Income calculator shows $250k in top 3%. Average college graduate salary is $54k which includes a lot of young salaries. 1000 is an aggressive number unless you aren’t trying to compare similar times of employment.
What age to be a millionaire?
- Thread starter grizzly_
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I get the point you are making here, but I would take that bet.
Here is some interesting info:
Income by education level.
D
Deleted member 28227
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Absolutely.
but for every person that didn't that makes 250k there are far more than 1000 that won't break 80k.
A top 1% college grad makes $470k a top 1% HS grad makes $200,006
Income by Education: Average, Median, Top One % in the US
See income by education achievement in America in 2024. How much more college degree helps earn over high school, or versus dropouts.
dqydj.com
Research Summary: Education and Lifetime Earnings
Social Security Administration Research, Statistics, and Policy Analysis
www.ssa.gov
COE - Annual Earnings by Educational Attainment
Presents text and figures that describe statistical findings on an education-related topic.
nces.ed.gov
cgasner1
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My buddy tell his all the time and that’s why you only make .73 cents on the dollar
Nick87
Well-known member
Working some ridiculous hours one year I remember laying my paycheck next to my wife's. Mine was about 8x. 0/10 do not recommend, definitely nothing gained by that hair brained, half lit idea.
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D
Deleted member 48080
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Am I the only one that has no idea if any of my family members, friends or coworkers are worth a million dollars?
Do you guys just casually ask people that?
Do you guys just casually ask people that?
Hem
Well-known member
No, you are not the only one.
Elky Welky
Well-known member
It’s funny, I don’t think of someone who has a million dollars as being “worth” a million dollars. But all my family and friends are “worth” millions in my eyes.
Whereas lots of millionaires I’ve met I haven’t found to be worth all that much.
Damn. I'm more worried about my mule deer points. mtmuley
I don’t talk money with family. I can make an educated guess on age and job type.
Doctor or airline pilot in 50s, strong probability. Youth minister or teacher, strong probability no.
Southern Elk
Well-known member
I’d rather someone ask me about my net work than my hunting spot. But I’m not telling you bozos either.
Irrelevant
Well-known member
Family no. Friends yes. There's a lot to be gained with group thought. We discuss and debate everything from work to college football to relationships and money.
Kiwi
Well-known member
Not sure how accurate this numbers are, but pretty interesting.
SAJ-99
Well-known member
You got shafted.
Private pensions from bankrupt companies absorbed by the PBGC dont get a COLA. Taxpayers assume you are just lucky to keep getting the pension.
Other privates have gradually moved away from COLAs in the newer plans. You know, stick that risk on the employees.
There was a law about 10 yrs ago that said if the pension was in such bad funding status it might dissolve, the COLA could be waived. I can't even guess on the number that exercised that.
Some publics don't. Maybe 20%, just a guess, but they are probably small ones. But of the 80% that do, a significant numbers of beneficiaries elect the higher fixed amount at retirement rather than the COLA.
This all needs to be taken into account when looking at a job. The future is hard to predict and promises from many entities can be changed with a vote and stroke of the pen. I also cringe a little when union employees accept larger payouts in the future instead of money today. But I get that conundrum too.
grizzly_
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I'm surprised that there are currently only eight people that have checked an age over 50yo in the poll. Obviously, I don't know the true age breakdown of participants (a necessary bit of information, I realize) but I expected more people would reach the $1MM milestone from many decades of saving and retirement contributions. That doesn't appear so much to be the case. Or maybe there just aren't enough participants in that age group to level the stats?
I was recently helping a friend and his wife set up some IRAs and was teaching them the time-value of money (something that is woefully under taught in school) and it basically came out to them contributing $600/mo to reach the retirement goal they had set for themselves using historic predictions for growth and inflation.
That amount seemed insurmountable to them as newlyweds trying to make ends meet in today's financial world. I don't know what they make, because I specifically asked them to not tell me their personal finances, but I ascertain that's a sizeable percentage of their income.
It seems so hard, but without pensions or the certainty of Social Security, they're trying to pull it off on their own. I'm worried about the people in their 20s right now who are catching high home prices, high inflation, and low wages. It's a vicious trifecta.
That conversation was the true nexus for my poll question. Again, I apologize if it was insensitive or offensive. I certainly didn't intend it that way.
I was recently helping a friend and his wife set up some IRAs and was teaching them the time-value of money (something that is woefully under taught in school) and it basically came out to them contributing $600/mo to reach the retirement goal they had set for themselves using historic predictions for growth and inflation.
That amount seemed insurmountable to them as newlyweds trying to make ends meet in today's financial world. I don't know what they make, because I specifically asked them to not tell me their personal finances, but I ascertain that's a sizeable percentage of their income.
It seems so hard, but without pensions or the certainty of Social Security, they're trying to pull it off on their own. I'm worried about the people in their 20s right now who are catching high home prices, high inflation, and low wages. It's a vicious trifecta.
That conversation was the true nexus for my poll question. Again, I apologize if it was insensitive or offensive. I certainly didn't intend it that way.
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perma
Well-known member
Wellness check, did you make it out alive?
She came home a little testy with the kids for being messy in the kitchen so I backed her before I got in her crosshairs.
Main one is from Caterpillar, UAW. They stopped it at the end of one contract a while back and those of us that were vested had no more contributions, it was frozen. No clue about older retirees but I never heard anything about COLA. The other one is from the International Association of Machinists union. Quit that job to go to Caterpillar. Never saw anything in the paperwork about a COLA there, either. Shafted? Maybe yes, maybe no. At least I can say that I actually have a pension check coming. Lots of people don't and never will.
