How is everyone so wealthy?

Discussion in 'Economics' started by midlifeguy, May 14, 2007.

  1. If I read one more article about how a family is struggling despite their $1,600,000 net worth, I am going to gag.

    What am I missing? I busted my ass for years working
    and do not have a million dollars put away. I guess mortgages, car payments, groceries, kids, wife etc got in the way. It just seems like everyone is wealthy and middle class is a $2 million net worth.

    The odd thing is that if you look at job ads, most pay crap. I was downsized and would like to work again but can make more daytrading and would feel stupid to give it up for some crummy service sector job.
  2. Yeah, a million isn't much these days, unless of course, you don't have a million.
  3. They are probably up to their eyeballs in debt.
  4. Well, 1.6M net worth is still net worth. that means they have 1.6M in equity not assets.
  5. Huh? Since when did net worth not include assets???
  6. You still need income, regardless of your net worth.

    You shouldnt include someones primary property value as an indication how well off they are either.
  7. they could have 8 kids that they need to put through college.
  8. GTS


    The concept of net worth is apparently lost on some people.
  9. Wasn't that the whine of the 90's?

    "Everyone's getting rich except me!"

    I remember distinctly how the 90's ended.
  10. Inflation goes a long way. $1.6m was something in 1980, now it barely buys you a plot of land to build your $8.4m house on.
    #10     May 14, 2007