Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The Social Security Administration says that 6% of all wage earners max out their Social Security. That's W-2/1099 income exceeding $118,500. That has been consistent for decades. $100K is the 92.57-th percentile in 2014 according to the Social Security Administration.
Near as I can tell, there are 158 million wage earners in the United States. So there are about 10 million people walking around who make a six-figure income. In any high cost of living region, there are probably more like 15% to 20% making 6 figures.
I actually think the complete opposite. I don't think that people who are as important as those earning six figures and having the type of responsibility that comes with that level of salary are spending much time on an public forum. Especially one like this, where membership is very non-exclusive.
Well my salary is over 100k and I spend time here because I have a great interest in personal finance. I don't know many bottom 1/3 earners who have a great interest in personal finance but I guess you do?
how many of us really step outside the boundaries of our social group regularly and in a meaningful way?
I do, My neighbors are working class to ssi poor. I'm not on the corporate hamster wheel and thus don't have to worry about appearances. But then again, I don't have a 6 figure income but I do have investments and consider myself comfortably living within my means, guess it helps to have a cheap house.
My "adopted" kids (former neighbors) are struggling. I help a little but don't want to be enabling. The "grandkids" seem to have hope for a better future.
Last edited by creeksitter; 08-16-2016 at 09:04 PM..
Well my salary is over 100k and I spend time here because I have a great interest in personal finance. I don't know many bottom 1/3 earners who have a great interest in personal finance but I guess you do?
There are a lot of poor, uneducated people who have an interest in personal finance. The success of the Dave Ramsey and Suze Orman self help gurus are evidence of that.
There are a lot of poor, uneducated people who have an interest in personal finance. The success of the Dave Ramsey and Suze Orman self help gurus are evidence of that.
While I don't disagree that a lot of poor people have an interest in personal finance, I would venture to say that if you look at the regular attendance of a personal finance message board(in particular taking into account willingness to stay beyond one post) you'll find that those with questions don't stay as long as those who want to answer random questions.
It does create a bias towards those with "answers" who tend to be higher income. Can't argue right vs wrong here, but I will say that the fact that more posters answering question from a position of high net worth vs questioners asking about debt problems would seem to confirm my stance that most regular posters are well off since a lot of one of posters are questioners vs the answering posters who are regulars.
There are a lot of poor, uneducated people who have an interest in personal finance. The success of the Dave Ramsey and Suze Orman self help gurus are evidence of that.
The popularity of those shows or the people far from proves your point. Orman was on CNBC I beleive and their demographic would be heavily slanted towards top third income for their viewers
I actually think the complete opposite. I don't think that people who are as important as those earning six figures and having the type of responsibility that comes with that level of salary are spending much time on an public forum. Especially one like this, where membership is very non-exclusive.
People who participate in internet discussion groups are intellectually engaged. That makes them more likely to have higher income than people who aren't intellectually engaged. You're sitting at your desk. Instead of playing computer games, you pass the idle time doing something more intellectual.
You're not going to get the person who is flat-out busy in their high pressure corporate or professional job. In general, most people have a more leisurely work environment and that includes highly compensated corporate types. For me, internet message boards are my water cooler. Nobody works the full 8 hours per day. I telecommute at the moment so I can't spend the hour+ per day socializing in the office and message boards are the substitute. When I'm a corporate drone in the office every day, I spend far less time on internet message boards because I'm socializing with co-workers instead.
While I don't disagree that a lot of poor people have an interest in personal finance, I would venture to say that if you look at the regular attendance of a personal finance message board(in particular taking into account willingness to stay beyond one post) you'll find that those with questions don't stay as long as those who want to answer random questions.
It does create a bias towards those with "answers" who tend to be higher income. Can't argue right vs wrong here, but I will say that the fact that more posters answering question from a position of high net worth vs questioners asking about debt problems would seem to confirm my stance that most regular posters are well off since a lot of one of posters are questioners vs the answering posters who are regulars.
"Finance" for poor people is 100% tactical. How am I going to get enough money to pay the rent, the utilities, keep the car on the road, and put food on the table?
"Finance" for affluent people is mostly strategic. How am I going to be able to build enough wealth to retire? How am I going to establish a credit score and personal savings so I can buy a home? How am I going to fund sending my kids to college so they can be successful?
Dave Ramsey and Suze Orman mostly cater to people who have enough income to not be part of that 100% tactical poor group but have gone off the rails with their personal finances so they need to fix things before focusing on the strategic things. Poor people largely don't have $20K in credit card debt and consumer loans because no credit card company or bank would lend them that much money. If you look at most of the threads here, it's like having an "alcohol" message board where most of the discussions are about fine wines, microbrews, and small batch distilled spirits. You get the occasional alcoholic starting the thread about AA meetings.
There are a lot of poor, uneducated people who have an interest in personal finance. The success of the Dave Ramsey and Suze Orman self help gurus are evidence of that.
If you listen to the call-ins those people aren't poor they are just terrible with money. Most of the callers have HH incomes between $60-150k. I wouldn't consider that poor.
Per the last census 24.7% of US hh earned 100k or more representing 30.8mm households. That is a far number of people out of 124.6mm total households
Given that the $100k + house holds are more likely to have two adults, and often have children as well, this means there are probably 80 - 100 million Americans living in $100K plus households. That's a lot of people. And this doesn't even count the retirees or business owners who may have slightly less than $100k incomes, but millions in assets.
Or, to look at it another way, there are at least six entire counties with median HHIs of over $100k. If you live and work in one of those places, especially in one of the nicer towns or neighborhoods, everyone you know may very well be earning in that range or married to someone who is.
There are a lot of affluent people in this country.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
