Is this right?

GreenRiverGatorz said:

DerekJohnson said:

I feel like the middle class is vanishing. I have no numbers to back it up but just what I sense around me.

Lol, no offense Derek, but no "feelings" needed. The middle class vanishing is one of the most quantifiable and striking trends of the last 30 years.

It had to be sarkasm. Either that or the timcast, milo, rush, and Alex haven’t been covering economis.

Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.

You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.

Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”

Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim

doogie said:

Father Thankful praised God and told a funny story about GG that drew Big belly laughs from almost everyone in the room. Everyone that is except Caren.

You see while Father Thankful was beyond thankful and the two brothers both in disbelief at the size of their unexpected checks, could not contain themselves thanking Suave for his foresight, expertise and loyalty to GG, Caren felt much differently.

Caren wondered out loud why Father Thankful got so much and why Suave was “””supposedly””” doing this for free? It was WRONG. All wrong and she was going to get to the bottom of it, grabbed her check and while storming out of the room snapped, “Don’t get used to that money Father because a big share of that is MINE and I intend to get what’s coming to me!”

Undeterred, Suave, eased all tension and refocused everyone back onto GG her generosity and all agreed, God does work in mysterious ways and on His tim

I think I’m going to be Caren here in a few years. FYFMFE

doogie said:

spuden said:

No, it’s not right.

The chart you included is slightly misleading, as it only captures accounts managed by Fidelity. It doesn’t capture 401k, IRA and other defined contribution (e.g. 403b) accounts managed by Vanguard, Schwab, TD Ameritrade, the Thrift Savings Plan, etc.

Disagree. America is House rich which is why homeowners and small re investors are about to get squeezed in Washington state and I’d imagine every blue state in the country. The report is from fidelity, the data is comprehensive. You 401(k)/IRA Millionares out there are not particularly common.

I met a guy in Lauralhurst(?) about three years ago. Some property tax issue was in the news, I can’t remember which one, he casually mentions the thousands he’s about to get jacked and laughed it off. He was asked if he had a limit where it’s “too much” Nope. Not at all. The way he looked at it, whatever was happening in Seattle appreciation wise far outweighed the amount he was getting hit for and although it would eventually cause him a cash flow issue, he was confident the market would always lend against his rising equity to fund their need for increasing property tax.

You could very well be correct in your premise that America is house rich and lacking in investment wealth. But, the data cited by Fidelity is not comprehensive and inclusive of other investment advisors or brokers. The chart and data from which the chart is derived include only Fidelity accounts. In addition, since it is not per person, there may be people with retirement assets in many different accounts, like 200k in a traditional IRA, 400k in a Roth IRA, and 500k in a 401k, all at Fidelity. Since it’s by account and not investor, such a person would not be included as a 401k/IRA millionaire according to Fidelity’s criteria.

While I believe there are probably a lot of Gen X that need to save more, from my circle of friends I literally know no one not maxing 401k contributions to the individual IRS limit of $19,500. That adds up to reasonably significant household wealth in a 10 year bull market with a working spouse who also maxes the 401k contribution.

I don’t live in Seattle and haven’t since I graduated from UW. I live in DC and it seems to have similar real estate prices to Seattle at the present time. DC proper property appreciation has been pretty significant over the last 10-15 years. With certain gentrifying areas appreciating at warp speed.