3 ms·
I feel like this is confusing for a number of reasons. - They count future SS benefits as part of your net-worth. I'm having trouble figuring out how much they
by handmodel 5y ago
I feel like this is confusing for a number of reasons.
- They count future SS benefits as part of your net-worth. I'm having trouble figuring out how much they factored this in as. That is considered to be hundreds of thousands of dollars of wealth, even discounting for time. However, that's not how we benchmark wealth. If you are in debt 100k but have future social security payments 15 years away to the tune of 300k over the course of decades, you are still in debt.
- The 1M figure they use is in artifact of accountingWhen people say someone is a "millionaire" they are talking about people with 1M in liquid investments or at least able to easily take out a loan against 1M in investments. The stat above doesn't capture that in a meaningful way. It seems equivalent to saying that a teacher who makes 60k a year is a millionaire since the career expected earnings are 2.0M spread out over decades.