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Latest net worth numbers from Fed
Old 09-06-2014, 05:12 PM   #1
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Latest net worth numbers from Fed

Thought this might be of interest, since net worth articles posts seem to generate a lot of discussion here. The Fed just released the results from the 2013 Survey of Consumer Finances (SCF), and here are the net worth percentile rankings.

HTML Code:
       2.5%    -43,672       52.5%     94,000
       5.0%    -18,057       55.0%    111,449
       7.5%     -7,531       57.5%    127,807
      10.0%     -2,100       60.0%    149,361
      12.5%          0       62.5%    168,764
      15.0%        571       65.0%    191,711
      17.5%      2,500       67.5%    215,604
      20.0%      4,400       70.0%    248,209
      22.5%      6,357       72.5%    278,511
      25.0%      8,662       75.0%    317,249
      27.5%     11,000       77.5%    372,956
      30.0%     14,788       80.0%    430,238
      32.5%     19,211       82.5%    508,342
      35.0%     24,142       85.0%    630,123
      37.5%     31,454       87.5%    753,272
      40.0%     38,752       90.0%    950,449
      42.5%     48,043       92.5%  1,260,409
      45.0%     58,240       95.0%  1,887,401
      47.5%     69,495       97.5%  3,782,743
      50.0%     81,109                                        
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Old 09-06-2014, 05:20 PM   #2
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So 7.5% of people have more less all money .

At which point does FI start? Maybe upper 2.5%......
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Old 09-06-2014, 05:41 PM   #3
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It is huge disparity between upper 7.5% and bottom 50%. But do you know what I find interesting? I find interesting how poor people try to keep it this way.

How America’s Middle Class Dug Its Own Grave

Why poor people vote to stay poor?

"Why are the nation’s poorest states, like Mississippi and Alabama, constantly voting for the most conservative politicians? These are people who want to institute policies that keep wages low, cut back on public assistance, and only shift money toward the rich. Citizens of those states would be much better off voting for more liberal and socialist policies and lawmakers, but they don’t."

Now since I belong to 2.5% on top I like it, but find it very puzzling.
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Old 09-06-2014, 05:52 PM   #4
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Page 32 of the report discusses the definition of "family" used in the report, but I cannot get it to copy and paste without ending up a hash.

Can anyone translate the gov-speak definition? It's interesting to know how many individuals lay claim to the loot in these charts.


Definition of “Family” in the Survey of Consumer Finances
The definition of “family” used throughout this article dif
fers from that typically used in
other government studies. In the SCF, a household unit is div
ided into a primary economic
unit (PEU)—the family—and everyone else in the household. T
he PEU is intended to be
the economically dominant single person or couple (whether
married or living together as
partners) and all other persons in the household who are fina
ncially interdependent with
that economically dominant person or couple.
This report also designates a head of the PEU, not to convey a j
udgment about how an
individual family is structured but as a means of organizing
the data consistently. If a
couple is economically dominant in the PEU, the head is the ma
le in a mixed-sex couple or
the older person in a same-sex couple. If a single person is ec
onomically dominant, that
person is designated as the family head in this report.
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Old 09-06-2014, 06:04 PM   #5
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Quote:
Originally Posted by eta2020 View Post
It is huge disparity between upper 7.5% and bottom 50%. But do you know what I find interesting? I find interesting how poor people try to keep it this way.

How America’s Middle Class Dug Its Own Grave

Why poor people vote to stay poor?

"Why are the nation’s poorest states, like Mississippi and Alabama, constantly voting for the most conservative politicians? These are people who want to institute policies that keep wages low, cut back on public assistance, and only shift money toward the rich. Citizens of those states would be much better off voting for more liberal and socialist policies and lawmakers, but they don’t."

Now since I belong to 2.5% on top I like it, but find it very puzzling.
I ask the same thing. So did Thomas Frank, author of the 2004 book, "What's the Matter With Kansas?" I remember a line from his book which went something like this: "They vote to ban abortion, but get a capital gains tax cut instead."

People in those poor states vote to ban abortion, ban same-sex marriage, put god in the classroom, and expand gun rights while they keep themselves poor.
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Old 09-06-2014, 06:08 PM   #6
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Quote:
Originally Posted by eta2020 View Post
Why poor people vote to stay poor?

"Why are the nation’s poorest states, like Mississippi and Alabama, constantly voting for the most conservative politicians? These are people who want to institute policies that keep wages low, cut back on public assistance, and only shift money toward the rich. Citizens of those states would be much better off voting for more liberal and socialist policies and lawmakers, but they don’t."

Now since I belong to 2.5% on top I like it, but find it very puzzling.
You shouldn't like it, it's hurting you also.

It not only hurts the poor, it hurts pretty much everybody below the 99.9%. Especially the Middle Class who have seen their Unions Busted over the last 30 years.

The economy does far better with 1,000 Millionaires rather than 1 Billionaire.
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Old 09-06-2014, 07:04 PM   #7
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Quote:
Originally Posted by eta2020 View Post
It is huge disparity between upper 7.5% and bottom 50%. But do you know what I find interesting? I find interesting how poor people try to keep it this way.

How America’s Middle Class Dug Its Own Grave

Why poor people vote to stay poor?

"Why are the nation’s poorest states, like Mississippi and Alabama, constantly voting for the most conservative politicians? These are people who want to institute policies that keep wages low, cut back on public assistance, and only shift money toward the rich. Citizens of those states would be much better off voting for more liberal and socialist policies and lawmakers, but they don’t."

Now since I belong to 2.5% on top I like it, but find it very puzzling.
Could it be the ideology fed to them from a young age and the persistence of ignorance?
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Old 09-06-2014, 08:47 PM   #8
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Quote:
Originally Posted by Cut-Throat View Post
You shouldn't like it, it's hurting you also.

It not only hurts the poor, it hurts pretty much everybody below the 99.9%. Especially the Middle Class who have seen their Unions Busted over the last 30 years.

The economy does far better with 1,000 Millionaires rather than 1 Billionaire.

Exactly. Look how great Cuba, Russia, Venezula, and all of the communist countries are doing. Everyone gets their fair share, whether or not they contribute.
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Old 09-06-2014, 08:59 PM   #9
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The topic seems to have wandered far from issues of early retirement. Thanks for participating, everyone!

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