Woo, made this here with all the ice on in the booth! 618k millenial millionaires out of 85m. age 23 to 37. the 1 percent!

https://www.cnbc.com/2019/10/17/heres-where-the-millennial-millionaires-live-around-the-us.html

Interesting. I wonder how many of those are self made.

A fidelity survey also claims that 88 percent are first generation wealth. From Dave Ramsey’s website 80 percent are self made. But I think the majority of them are lying. Ohai once made an excellent point that people with a good family often provide financial support to their child. The child will not see the support as a contribution by parents. For example Kylie Jenner considers herself self made, which is technically a hard argument to make considering their awesome tv show. So I guess we should define self made. Is it loosely defined as a person from the bottom 50 percent to a higher percentile? Or do you have to be some dirt poor orphan to be considered self made.

Who knows, like you said, it’s often a dishonest dataset. Making $1M in net worth by 37 in all honesty does not seem that crazy. I would assume anyone who went to IB/ER/PE/consulting/law/etc out of school is by default in that category and then in Cali you have the whole burgeoning tech scene which churns out millionaires on salary alone. Then you’ve obviously got the pron shops, wedding venue renters, etc.

Does the net worth number include their home? This actually matters here because if you are 34-37 and financially savvy you may have been purchasing a home in 2009-2010.

lol its definitely doable.

lets say 10% returns. with 16 years. that’s saving 27k per year, so about the same amt as maxing ira, 401k, hsa.

say 60000 post tax expenditures. you’re looking at an avg salary of 115k if you max all tax deferrals. which is about the avg tech salary in silicon valley.

here’s a funny article on a 120k comp eng. https://www.businessinsider.com/what-people-say-about-making-120000-in-silicon-valley-2016-6#but-if-you-already-own-a-house-here-you-could-live-comfortably-with-120000-a-year-10

dave ramsey survey actually says 20% are from business owners.

also its imp to note that 1m at 37 is actually late in the game in that bracket. the median for that age group is 30. so a 235k salary, right out of school. lol

Who the hell is making $120k a year as a comp engineer in silicon valley? Something is off, very low, very embarrassing.

https://dqydj.com/income-percentile-by-city-calculator/

80 percentile by income households in sf. and this is for a single dude. i’d say its pretty good! anyways its fair to say that san francisco has higher standards than new york!

I think you should assume any net worth calculation you see includes home equity, despite what you might see on AF.

Easiest way to define self made is probably just excluding anyone that exceeds some defined number of assets which was handed down to them. Obviously this would be just a blunt tool and, as has been discussed on AF, this is a much more nuanced point, but thinking in survey terms this would be the easiest way to bifurcate the sample into self made and not.

the people who dont think you should add home equity to net worth doesnt know how a balance sheet works.

Either that thing is wrong or most of the world is making a lot less than I thought they were. Also, the distribution really goes parabolic on those last few percent.

I seriously regret ever going into finance now. I’ve never cucked myself this bad before.