Senator
Thinks s/he gets paid by the post
I realize this board is very much a biased sample. We are all mostly looking towards retirement or are already retired; many are looking towards early retirement, which might bias it even more. We should be mostly in our prime earning years or at least close to our high point in our NW curve. A million is not what it used to be either. So more of us should be millionaires that the average population.
However, when I read some of the post here, it appears everyone is a millionaire, or even a multi-millionaire. Some people live in places where a megacorp $200K+ job, plus bonuses, are common, I can see someone being a millionaire with that salary. Yet, demographics say only ~7% of the US households has a net worth of over $1M. And average retirement assets, for someone near retirement age, is significantly less than even $400K.
From someone from Minnesota, who has never made much more than $100K, accumulating a million is a major accomplishment. Especially being single. There is a lot of sweat, saving, and long hours making the pile that large. I worked many different side gigs making an extra few bucks, and took a bunch of risks. And I got lucky in a few things. I can’t see too many people doing what I did, yet everyone seems to have not just one million, but five million.
So it makes me wonder… Are we all really the top 7% in wealth? Are the statistics wrong? Or is being a millionaire very common? Or maybe it’s this group that is almost all in the top 7% of wealth?
However, when I read some of the post here, it appears everyone is a millionaire, or even a multi-millionaire. Some people live in places where a megacorp $200K+ job, plus bonuses, are common, I can see someone being a millionaire with that salary. Yet, demographics say only ~7% of the US households has a net worth of over $1M. And average retirement assets, for someone near retirement age, is significantly less than even $400K.
From someone from Minnesota, who has never made much more than $100K, accumulating a million is a major accomplishment. Especially being single. There is a lot of sweat, saving, and long hours making the pile that large. I worked many different side gigs making an extra few bucks, and took a bunch of risks. And I got lucky in a few things. I can’t see too many people doing what I did, yet everyone seems to have not just one million, but five million.
So it makes me wonder… Are we all really the top 7% in wealth? Are the statistics wrong? Or is being a millionaire very common? Or maybe it’s this group that is almost all in the top 7% of wealth?