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In today's money it's the equivalent of about $150,000, and funded by selling a plane that sold for twice that amount. I would classify having enough disposable
by ineedasername 4y ago
In today's money it's the equivalent of about $150,000, and funded by selling a plane that sold for twice that amount. I would classify having enough disposable income to own a $300,000 plane & a net worth of a few million to be wealthy.
I should note that my working definition of "wealthy" doesn't mean they never have to work again, or don't have to work to maintain their desired lifestyle. Other people may have different benchmarks. As you said, abstract measures aren't easily quantified, and someone else's benchmark for wealthy may be higher.
- nailer 4y ago> I would classify a net worth of a few million to be wealthy. This describes many boomers that simply own a house.
- unclebucknasty 4y ago>This describes most boomers and older GenXs. It most assuredly does not.
- jlmorton 4y agoThe median net worth of the Baby Boomer generation in America is $1.2 million.
- gilbetron 4y agoMedian net worth of boomers is $200k, average net worth is $1.2m because there are a lot of very rich boomers. https://www.businessinsider.com/typical-baby-boomer-net-worth-debt-real-estate-retirement-2021-12#the-typical-boomer-has-a-median-net-worth-of-206700-6 https://www.businessinsider.com/typical-baby-boomer-net-wort...
- nailer 4y ago> Median net worth of boomers is $200k, average net worth is $1.2m That's not mathematically logical. 'Average' can be used to describe mean, median or mode.
- gilbetron 4y agoWhile average is more informal, it is the same as the mean, mathematically speaking. Some people may use it, well, informally, to represent other concepts, but the mathematical definition is quite clear.
- unclebucknasty 4y agoRight. And the point here is that the original comment implied that most people in that age bracket had a net worth of $1.2 million. So median is the relevant interpretation of average in that context. Your correction and interpretation are valid.
- nailer 4y agoYou’re right, I edited the comment shortly after posting it. Most boomers don’t have 3M in housing. But many do and owning a house on the coast is not considered remarkable.
- paisawalla 4y agoThis is some motivated accounting right here. You have no idea what debt financed either of those assets.