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Apparently I'm an emerging affluent
Old 07-25-2016, 06:42 AM   #1
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Apparently I'm an emerging affluent

Fidelity Study Identifies the Habits of Future Millionaires the "Emerging Affluent"

According to the article I'm an emerging affluent. Who knew? And I thought I was FI doing the OMY thing.
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Old 07-25-2016, 07:40 AM   #2
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Marketers do like naming categories and sub-categories.

Sorry to see that I'm far from rich in this article. Maybe I feel wealthy because I still sometime write check dates that are 1990s.... Ah well rich would be nice, but FI is good enough.
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Old 07-25-2016, 07:50 AM   #3
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Apparently you can be 49 years old, with as little as $50,000 in savings, make $100,000 per year, and be considered "emerging affluent". To me that sounds like someone who's going to be working until their full retirement age and relying on social security to get by.

And suggesting that a 25 year old can save $1M by the time they turn 65 sounds fine, but what will the buying power of $1M be forty years from now?
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Old 07-25-2016, 07:55 AM   #4
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Originally Posted by Ready View Post
Apparently you can be 49 years old, with as little as $50,000 in savings, make $100,000 per year, and be considered "emerging affluent". To me that sounds like someone who's going to be working until their full retirement age and relying on social security to get by.

And suggesting that a 25 year old can save $1M by the time they turn 65 sounds fine, but what will the buying power of $1M be forty years from now?
a 49 year old with that little saved may have to work beyond SSFRA
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Old 07-25-2016, 08:09 AM   #5
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This category more/less included everyone who saves something. If that is affluent, i guess.


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Old 07-25-2016, 08:21 AM   #6
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Apparently I'm an emerging affluent

which is way way better than an emerging effluent....
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Old 07-25-2016, 08:24 AM   #7
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Ugh. That was a painful "article" to read. It appears that the author put about 4 minutes of thought into it and then about 6 more minutes actually writing it.

I did enjoy the video, though. Best advice from "people on the street"? Yeah, it was the guy that said, "If you want to have a small fortune, then you need to start with a large one."
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Old 07-25-2016, 12:15 PM   #8
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Apparently you can be 49 years old, with as little as $50,000 in savings, make $100,000 per year, and be considered "emerging affluent".
Of course, 'affluence' is more about location then an number. Having $1MM in Manhattan is a lot different than the same amount in a small town in the Mid-West.
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Old 07-25-2016, 12:17 PM   #9
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Apparently I'm an emerging affluent

which is way way better than an emerging effluent....
Your post really stinks...
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Old 07-25-2016, 12:34 PM   #10
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According to that article I'm a pauper and better go back to work.
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Old 07-25-2016, 12:44 PM   #11
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I am 49 year old with 50k in investable assets, 900k mortgage and 80k car loan on my Tesla. I have a long term focus to work my sorry ass till ripe age of 75. Hence I am emerging affluent.
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Old 07-25-2016, 12:54 PM   #12
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....I did enjoy the video, though. Best advice from "people on the street"? Yeah, it was the guy that said, "If you want to have a small fortune, then you need to start with a large one."
I thought the video was rather lame and ugly with stereotypes. Like the foreigner whose broken english was not understandable (I played it three times and still don't think I understood a word that he said) and the answers of the two African-American people.... "...Apply for a job" and "Play the Lotto?". Surely, Money could have done better.

Interestingly, no one mentioned stocks but a couple mentioned real estate ... the HGTV-effect I guess.

One of my major client's office was adjacent to Bryant Park and our offices were only a couple blocks away so when I was in NYC we frequently ate lunch there or strolled around. Nice spot.
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Old 07-25-2016, 12:58 PM   #13
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Apparently you can be 49 years old, with as little as $50,000 in savings, make $100,000 per year, and be considered "emerging affluent". To me that sounds like someone who's going to be working until their full retirement age and relying on social security to get by.
With an income that high, i'd agree with the term "emerging affluent". It's possible this person is newly promoted and able to save a large portion of that income. If they live in a lower-end COL area then they could still retire before age 60 IMO.
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Old 07-25-2016, 01:05 PM   #14
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With an income that high, i'd agree with the term "emerging affluent". It's possible this person is newly promoted and able to save a large portion of that income. If they live in a lower-end COL area then they could still retire before age 60 IMO.
That is "Family" income of 100k. That would not be overly high even in Lincoln Nebraska.

But sure one can retire with 100k savings at 59 and then collect SS at 62.
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Old 07-25-2016, 01:25 PM   #15
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It depends on what you need to live... some could.... we could not.
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Old 07-25-2016, 01:29 PM   #16
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It depends on what you need to live... some could.... we could not.
I'm living on a dividend income of $16K/yr. Obviously, one size does not fit all when it comes to living expenses.
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Old 07-25-2016, 01:32 PM   #17
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Does that mean that you only spend $16k a year for your living expenses (housing, food, transportation, entertainment, utilities, etc.)?

My point is what your income is and what you need to live on are two different things and can be very different. Currently, our income is only about 25% of our living expenses.
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Old 07-25-2016, 01:42 PM   #18
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Does that mean that you only spend $16k a year for your living expenses (housing, food, transportation, entertainment, utilities, etc.)?

My point is what your income is and what you need to live on are tow different things and can be very different. Currently, our income is only about 25% of our living expenses.
I just moved and I just started living off of just my dividends so it's hard to say what my living costs will be going forward. Right now it looks like I will spend about $14K this year not including taxes that I paid this year based on last years income. That includes moving expenses and paying for two places for a few months. My preliminary budget for next year is $12K not including taxes. After next year it should be $12K including taxes since taxes will be zero. I don't mind if I spend up to $15K but don't want to go above that. If ACA subsidies go away in a couple years then i'll have to take a contract job or two since that would add over $3K to my annual expenses even if I don't actually use any healthcare services.
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Old 07-25-2016, 01:45 PM   #19
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Wow, that is super-cheap living.
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Old 07-25-2016, 01:47 PM   #20
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Does that mean that you only spend $16k a year for your living expenses (housing, food, transportation, entertainment, utilities, etc.)?

My point is what your income is and what you need to live on are tow different things and can be very different. Currently, our income is only about 25% of our living expenses.
Our living expenses are about 75% of my income, guess thats why I could retire.
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