Evan ProdromouMay 26

What is the highest acceptable level of personal wealth in US dollars?

#EvanPoll #poll

$100K or less
5.6%
About $1M
28.2%
About $10M
53.5%
$100M or more
12.6%
Poll ended at .
Show threadRenaigh☭May 26
@evan depends on how its acquired, I'd be suspicious of how someone who became a millionaire but usually it just means they were born lucky and we can't control what life we get.
Show threadClickyMcTicker

@Renaigh @evan The median net worth for individuals entering retirement age is ~$400k

https://www.fidelity.com/learning-center/smart-money/average-net-worth-by-age

That marks the halfway point. If we take some liberties with interpreting that data (just double/halve the population and amount in either direction), that would be the top 25% with $800k by retirement, and thus about 17% of people with $1M by retirement. That’s 1/6 individuals. By that measure, I’m not suspicious of somebody having a million ready for retirement.

I AM suspicious of somebody who has a million by age 30. You don’t get that following a normal person’s path. That would mean graduating college at 22 and making $125k per year with ZERO expenses including the college they just graduated from. It could also be somebody going straight into the trades out of high school and making $85k per year with zero expenses. Each of those requires significant familial support.

Average and median net worth by age | Fidelity

Learn what net worth means, average net worth by age, median net worth by age, and ways to grow your net worth over time.

May 26 at 1:31pmWeb