Net Worth of the 10%, 1%, and 0.1% Households

[brett]

I take the view that the measure of my/our financial security has zero to do with how many people have more financial resources or how many have fewer financial resources that I have have.

It is all about me, not them, when it comes down to how financially secure I am given my lifestyle. Pride does not even come into this equation for us.

 

[street]

We all have choices to open a thread or not to open a thread, if it is something we are interested in or not interested in.

 

[socca]

I take the view that the measure of my/our financial security has zero to do with how many people have more financial resources or how many have fewer financial resources that I have have. ...

I take a peek at threads like this to gauge (unsuccessfully) how detached from reality I might be (if at all). A classic example of being detached from reality is when the newly-on-a-budget Queen of Versailles asked the supremely bored clerk at a rental car counter whether her rental car came with a driver .

Is financial insecurity the most common state for most Americans? If so, whose fault is this and what should be done about it (if anything). These questions rapidly become political and are thus beyond the scope of this website.

 

[flintnational]

Threads like this can have a profound societal impact. As an example, a list of 1%'s came in very handy during the French revolution.

 

[RxMan]

I have never understood the fascination about where one stands vis a vis others in the wealth game.

We only care about us. How much we need, how much we have, and what we want to do with our resources.

We could care less if we are in the top 1 percent, 2 percent, whatever. Does not make us feel good or bad.

Don't see the point of bothering with it, let alone what assets or annuitized cash flows to include in the number.

There is one person I constantly compare myself to and want to reach with regards to level of wealth- my future happily retired self. That is the benchmark I gauge myself.

 

[GravitySucks]

One thing I like about reading these is finding I only cracked the 80% earning threshold 4 times in my career, but my net worth is over 90%
Makes me feel I'm doing something right.

 

[Digger1000]

One thing I like about reading these is finding I only cracked the 80% earning threshold 4 times in my career, but my net worth is over 90%
Makes me feel I'm doing something right.

Very nice. I never made 30k a year until I was 41 years old. Retired at age 51. My net worth is in the top 12%.

 

[Markola]

Threads like this can have a profound societal impact. As an example, a list of 1%'s came in very handy during the French revolution.

Oui. What would Vanguard do with all our funds if their Flagship customers got the guillotine?

 

[NW-Bound]

Oui. What would Vanguard do with all our funds if their Flagship customers got the guillotine?

If that happened, institutions like Vanguard would be burnt to the ground, and the financial workers running for their life. There would be no more stocks or bonds, and that's that.

 

[firewhen]

Wow never thought this thread would be so active. Interesting some of the reactions. In terms of the guillotine, I think some of the "masses" would sooner give us a handout, then chop off our heads, unless they saw our net worth, as we are definitely LBYM and look it despite being high up the net worth scale. Consider all those who lease cars and get a new one every 3 years. The combined age of our 2 cars is 30 years. Like so many here, we have been diligent over the years, and that, not very high income, has brought us to where we are.
Maybe it is silly, but I have always found it interesting where we stack up, maybe even a bit of a goal of sorts. Also impressive how much wealth is out there.

 

[firewhen]

We were friendly with our neighbors for decades, until recently.

Very appropriate article I just found:

One day, they introduced us to their financial adviser…We dug trenches, poured concrete foundations, and worked to build our house; they hired contractors. They traded in cars frequently; we ran ours into the ground

https://www.marketwatch.com/story/w...r-financial-adviser-2021-01-22?siteid=yhoof2#

 

[target2019]

firewhen, that is a great article. thanks for posting.

We never had a problem like that as we were too busy with the day-to-day and staying afloat. We did not run with the popular crowds around us. In fact we probably seemed very boring to those with cash to spare.

 

[Markola]

Very appropriate article I just found:



One day, they introduced us to their financial adviser…We dug trenches, poured concrete foundations, and worked to build our house; they hired contractors. They traded in cars frequently; we ran ours into the ground



https://www.marketwatch.com/story/w...r-financial-adviser-2021-01-22?siteid=yhoof2#

Interesting story but I’m pretty sure we’ve had no relationships like that, because we can smell condescension from a mile away and would have been turned off from the outset, and I surely hope we don’t behave that way with others.

 

[Joylush]

For some people it's a way of keeping score. For others, it's verification of their belief that some people have "too much".

I never earned enough to get anywhere near the top 1% but I don't begrudge anyone who was that successful. I know people in business that did well and have attracted some envy but those people were never there when they were working 80 hours a week and thankful that their spouse worked so that they could buy groceries and pay the utilities.

The envious only show up after all the years of hard work when success has been attained.

You missed one. In some cases it’s due to being insecure and learning to feel it’s ok to spend. It can serve as reassurance that you’re doing well enough you can relax and stop worrying about it. I still have trouble with this.