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06-08-2014, 10:27 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Oct 2002
Location: Chattanooga
Posts: 3,893
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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
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Earning money is an action, saving money is a behavior, growing money takes a well diversified portfolio and the discipline to ignore market swings.
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06-08-2014, 10:41 AM
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#2
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,727
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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).
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06-08-2014, 11:15 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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06-08-2014, 11:17 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Nov 2006
Location: Bossier City
Posts: 2,183
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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?
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“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
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06-08-2014, 11:18 AM
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#5
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Full time employment: Posting here.
Join Date: Apr 2006
Posts: 944
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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
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Freed at 49. You only live once - live it
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06-08-2014, 11:20 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Oct 2002
Location: Chattanooga
Posts: 3,893
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Quote:
Originally Posted by martyb
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?
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I have no idea.
__________________
Earning money is an action, saving money is a behavior, growing money takes a well diversified portfolio and the discipline to ignore market swings.
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06-08-2014, 11:25 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Oct 2002
Location: Chattanooga
Posts: 3,893
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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
__________________
Earning money is an action, saving money is a behavior, growing money takes a well diversified portfolio and the discipline to ignore market swings.
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06-08-2014, 11:29 AM
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#8
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Recycles dryer sheets
Join Date: Sep 2006
Location: clearwater
Posts: 439
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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.
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06-08-2014, 11:31 AM
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#9
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Recycles dryer sheets
Join Date: Aug 2013
Posts: 349
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Quote:
Originally Posted by aja8888
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).
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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.
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06-08-2014, 11:35 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Midwest
Posts: 2,969
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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
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06-08-2014, 11:38 AM
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#11
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Recycles dryer sheets
Join Date: Aug 2013
Posts: 349
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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.
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06-08-2014, 11:47 AM
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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: Dec 2008
Posts: 12,655
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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
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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.
Even a blind clock finds an acorn twice a day.
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06-08-2014, 12:22 PM
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#13
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Thinks s/he gets paid by the post
Join Date: May 2014
Location: Utrecht
Posts: 2,650
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Quote:
Originally Posted by aim-high
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!
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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.
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06-08-2014, 12:22 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Location: Bonita (San Diego)
Posts: 1,795
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92% for 2 person household as well!
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06-08-2014, 12:35 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: Jul 2008
Posts: 35,712
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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 happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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06-08-2014, 12:37 PM
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#16
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Recycles dryer sheets
Join Date: Apr 2005
Posts: 114
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Quote:
Originally Posted by Amethyst
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
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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.
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06-08-2014, 01:10 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: Aug 2011
Location: West of the Mississippi
Posts: 17,259
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Quote:
Originally Posted by Totoro
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.
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+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.
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Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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06-08-2014, 01:16 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 1,085
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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.
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06-08-2014, 01:54 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 1,085
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Thanks, Totoro!
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