Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Wealthometer !!!!!
Old 06-08-2014, 11:27 AM   #1
Thinks s/he gets paid by the post
frayne's Avatar
 
Join Date: Oct 2002
Location: 19th Hole
Posts: 2,535
Wealthometer !!!!!

Copied from another thread but thought it would be interesting to see where people fall in the range of wealth. I would almost bet most on this forum are in the top 10%.

Wealthometer: How Does Your Houshold Wealth Compare? | The Big Picture
__________________

__________________
A totally unblemished life is only for saints.
frayne is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-08-2014, 11:41 AM   #2
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 7,186
92% per our two person household. I guess that's good.

The wealth tax simulator seems meaningless and is confusing to use (at least to me).
__________________

__________________
aja8888 is offline   Reply With Quote
Old 06-08-2014, 12:15 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,449
Quote:
Originally Posted by frayne View Post
Copied from another thread but thought it would be interesting to see where people fall in the range of wealth. I would almost bet most on this forum are in the top 10%.

Wealthometer: How Does Your Houshold Wealth Compare? | The Big Picture
Well, where are you at?
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   Reply With Quote
Old 06-08-2014, 12:17 PM   #4
Thinks s/he gets paid by the post
martyb's Avatar
 
Join Date: Nov 2006
Location: Bossier City
Posts: 2,182
I wasn't sure exactly how to figure the value of my 2 pensions so I just used the annual amount x 25. That's probably not right, huh?
__________________
“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
-John F. Kennedy

“Hard work never killed anybody, but why take a chance?” - Edgar Bergen
martyb is offline   Reply With Quote
Old 06-08-2014, 12:18 PM   #5
Full time employment: Posting here.
 
Join Date: Apr 2006
Posts: 944
95....but I won't feel that rich til both my kids are done with college! Hopefully in 2 years, they are doing great, I am very proud. It's worth every cent as long as they find jobs
__________________
Freed at 49. You only live once - live it
Donzo is offline   Reply With Quote
Old 06-08-2014, 12:20 PM   #6
Thinks s/he gets paid by the post
frayne's Avatar
 
Join Date: Oct 2002
Location: 19th Hole
Posts: 2,535
Quote:
Originally Posted by martyb View Post
I wasn't sure exactly how to figure the value of my 2 pensions so I just used the annual amount x 25. That's probably not right, huh?

I have no idea.
__________________
A totally unblemished life is only for saints.
frayne is offline   Reply With Quote
Old 06-08-2014, 12:25 PM   #7
Thinks s/he gets paid by the post
frayne's Avatar
 
Join Date: Oct 2002
Location: 19th Hole
Posts: 2,535
Quote:
Originally Posted by NW-Bound View Post
Well, where are you at?

Top 6%, not that it really means much. Don't consider myself wealthy except in friends, family and health. The irony is that one catastrophic event, be it financial or health wise could turn the tables in a heartbeat.

OK, your turn NW
__________________
A totally unblemished life is only for saints.
frayne is offline   Reply With Quote
Old 06-08-2014, 12:29 PM   #8
Recycles dryer sheets
 
Join Date: Sep 2006
Location: clearwater
Posts: 223
In order to get down to the 50% marker for a two person household you need to have 0 assets, and own only $25,000 in monetary wealth.

I don't know where they got there numbers from , but I guess since there is no age breakdown, that accounts somewhat for the low wealth numbers.
__________________
rothlev is offline   Reply With Quote
Old 06-08-2014, 12:31 PM   #9
Recycles dryer sheets
 
Join Date: Aug 2013
Posts: 349
Quote:
Originally Posted by aja8888 View Post
92% per our two person household. I guess that's good.

The wealth tax simulator seems meaningless and is confusing to use (at least to me).
Basically what it is doing is trying to get people used to the idea that they can tax wealth and redistribute it to others who don't have it. A capital idea!

Many people who have ER'd by LBYM and risk would enjoy paying a "wealth" tax (not on income, not on gains, but on assets) and it would be redistributed to those who weren't so fortunate.
__________________
aim-high is offline   Reply With Quote
Old 06-08-2014, 12:35 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Apr 2005
Location: Midwest
Posts: 1,577
Top 4%. For my pension I divided it by .037. That comports with a 100% safe withdrawal rate. There's probably more than one way to skin that cat but it won'y change your position by much. Top 5%, top 4% ... whatever
__________________
razztazz is online now   Reply With Quote
Old 06-08-2014, 12:38 PM   #11
Recycles dryer sheets
 
Join Date: Aug 2013
Posts: 349
An single person who ER'd in her 40's through hard work and diligent savings has a $1.5M net worth. She is in the top 3%. With an SWR of 3% that is $45K a year. Not very wealthy cash flow, but enough. A wealth tax for being in the top 3% is just what she needs.
__________________
aim-high is offline   Reply With Quote
Old 06-08-2014, 12:47 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 5,900
Where should a woman on public assistance fall on the "wealthometer", if she has no assets and is getting all basic needs paid for by others: housing, medical care, food stamps. Not saying public assistance is wrong, just suggesting that it creates a type of "wealth."

