I like the quote someone posted a while back,every time I fill up my car it goes up in value,2.5 mill is only a number getting there is the hard part..
Your net worth.
- Thread starter Richard Feynman
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I like the quote someone posted a while back,every time I fill up my car it goes up in value,2.5 mill is only a number getting there is the hard part..
damn, only another few thousand and ill finally go from lower class, to middle class !!
I know that feeling. When I put my bike in the back of my Astra it quadruples in value!
pinkboy
Yes there is Geoff. Go buy yourself a choccy frog for Easter and then you'll slot right in.
As an exercise in frugality, I'm following the example of a departed member and buying my choccy frog in the after Easter sale at the bargain shop. Those dates are just a guide, right?
45c for a frog will keep me in no investor's land.
This poll measures the assets and does not include the assets which have been converted to current annuities. At best it shows an understatement of one's financial worth.
Wouldn't the value of an annuity be an asset?
The poll is nothing serious. Excluding the value of a PPOR can also give a skewed result.
This poll measures the assets and does not include the assets which have been converted to current annuities. At best it shows an understatement of one's financial worth.
Annuities can be converted to approximate present value lump sum equivalents in order to count them as assets.
Can't see why not.
Sounds about right.
If this is true, what percentage does $2.5m put you at? 2%? 5%? 10%?
Who cares? Why compare to others?
Based on Australian bureau of stats findings, at 2.5 mil net worth, you are on the verge of making it into the top 5%.
http://www.abs.gov.au/ausstats/[email protected]&prodno=6554.0&issue=2011%9612&num=&view=
The ABS reference provides data by quintiles and deciles.
The HILDA study provides:
Wealth in Australia, as in other countries, is very unequally distributed, and indeed much more so than income. The wealthiest 10 per cent of households have a mean net worth of $1.56 million, with the median being $1.19 million. The wealthiest 5 per cent actually average $2.15 million, with a median of $1.65 million. To be precise, 7.0 per cent of households have net wealth over $1 million. One can be sure, though, that most of them would not regard themselves as millionaires.
Remember this is based on households, but the SS poll is based on net worth per person. Members qualifying for the top scale of the SS poll, if a couple, could be in the top 2%.
I made this for fun. Then I thought I ought to share it:
It's a bit lumpy due to valuations.
I joined 702 days ago.
It's a bit lumpy due to valuations.
I joined 702 days ago.
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A good exercise. Something I did 20 years ago.
No it's not, it just appears lumpy because your vertical scale is so small. Increase the scale up to a decent size and the line will become flat again. The lumps and variations will disappear.
Change the vertical scale like that another 3 times as the decades tick by and you'll not notice the variations in the first 5 years. It will just appear to be one flat horizontal line.
The miracle of compounding interest always occurs in the last few years.
No it's not, it just appears lumpy because your vertical scale is so small. Increase the scale up to a decent size and the line will become flat again. The lumps and variations will disappear.
Change the vertical scale like that another 3 times as the decades tick by and you'll not notice the variations in the first 5 years. It will just appear to be one flat horizontal line.
The miracle of compounding interest always occurs in the last few years.
