market I was dealt and eventually caught up

 

[toobfreak]

Remember that’s an average. So the rich got really rich. And even with your losing money, household incomes went up.
For example, your home is worth more.

But the value of the Dollar has dropped by about 25%. Inflation under Joe Biden is about 400% the previously normal rate.

 

[toobfreak]

And most of you only have $300,000

I'm only worth $3.

I get by on my good looks and great personality.

 

[eagle1462010]

Real Estate runs in cycles. Sometimes you hit it right, sometimes you don’t

In 1964 my parents bought a 2000 sq ft house for $19,000 at 4 percent interest

In 1985, that same type of house cost me $80,000 at 13 percent interest

Fair?
No

But I had to play the market I was dealt and eventually caught up

Thats a dance around my point

 

[1srelluc]

In terms of "money" that has never had less buying power.

Yep, there's been a 16% loss in the value of the dollar just since 2020.

BTW....I noticed when I went into town this morning that gas is slightly above $3.00 a gallon again.....A .15 cent increase in a week.

 

[Crepitus]

A middle-age Millionaires' Row: Average 50-something now has net worth over $1 million

Sometime around age 50, the average American can now expect a net worth exceeding $1 million. How did so many 50-somethings become millionaires?

www.usatoday.com

Household wealth swelled at a record pace during the pandemic. From 2019 to 2022, 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.

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 “median” American household – picture the middle number in a long list of numbers – achieves a net worth of about $300,000 in the 50-to-59 age range, a far cry from $1 million.

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

I'm 56 and my new worth isn't a million dollars. A little over halfway there at best.

That 90% tax bracket for folks earning over a certain amount is looking better and better to me.

 

[rightwinger]

Thats a dance around my point

Your point was the poor not being able to afford a house
Historically, there are good times and bad times to buy real estate

We just had a very good time (3 percent interest, low housing prices) Those who bought are doing very well now, those who didn’t aren’t

 

[eagle1462010]

Your point was the poor not being able to afford a house

And your bragging how increased prices for homes are a good thing??

For the poor?? Is it?

 

[Crepitus]

And your bragging how increased prices for homes are a good thing??

For some people yes, for others not so much.

There are always winners and losers.

 

[rightwinger]

And your bragging how increased prices for homes are a good thing??

For the poor?? Is it?

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.

 

[eagle1462010]

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.

You are still avoiding the point. I understand the reality. It is not a good thing for those who want a home and barely survive.

The inflation and shut downs did this. Eventually the bubble will crash. Then the need your scuba gear

 

[rightwinger]

And your bragging how increased prices for homes are a good thing??

For the poor?? Is it?

I love watching conservatives showing compassion for the poor

 

[eagle1462010]

I love watching conservatives showing compassion for the poor

You still dancing. You know the point

 

[rightwinger]

You still dancing. You know the point

Actually, I don’t know your point

Poor people can’t buy expensive stuff?
What enables poor people to buy houses is increased wages

You don’t complain about that

 

[Crepitus]

I love watching conservatives showing compassion for the poor

talk about crocodile tears...

 

[Crepitus]

Actually, I don’t know your point

Poor people can’t buy expensive stuff?
What enables poor people to buy houses is increased wages

You don’t complain about that

 

[MarathonMike]

your typical millionaire is a couple in their 50s who never divorced.........divorce is hell on net worth......they worked the same job for 30 years, not job hopping everywhere.........either live in their 1st home or 2nd homes forever.....religiously took advantage of 401ks and such......................drove a used 3 yr old car and ran it in the ground.........never paid full price for anything...shop and clip coupons

Excellent point, that is rarely talked about but divorce is a devastating event both financially and emotionally. And women aren't always the beneficiary either.

 

[sealybobo]

In terms of "money" that has never had less buying power.

I remember the value of the dollar was really low on bushs watch and republicans said that’s good for tourism?