There have been several threads about generational wealth and wealth transfer. It has been a while since we took a poll, so here goes.
What is your household net worth?
DB2
A follow up poll should be: how did you create/obtain your wealth. Plus, would be more interesting if you had bigger wealth buckets. $5M is not much of a stretch.
I suspect you’d need too many poll response options to cover the field.
For me, it was an early understanding of the Reagan grift that punished wage & salary workers with higher taxes while cutting them for the “leisure class” supporting themselves with investment income and inherited wealth. Once you do the arithmetic on that, working makes no sense.
intercst
Let’s get real.
The Federal Reserve’s 2022 Survey of Consumer Finances (the most recent comprehensive data) provides the minimum net worth to be in certain percentiles:
Median Net Worth (50th Percentile): $162,350
75th Percentile: $553,100
90th Percentile (Top 10%): $1,559,240
99th Percentile (Top 1%): $11,640,000
Household Wealth Band Share of Total U.S. Wealth (%)
50th–99th Percentile 67%
Top 1% 31%
Bottom 50% 2%
Most families would consider $5 million to be a pretty big stretch.
Wendy
$5 million is Top 2% to 3%, so it’s somewhere between 1 in 50 and 1 in 30 families.
If you went to a decent high school, you probably grew up with quite a few of these folks.
intercst
Seems like we’re missing an age factor to make your poll reflective of generational wealth.
For what it’s worth, I’d bet the majority on this board is old and wealthy.
I’d be more interested in this follow-up poll: What do you plan on doing with your accumulated wealth when you pass?
With the certainty of the Great Wealth Transfer, one thing remains a mystery…who will it benefit?
“The Great Wealth Transfer is an incredibly important period of American economic history. With trillions upon trillions of dollars worth of wealth changing ownership, the goals and needs of America’s younger generations could greatly impact the trajectory of the country’s economy. The U.S. could see prioritization of sustainable and ethical investments, the relieving of large sums of debts through student loan and mortgage repayments, booms in real estate sales and affordability, and money going to the hands of meaningful charities that are seeking to do good in the country. As much as the aging of the American population is sad, the future of the country, with wealth and power in the hands of younger generations, is bright and exciting. However, with the problems of wealth inequality, and the government’s need for funds, it will be interesting to see if federal policies will evolve to capture benefits from the flowing wealth.”
Bounce my last credit card bill.
Alright, getting more granular.
Net worth poll, part 2
DB2
It seems I have to drop out of the survey. What happened to 1 million? I just barely made it last time.
JimA
Everything below $5 million was covered in the first poll, but we could break it down more.
DB2
I think it is not surprising that assets of TMF participants is well above the national average. Well done, folks.