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Tim Walz’s net worth is less than the average American’s
(fortune.com)
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this post was submitted on 09 Aug 2024
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I'm sorry, 1 in 15 Americans is a millionaire?? Holy shit.
In California, that's buying a house 25 years ago and not refinancing it and blowing the cash on something stupid.
Regional cost of living, and the inflation around it, really skews those numbers. A million in San Francisco or Manhattan is very different than a million in the middle of the country. Housing and pay are a lot higher in the major metros.
I’d love to see what these numbers look like when adjusted for CoL.
1:15 has a net worth of a million. That includes all possessions, pensions, etc.
Treasure a retiree with a house that's worth a couple hundred grand, throw in their 401k, vehicles, etc and it adds up.
Look at it this way: my car is probably worth about 20 grand, but that doesn't mean I have that much cash. Ask me to cough up an unexpected $500 and it's gonna hurt.
At that age yes. It's the only way a relatively high earner can maintain a similar income out of retirement and they also tend to own their homes.
Oddly enough very easy to accomplish with property and retirement accounts. Doesn't apply (and probably won't apply) to most genx, millennials or gen z, as Boomers shit the pool.
My father is quite proud that as he nears retirement, he's scrounged and saved enough to break into the millionaire's club! He also voted Republican for his entire life, and now I probably won't ever be able to retire, so thanks a lot dad! (This is also one of many reasons they aren't ever getting grandkids.)
Yup! And they wonder why younger people aren't having kids. Lol
Only if you include their retirement savings that has to cover their aging healthcare costs. If you are earning a pension in your country and have free healthcare then you can't directly compare American salaries and networth.
It gets further muddled when you factor in how shitty American cities have become. Americans have chosen to have higher wages and endless urban sprawl rather than build public transit and make their cities great places to live.
Yup. And that's for all age groups. According to this link, 28% of 60-64 year olds are millionaires.