[toeser]

My net worth is probably around 200 times what it was at age 35, so 47 sounds more than reasonable. It's called compounding.

[dewilson58]

Originally Posted by toeser

My net worth is probably around 200 times what it was at age 35, so 47 sounds more than reasonable. It's called compounding.

30 years of compounding will get you about 20 times

[retiredguy123]

Originally Posted by toeser

My net worth is probably around 200 times what it was at age 35, so 47 sounds more than reasonable. It's called compounding.

47 times is nowhere near reasonable or accurate. See Post No. 4 for the current Census Bureau data on household wealth at all ages.

[Polar Bear]

I've often wondered how (or 'if') pensions and such are included in any sort of net worth calculation. I know it typically disappears upon death, but it still has a lot of value during one's life.

[graciegirl]

Originally Posted by blueash

Therein is an important point about a huge difference in the American economy in the last 40 - 50 years. There is absolutely no way that a couple working mediocre jobs and part time jobs can afford a house, much less pay it off in 4 years. Home ownership used to be a major contributor to upward mobility. It no longer is an option for those without a good paying job, or two good paying jobs.

And what is the answer? Perhaps a long term relationship of two people with mediocre jobs not wasting money, saving some money every week, knowing how to cook and sew and repair and paint and restore and reuse and choosing to not buy things they don't need. So much of having a "good paying job" is really the level of intelligence we are born with, not education as some want us to believe. It is just pure cussed luck if we are born smart enough to be a physician or an engineer or a bio-scientist. No one on this earth can raise their intelligence score, but they can use what they are born with to do the best they can. I believe that many are not even trying and looking to others to make things easy. Not all. Some are indeed born handicapped and permanently in need of our help and caring support, but the rest of us? Well dang it, just work harder and be careful with your money and you can end up here in The Villages with the "big dogs".

[rmd2]

Originally Posted by rjm1cc

Where did the census bureau get this information? As far as I know no governmental body knows my net worth. The IRS knows my taxable income but the census bureau should not be able to access my IRS information.

This is why I don't give the Census Bureau any information at all. I don't answer any questions from them. Too much data digging of my personal information.

[OhioBuckeye]

Originally Posted by Liz22

This is why I don't give the Census Bureau any information at all. I don't answer any questions from them. Too much data digging of my personal information.

Hum, I've never ever got a question from the IRS that I know of. I would think if someone is getting questions from the IRS they must either have a lot of money or have been audited. If I would get a questionaire from the IRS I would think you would have to answer their questions since they are part of the govt. But me myself I wouldn't answer them unless I called them first. Letters & emails I was told to never answer these!

[JeanW]

The data mentioned here is extrapolated from the CPS 2019 Annual Social and Economic Supplement which asked participants to report their family income for 2018. About 60,000 households are selected for the CPS each month, and it is a voluntary survey. Participation in the CPS is important because the answers represent thousands of other addresses and people. The information is collected by interviewers using a computer-assisted survey instrument, through personal visit and telephone interviews. This is a significant way for the OBM to inform the nation of its social and economic well-being. Well-designed empirical research instruments are crucial in identifying the status of issues facing our country based on factual information. Participation is, of course, voluntary.

[Topspinmo]

Originally Posted by Chatbrat

According a report released by the census bureau on Mon--the average household headed by a person over 65 has 47 times more wealth than a household headed by a 35 year old

Makes you wonder who should be getting age related discounts--looks like fixed income , won't float

So, why do you take the discounts? Reason they are more wealthy the WORKED longer and some saved their money. Most 1%er have scheme going praying on the poor/middle class.

[Topspinmo]

Originally Posted by vintageogauge

What exactly do you mean by "too many baby boomers inherited a lot"? I didn't inherit anything, nor did my wife. Although I do know boomers that had inheritances, most of the people I know got very little if anything. We bought our first house when I was 22, not an expensive house, and paid it off when I was 26 with no help from my family or friends. I worked a mediocre job full time back then, I also had a part time job and did farm hand work on Saturdays, my wife had a part time job and took care of our daughter. I can still remember when I was very young my parents celebrating that they paid off their mortgage and they did it the same way we did. My parents savings went to nursing homes and there was nothing left at the end. My father struggled with Alzheimers for more than a decade and would not take financial advice from anyone regarding protecting his assets. Unfortunate but that was his way, his way or no way.

Sorry, but it true many baby boomer don’t have clue what hard times are.

[graciegirl]

Originally Posted by Liz22

This is why I don't give the Census Bureau any information at all. I don't answer any questions from them. Too much data digging of my personal information.

Dr. Phil;

"Those who have nothing to hide, hide nothing".

I don't think many people obsess over this.

[champion6]

Originally Posted by JeanW

The data mentioned here is extrapolated from the CPS 2019 Annual Social and Economic Supplement which asked participants to report their family income for 2018. About 60,000 households are selected for the CPS each month, and it is a voluntary survey. Participation in the CPS is important because the answers represent thousands of other addresses and people. The information is collected by interviewers using a computer-assisted survey instrument, through personal visit and telephone interviews. This is a significant way for the OBM to inform the nation of its social and economic well-being. Well-designed empirical research instruments are crucial in identifying the status of issues facing our country based on factual information. Participation is, of course, voluntary.

It is difficult to understand how net worth can be extrapolated from net income.

[Two Bills]

If I was worth 47 time what I had at 35, I would be now worth about $50!

[retiredguy123]

Originally Posted by Two Bills

If I was worth 47 time what I had at 35, I would be now worth about $50!

So, you had $1.06 when you were 35. At least you had a positive net worth.

[Polar Bear]

Originally Posted by graciegirl

Dr. Phil;

"Those who have nothing to hide, hide nothing"...

Sorry, gg, but that was before the internet. Heheh.