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What a worthless statistic. No normalizing for the number of millionaires or for inflation. And a million dollars ain't what it used to be.
by Simon_says 8y ago
What a worthless statistic. No normalizing for the number of millionaires or for inflation. And a million dollars ain't what it used to be.
- Avshalom 8y agoIt's still ~50 years of the average household income in the USA. Which is to say more than most Americans will make in their entire lives.
- Simon_says 8y agoMore like 17.
- Avshalom 8y agoRight, sorry, still though household
- deleted 8y ago[deleted]
- evilduck 8y ago59k is an average household income and average households have 2.5 people, which is likely two incomes (over 60% of households). That becomes closer to something like 33 years, which nudges close to the boundaries of most people's entire working life. edit: national average wage index for 2016 was 48,642, so I guess for a working individual thats about 20 years then.
- Simon_says 8y agoThe only thing I'm getting out of this is that the average person who saves modestly and invests can accumulate significantly more than a million bucks in a normal working career. None of which is relevant to my original point of the worthlessness of this particular metric.