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Apparently I'm an emerging affluent
07-25-2016, 06:42 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Oct 2014
Posts: 1,544
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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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-Big Dawg-FI since 9/2010. Failed ER in 2015. 2/15/2023=DONE! "Blow that dough"-Robbie
" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
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07-25-2016, 07:40 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Syracuse
Posts: 3,502
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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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“No, not rich. I am a poor man with money, which is not the same thing"
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07-25-2016, 07:50 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Southern California
Posts: 3,999
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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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07-25-2016, 07:55 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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 Quote:
Originally Posted by Ready
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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a 49 year old with that little saved may have to work beyond SSFRA
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You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
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07-25-2016, 08:09 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Jun 2014
Posts: 1,069
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This category more/less included everyone who saves something. If that is affluent, i guess.
Sent from my iPhone using Early Retirement Forum
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07-25-2016, 08:21 AM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,297
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Apparently I'm an emerging affluent
which is way way better than an emerging effluent....
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07-25-2016, 08:24 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
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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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FIRE'd in 2014 @ 40 Years Old
Professional Retiree
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07-25-2016, 12:15 PM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2011
Posts: 8,417
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Quote:
Originally Posted by Ready
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".
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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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Living well is the best revenge!
Retired @ 52 in 2005
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07-25-2016, 12:17 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by calmloki
Apparently I'm an emerging affluent
which is way way better than an emerging effluent....
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Your post really stinks...
__________________
Numbers is hard
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07-25-2016, 12:34 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Apr 2016
Location: Dutchess County
Posts: 1,599
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According to that article I'm a pauper and better go back to work.
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07-25-2016, 12:44 PM
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#11
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gone traveling
Join Date: Sep 2013
Posts: 1,248
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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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07-25-2016, 12:54 PM
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#12
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,369
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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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If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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07-25-2016, 12:58 PM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Posts: 5,350
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Quote:
Originally Posted by Ready
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.
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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.
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07-25-2016, 01:05 PM
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#14
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gone traveling
Join Date: Sep 2013
Posts: 1,248
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Quote:
Originally Posted by aaronc879
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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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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07-25-2016, 01:25 PM
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#15
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,369
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It depends on what you need to live... some could.... we could not.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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07-25-2016, 01:29 PM
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#16
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Posts: 5,350
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Quote:
Originally Posted by pb4uski
It depends on what you need to live... some could.... we could not.
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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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07-25-2016, 01:32 PM
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#17
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,369
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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.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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07-25-2016, 01:42 PM
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#18
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Posts: 5,350
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Quote:
Originally Posted by pb4uski
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.
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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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07-25-2016, 01:45 PM
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#19
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,369
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Wow, that is super-cheap living.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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07-25-2016, 01:47 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Apr 2016
Location: Dutchess County
Posts: 1,599
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Quote:
Originally Posted by pb4uski
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.
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Our living expenses are about 75% of my income, guess thats why I could retire.
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