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Calling everyone a millionaire because inflation is rampant seems pretty disingenuous even if technically true. It used to mean that you were wealthy. Now it ju

Calling everyone a millionaire because inflation is rampant seems pretty disingenuous even if technically true. It used to mean that you were wealthy. Now it just means you have a house and a 401k. Edit: for the naysayers, a new Ford truck costs $100k.

chrisco255 3y ago
That's what it always meant. Most people that become one reach millionaire status in their older age with a paid off house and a stock portfolio.
chongli 3y ago
It's not at all "calling everyone a millionaire." The "Mean American household" is just the mean, not any real household. Example: If you have a population of 1000 where one person is a billionaire and everyone else has $0, then the "mean person" is a millionaire when in fact almost everyone has nothing. The real situation isn't a pure "winner takes all" like that, but it's still quite lopsided.
- kolbe 3y ago
  I think that wording is wrong. "Household" is not an algebraic unit, and thus there is no mean. We're left to interpret what is meant, and responsible statisticians would say "the mean net worth of American families"
- zeroonetwothree 3y ago
  "mean person" or "mean household" is not a thing. The wording they actually use is "mean net worth of an American household" which is much more clear.
deleted 3y ago
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clipsy 3y ago
> Edit: for the naysayers, a new Ford truck costs $100k. What a childish, disingenuous claim. I'm sure there are Ford trucks going for over $100k -- the market for gigantic luxury "work" vehicles has been around for quite a while now. But they are also making trucks with a US MSRP as low as $23,400.[0] [0]: https://www.ford.com/trucks/maverick/?gnav=header-trucks-vhp https://www.ford.com/trucks/maverick/?gnav=header-trucks-vhp
- 7thaccount 3y ago
  The vast majority are well over $50k.
irrational 3y ago
What percentage of adults actually have both a house and a 401k?
- zeroonetwothree 3y ago
  66% of Americans own their home. I would expect more people have a 401k than that. But it also depends how you count non-working adults, who might own a home but not have a 401k (although then their partner's 401k may be considered theirs in part, perhaps).

chrisco255 3y ago

That's what it always meant. Most people that become one reach millionaire status in their older age with a paid off house and a stock portfolio.

chongli 3y ago

It's not at all "calling everyone a millionaire." The "Mean American household" is just the mean, not any real household. Example: If you have a population of 1000 where one person is a billionaire and everyone else has $0, then the "mean person" is a millionaire when in fact almost everyone has nothing. The real situation isn't a pure "winner takes all" like that, but it's still quite lopsided.

kolbe 3y ago
I think that wording is wrong. "Household" is not an algebraic unit, and thus there is no mean. We're left to interpret what is meant, and responsible statisticians would say "the mean net worth of American families"
zeroonetwothree 3y ago
"mean person" or "mean household" is not a thing. The wording they actually use is "mean net worth of an American household" which is much more clear.

deleted 3y ago

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clipsy 3y ago

> Edit: for the naysayers, a new Ford truck costs $100k. What a childish, disingenuous claim. I'm sure there are Ford trucks going for over $100k -- the market for gigantic luxury "work" vehicles has been around for quite a while now. But they are also making trucks with a US MSRP as low as $23,400.[0] [0]: https://www.ford.com/trucks/maverick/?gnav=header-trucks-vhp https://www.ford.com/trucks/maverick/?gnav=header-trucks-vhp

7thaccount 3y ago
The vast majority are well over $50k.

irrational 3y ago

What percentage of adults actually have both a house and a 401k?

zeroonetwothree 3y ago
66% of Americans own their home. I would expect more people have a 401k than that. But it also depends how you count non-working adults, who might own a home but not have a 401k (although then their partner's 401k may be considered theirs in part, perhaps).