1 more thing. A friend of mine, we went to school together, he is 34. He has worked at a local grocery store for 17 years. He makes 12 and change an hour. Bought his home for 40k, took out a 2nd mortgage and a personal loan. Now owes 73k total (pretty close). Anyways, after taxes he brings home 375 bucks a week. His payments are 820 including taxes, before utilities, car insurance, going out to do anything, oh ya and gas. He has roughly 5k saved in 17 years. Now, there is nothing wrong with that picture IF that is the life you have chosen. BUT, he bitches and moans everytime I talk to him. I always tell him, go out get a 2nd job, go back to school (still young enough), etc etc. Just wont do it. What do you say to someone like that? I rather work 2 jobs, save an entire income, send that money every month to a mutual fund or something and let it compound for 10-15 years. He could be mid 40's and pretty much well off. TO me its a no-brainer, to others, its work and laziness comes in and then it all goes to hell. Some people, you cannot help no matter what. A free ride is what they think they are entitled to.
By the time Gummint gets done inflating and devaluing the $USD, we can all be BAZILLIONAIRES and still be effectively broke. (Just how much Monopoly money does it take retire comfortably?)
the rest of the story: Not surprisingly, younger workers were more likely than older workers to have a smaller retirement nest egg; 68 percent of workers younger than 35 had total savings and investments less than $25,000, compared to 31 percent of workers older than 55. For instance, 24 percent of workers who said they were 'very confident' about their financial security in retirement are not currently saving for retirement and 43 percent of 'very confident' workers have less than $50,000 in savings. http://uk.biz.yahoo.com/070411/323/h49x1.html
I see the same situation a lot too with people (and myself right now) working jobs that are basically "minimal" paying. At least minimal by state standards. God help anyone who gets the federal $5+/hour right now... The kicker I've come to realize is that getting a 2nd, 3rd, 4th job (like some really crazed out people do) STILL won't cut it enough, as those more then likely are the same-paying types of jobs as the one one currently has. Which means a change is needed...schooling, starting your own business, something where the money can be more viable and is more "in demand" as the service sectors will never change in the pay, unless you happen to work your way into some type of salaried manager role (I say that because even some "full-timers" are only making $10-$12/hour). Part of the reason I took up trading...learn a skill, and the sky's the limit in earnings if you do well...but you have to take that risk somewhere, somehow...
That's 22,800 households per state worth $5MM+, and 306,000 per state worth $500K+. I have to agree that I find it a bit hard to believe.
Now, this really made my day. 25% of US households having incomes of 500K+. I do not think there is such a stong substance to smoke to cloud judgment so much.
Not income of $500k, the article is addressing Net Worth. I also find it hard to believe and wonder how they reached their conclusions.
Ok 500K net worth is a bit better, still do not think it is the case. If primary residence is included and all home equity debts are excluded, then may be.