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The guy who ####ed your mother #######.navenraven said:
This stat seems misleading even if it's true. Incomes vary significantly over the course of a lifetime. In the course of a lifetime, people spend a lot of time as students, retirees, or being otherwise unemployed. Being in the top 10% of the population in income doesn't generally put you anywhere near the top 10% in wealth.Tango said:
It's not misleading at all. It means exactly what you said it means. You got it just fine. It has no implicit/explicit correlation to wealth.
My impression is that the statistic is generally cited as evidence that social mobility is very fluid, but I don't think it's very good evidence for that assertion.
Ok,sure-- you're entitled to that opinion. I do think it is evidence of that assertion...but it's just one interesting data-point that sits in the pro column, but there are many other items that would need to populate that pro/con chart before you can make a case about "social mobility" (it being a very broad term that goes even beyond "income mobility").
Sounds like you've learned a lot from them. What kind of real estate? How many millions? How long did it take before they started enjoying the fruits of their labor?
commercial buildings and farm land (as an aside he's a miserable stock/bond investor by his own admission)
Why are you so obsessed with your retirement savings when you stand to inherit millions?
That's the thing I would have a hard time with... in order to get to 6+ you already have quite a bit of money that you have to risk. I feel like I'll be bowing out gracefully if I can hit $2mil in investable assets.
I want to be able to say that I could have retired early on my own savings, and then after the inheritance my retirement just went from good to awesome.
yup... he had stones.. i don't have them... I'm a great stock/bond investor.. like my grandfather... and that's risky also... but at least the risk is mitigated across thousands of multi-billion dollar businesses. a building is both relatively illiquid and tying up a lot of cash in one thing.
I purposely watched it for 21 seconds to see if you missed anything. You didn't!
We were pretty solidly middle class until my step-father and mother divorced. My mother got the house but we scratched by from then on. The house payment was the biggest problem. We had basically no other expenses other than that... no cable, one basic phone which it was death to call long distance on, no need for heater, no ac in SoCal, turn off all the lights, public school, etc. But damn the house payment was a burden. I remember my mom saying more than a few times that she had wished she gave up the house. Later it ended up helping her in that she sold it and was able to buy a small townhome which keeps her monthly costs low. My mother has never really got out of the scratching by mode though.Lower middle class. Parents divorced and in lieu of child support, my mom got the equity in the house. That's fine on paper, but in day to day living, we struggled. Always good times going to the store for ketchup and pulling out your food stamps.
Living poor in SoCal is like living upper-middle class in most of the country.We were pretty solidly middle class until my step-father and mother divorced. My mother got the house but we scratched by from then on. The house payment was the biggest problem. We had basically no other expenses other than that... no cable, one basic phone which it was death to call long distance on, no need for heater, no ac in SoCal, turn off all the lights, public school, etc. But damn the house payment was a burden. I remember my mom saying more than a few times that she had wished she gave up the house. Later it ended up helping her in that she sold it and was able to buy a small townhome which keeps her monthly costs low. My mother has never really got out of the scratching by mode though.Lower middle class. Parents divorced and in lieu of child support, my mom got the equity in the house. That's fine on paper, but in day to day living, we struggled. Always good times going to the store for ketchup and pulling out your food stamps.
You get real inventive on what you eat when you have to make do with whatever is left in the fridge and pantry and things don't exactly 'match'. I got use to eating a lot of oddball combo's as a kid and that carried on through when I was a bachelor. My now wife would make fun of my odd eating habits which most are gone now but when I am hungry and we haven't been shopping in a while- instead of going to the store I will put together one of my crazy poor meals. Pretty much if I have some tortillas and ranch dressing I can figure out something to put in them.
I think he put 75% of his money in the bank. He's enjoying his retirement but still not spending much money other than having a new truck every few years. As long as he has his fishing pole and shotgun he doesn't need much else. I'm sure he has 10 mil in the bank and favorite hobby is picking up 10 cent Michigan returnable cans on his daily walk.
