4 ms·

$300k in 401k alone puts you in the upper class of Americans. In 2020, median household (note, not individual) net worth in the United States was $121,411. This

$300k in 401k alone puts you in the upper class of Americans. In 2020, median household (note, not individual) net worth in the United States was $121,411. This includes home equity. $1,000,000 in assets is the 88th percentile, far above "middle class." I'm privileged to do very well for myself, I'm an expert in a very well paying field (far more than my siblings even though they have masters and doctorates), and I do not know any millionaires. These numbers also become significantly worse when filtered to anyone born after 1980.

vuln 3y ago
> These numbers also become significantly worse when filtered to anyone born after 1980. I’m interested in these numbers can you expand? Thank you.
thrwawy_obv_rsn 3y ago
This is fascinating to me, because my experience is almost the opposite: nearly everyone I know is a millionaire. And before you go "well obviously, rich guy", allow me to explain. I did not grow up with any great amount of privilege. My parents were both teachers. We did not (and I do not) have any of the kinds of connections that the truly rich and powerful do. I went to state school, where all my friends were ordinary middle-class people. It's not like I've ever rubbed elbows with the elite at private school or an exclusive club. 10 years ago my net worth was < $10k, and the same could (to the best of my knowledge) have been said about my entire social circle. I'm now in my mid-30s and closing in on my second million. I just went through my text threads, and of the people I interact with regularly (outside of family), there's only one that's not in the club. This is kinda surprising to me; it's not like it's on purpose. One is a close college friend who (like myself) has worked their way up from nothing and has had a very successful career in (non-tech) business. Another college friend married well. Another 5 are former colleagues who got a big payday in The Acquisition (plus several more that I don't regularly keep up with). 4 out of 5 at the current small-team $DAYJOB got their big payday from a different exit. I don't know exactly where my neighbors stand, but... well, we all own $1mm condos. So I find myself living in a little bubble and I'm not even quite sure how I got here, and it's all the more strange to me that I fit right in. I'm definitely very lucky to have found my own success, but it's straight up weird to me that the most important people in my life over the years--most of whom have similarly unprivileged backgrounds--have all ended up in a similar place. Do I just have a spidey sense for and stick around people who will be successful? Or has The Matrix simply run out of ideas? Anyway, the point in all of this is to say that your mileage will very much vary, and "millionaire"--while still objectively very well-off--isn't quite what it used to be.
- effingwewt 3y ago
  There being more of them doesn't make them any less millionaires. Which is besides the point anyhow. They need to pay their fair share like everyone else.
- FooBarBizBazz 3y ago
  Exactly, this is my point. That lifestyle enjoyed by teachers and firefighters now corresponds to wealth levels over $1M. "Millionaire" isn't a guy with a monocle. Indeed, if you fail to acquire at least $1M in today's America, you're either (a) living pretty badly, or possibly (b) hiding out in some socioeconomic bubble that's disconnected (protected?) from the primary money flows (e.g. some small town in Mississippi).

vuln 3y ago

> These numbers also become significantly worse when filtered to anyone born after 1980. I’m interested in these numbers can you expand? Thank you.

thrwawy_obv_rsn 3y ago

This is fascinating to me, because my experience is almost the opposite: nearly everyone I know is a millionaire. And before you go "well obviously, rich guy", allow me to explain. I did not grow up with any great amount of privilege. My parents were both teachers. We did not (and I do not) have any of the kinds of connections that the truly rich and powerful do. I went to state school, where all my friends were ordinary middle-class people. It's not like I've ever rubbed elbows with the elite at private school or an exclusive club. 10 years ago my net worth was < $10k, and the same could (to the best of my knowledge) have been said about my entire social circle. I'm now in my mid-30s and closing in on my second million. I just went through my text threads, and of the people I interact with regularly (outside of family), there's only one that's not in the club. This is kinda surprising to me; it's not like it's on purpose. One is a close college friend who (like myself) has worked their way up from nothing and has had a very successful career in (non-tech) business. Another college friend married well. Another 5 are former colleagues who got a big payday in The Acquisition (plus several more that I don't regularly keep up with). 4 out of 5 at the current small-team $DAYJOB got their big payday from a different exit. I don't know exactly where my neighbors stand, but... well, we all own $1mm condos. So I find myself living in a little bubble and I'm not even quite sure how I got here, and it's all the more strange to me that I fit right in. I'm definitely very lucky to have found my own success, but it's straight up weird to me that the most important people in my life over the years--most of whom have similarly unprivileged backgrounds--have all ended up in a similar place. Do I just have a spidey sense for and stick around people who will be successful? Or has The Matrix simply run out of ideas? Anyway, the point in all of this is to say that your mileage will very much vary, and "millionaire"--while still objectively very well-off--isn't quite what it used to be.

effingwewt 3y ago
There being more of them doesn't make them any less millionaires. Which is besides the point anyhow. They need to pay their fair share like everyone else.
FooBarBizBazz 3y ago
Exactly, this is my point. That lifestyle enjoyed by teachers and firefighters now corresponds to wealth levels over $1M. "Millionaire" isn't a guy with a monocle. Indeed, if you fail to acquire at least $1M in today's America, you're either (a) living pretty badly, or possibly (b) hiding out in some socioeconomic bubble that's disconnected (protected?) from the primary money flows (e.g. some small town in Mississippi).