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Financial Samurai is a POC and I think he's discussed being fat before. Most people in my area have a darker complexion and are overweight. Do you think the majority fits the profile here in the Bronx.
What's a POC? And why do people assume we know what all these acronyms mean?
These numbers seem to be reasonable for people born and raised in nyc, San Fran (where financial samurai is from) and la. Other areas incomes can be lower and they may have less.
I think there would need to be a lot of generous assumptions made - low to no student debt, getting a respectable job immediately at age 22, high wages.
I live in a poor part of Tennessee. These numbers are very high and would only probably be true for some business owners and a few senior executives and physicians.
You aren't getting these kinds of numbers on the W-2 salaries paid by major area employers.
I think there would need to be a lot of generous assumptions made - low to no student debt, getting a respectable job immediately at age 22, high wages.
I live in a poor part of Tennessee. These numbers are very high and would only probably be true for some business owners and a few senior executives and physicians.
You aren't getting these kinds of numbers on the W-2 salaries paid by major area employers.
Yeah exactly - these numbers are probably the norm in NYC rather than Tennessee or a lower wage northern city like Detroit, though there are a few outliers.
I'm not sure if he is counting individuals or couples. I know he's married, so my guess would be couples as I doubt many above average people have 5 Million+ NWs at 65. If it's double that then I am below average, but it's looking like my wife will be above average if we just divide by 2 when she hits 35.
This is probably ours, although any # before the 32/30 is just an estimate, I just know I had negative NW while I was in grad school ~ $20k and she had about positive $20k in NW at that point from Publix stock and her 401k she was accumulating while working at Publix.
Me/Her:
24/22: $0
25/23: $0
30/28: $125k
32/30: $345k (when we found FI and really started setting goals to save)
35/33: $725k
That's basically where we are now. I've gotten a bit lucky to be in a high paying career field in a very low cost of living area, so I have essentially geo-arbitraged as the FI people would say, plus we are very spend-conscious, we don't go out and just throw money around. We only spend money on things that we've actively decided we need or want.
I'm not sure if he is counting individuals or couples. I know he's married, so my guess would be couples as I doubt many above average people have 5 Million+ NWs at 65. If it's double that then I am below average, but it's looking like my wife will be above average if we just divide by 2 when she hits 35.
This is probably ours, although any # before the 32/30 is just an estimate, I just know I had negative NW while I was in grad school ~ $20k and she had about positive $20k in NW at that point from Publix stock and her 401k she was accumulating while working at Publix.
Me/Her:
24/22: $0
25/23: $0
30/28: $125k
32/30: $345k (when we found FI and really started setting goals to save)
35/33: $725k
That's basically where we are now. I've gotten a bit lucky to be in a high paying career field in a very low cost of living area, so I have essentially geo-arbitraged as the FI people would say, plus we are very spend-conscious, we don't go out and just throw money around. We only spend money on things that we've actively decided we need or want.
Well, good thing we don't live in a HCOL area then. A 4/2.5 2.5k sq ft house on 1/3rd of an acre in a neighborhood with good schools can be had for less than $300k where I live. We will never get to 5 million purposefully because 2 million in investments at a 3.5% SWR would be more than we spend now with 2 kids in daycare and a mortgage.
We'd start spending a lot more on travel, etc. at that point. But like I said, my wife is 2 years younger than me, so she'll get to count herself as above average and I'll be below average at 35 Either way, I'm happy with it because his assumptions were that you'd be working from 22. I got a PhD so I didn't get my first full time job until I was 28. He suggests they get to $429k over 13 years of work, I'll be 85% of the way there with just 7.
Yeah exactly - these numbers are probably the norm in NYC rather than Tennessee or a lower wage northern city like Detroit, though there are a few outliers.
I live in the NYC suburbs and believe me, these numbers are not the norm for the vast majority of people here. Housing costs and property taxes - and general cost of living - is so high that it's a small fraction of the population that can possibly amass this level of net worth. I think that in the 5 boroughs of NYC and its suburbs, these numbers would put you in the top 10 to 15 percent for sure. Way better than "above average."
I live in the NYC suburbs and believe me, these numbers are not the norm for the vast majority of people here. Housing costs and property taxes - and general cost of living - is so high that it's a small fraction of the population that can possibly amass this level of net worth. I think that in the 5 boroughs of NYC and its suburbs, these numbers would put you in the top 10 to 15 percent for sure. Way better than "above average."
I think these numbers are probably average in the Bronx and Eastern Brooklyn (Brownsville, City Line, etc) because the average rent is lower. I think some suburbs are also lower cost but the train / bus to get out of it would be very expensive.
An actuary married to a computer programmer residing in a de facto SRO or illegal basement apartment in a spread out area in the Bronx, or subleasing with NYCHA / Project residents, can save a decent chunk of change. Plus no need for a car. My piano student who drives Uber, pays 1700 for a 4 bedroom because he has a passel of kids.
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Either way, I'm happy with it because his assumptions were that you'd be working from 22. I got a PhD so I didn't get my first full time job until I was 28. He suggests they get to $429k over 13 years of work, I'll be 85% of the way there with just 7.
