[Robbb]

Originally Posted by dewilson58

Percentile of Income Average Usual Annual Income
90% $245,400
80% $153,100
60% $91,900
50% $73,400
40% $59,500
20% $34,600
For 2022, those in the 90th percentile made about $245,400 on average.

Percentile of Income Average Bank Account Balance
90% to 100% $111,600
80% to 89% $33,800
60% to 79% $15,760
40% to 59% $7,400
20% to 39% $2,550
Less than 20% $900

Source: Federal Reserve Survey of Consumer Finances.

Bank? who uses a bank anymore?

[justjim]

Many “average income “ people have a checking account for direct deposits of retirement income (electronic credit) and automatic pay of utilities, etc. (electronic debits). Some pay their bills on their computer or phone. However, that said I read a few months ago that approximately 40% of Americans live from paycheck to paycheck and couldn’t come up with $400 of extra cash. Yes, that is a lot of people!

[retiredguy123]

Originally Posted by justjim

Many “average income “ people have a checking account for direct deposits of retirement income (electronic credit) and automatic pay of utilities, etc. (electronic debits). Some pay their bills on their computer or phone. However, that said I read a few months ago that approximately 40% of Americans live from paycheck to paycheck and couldn’t come up with $400 of extra cash. Yes, that is a lot of people!

So, if 40 percent of the people make more than $59,500, and have $7,400 in the bank (Post No. 1), why can't they come up with $400?

[justjim]

Originally Posted by retiredguy123

So, if 40 percent of the people make more than $59,500, and have $7,400 in the bank (Post No. 1), why can't they come up with $400?

Good question? Does someone want to explain? Although it’s windy I’ve got a tee time.

[LonnyP]

Do they have the dollar amounts stuffed in mattresses?

[rsmurano]

You lose money every day if you have your savings in a bank or an annuity. You are losing money when invested in active mutual funds because of all the fees: turnover, expense, loads, and the history of active fund managers can’t beat the market more than a couple years in a row on average.
It is wrong to compare casino gambling to investing in the stock market. If you know what to look at, the market is very easy to invest in.
The easiest investment for the last year and probably thru 2024, you can get over 5% in a simple money market with very low expense, easy to get out of, and very safe. If you are nervous, you can always get into a target fund that is balanced if that will let you sleep easier.
Me, I have a few index funds that have worked for me for the last couple of decades and a couple of stocks that have done very very well, like over 25% per year on average when the economy is doing ok. After November 2024, I will get out of the money markets and will be 100% invested in those same index funds that I have always been in.