Amethyst
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Amethyst is offline   Reply With Quote
Old 06-08-2014, 01:22 PM   #13
Thinks s/he gets paid by the post
 
Join Date: May 2014
Location: Utrecht
Posts: 2,213
Quote:
Originally Posted by aim-high View Post
Basically what it is doing is trying to get people used to the idea that they can tax wealth and redistribute it to others who don't have it. A capital idea!
The next menu says it all:

How would you tax wealth, it asks. Maximum threshold below which no tax is due is $1M .. I want it to be at $3M, and include pension benefits, SS benefits and real estate in the calculation. Yes my friends, that is also wealth, especially when it's COLA'd.

I am all for fairness and redistributing above a certain level, but not willing to give up my own money because others were wasteful and unable to balance a checkbook while I was living quite frugal.
__________________
Totoro is offline   Reply With Quote
Old 06-08-2014, 01:22 PM   #14
Thinks s/he gets paid by the post
nash031's Avatar
 
Join Date: Jun 2013
Location: Coronado
Posts: 1,489
92% for 2 person household as well!
__________________
nash031 is offline   Reply With Quote
Old 06-08-2014, 01:35 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,449
Quote:
Originally Posted by frayne View Post

OK, your turn NW
If I did not have to share with DW, I would be in the 99%. But with assets divided by two, I get downgraded. That's all I want to share.

Well, to be fair, her 401K is 30% of our portfolio, and she contributed to the purchase of the homes too.

My wife will surely survive me, and she will get to claim the top 1% status.

PS. I do not think they count SS. Hmm... Would that not boost up my bragging right?
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   Reply With Quote
Old 06-08-2014, 01:37 PM   #16
Recycles dryer sheets
 
Join Date: Apr 2005
Posts: 60
Quote:
Originally Posted by Amethyst View Post
Where should a woman on public assistance fall on the "wealthometer", if she has no assets and is getting all basic needs paid for by others: housing, medical care, food stamps. Not saying public assistance is wrong, just suggesting that it creates a type of "wealth."

Amethyst
That varies greatly depending on if she has children and where she lives.
Assuming two children, Table 2 shows a wage equivalent by state.

For 2013, it ranges from $60,590 in Hawaii down to $11,150 in Idaho.
__________________
adrift is offline   Reply With Quote
Old 06-08-2014, 02:10 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 6,337
Quote:
Originally Posted by Totoro View Post
but not willing to give up my own money because others were wasteful and unable to balance a checkbook while I was living quite frugal.
+1

People I knew who drove sports cars, frequented happy hour after work, ate breakfast out often, etc. may now be poorer than I, but, am I not also poorer than them in that I did not get to experience these pleasures during my younger days?

It's one thing to help a person who is down and out through not fault of his own. It's another to subsidize a person's past high standard of living.
__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is offline   Reply With Quote
Old 06-08-2014, 02:16 PM   #18
Thinks s/he gets paid by the post
David1961's Avatar
 
Join Date: Jul 2007
Posts: 1,076
Interesting. Top 4% for me. I wonder if they have a similar calculation that considers your age? I imagine if I were compared to folks in my age group, I'd be lower.
__________________
David1961 is offline   Reply With Quote
Old 06-08-2014, 02:45 PM   #19
Thinks s/he gets paid by the post
 
Join Date: May 2014
Location: Utrecht
Posts: 2,213
Quote:
Originally Posted by David1961 View Post
Interesting. Top 4% for me. I wonder if they have a similar calculation that considers your age? I imagine if I were compared to folks in my age group, I'd be lower.
Try this one

A Look at Household Net Worth and Household Income By Age Group from the 2010 Survey of Consumer Finances
__________________
Totoro is offline   Reply With Quote
Old 06-08-2014, 02:54 PM   #20
Thinks s/he gets paid by the post
David1961's Avatar
 
Join Date: Jul 2007
Posts: 1,076
Thanks, Totoro!
__________________

__________________
David1961 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
The Wealthometer jon-nyc FIRE and Money 80 01-20-2014 07:50 AM

 

 
All times are GMT -6. The time now is 11:40 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.