Go Back  CorvetteForum - Chevrolet Corvette Forum Discussion > Off Topic > Politics, Religion & Controversy
Reload this Page >

Number of Fidelity 401(k) millionaires hits record high

Politics, Religion & Controversy Politics | Religion | Controversy (Non-Corvette)

Number of Fidelity 401(k) millionaires hits record high

 
Old 08-16-2018, 11:51 AM
  #21  
jw38
CF Senior Member
 
jw38's Avatar
 
Member Since: Jan 2002
Location: Spring Branch TX
Posts: 16,380
Thanked 12 Times in 9 Posts
St. Jude Donor '14,'18
Default

Originally Posted by Frankie the Fink View Post
And when there’s the inevitable 20% correction those same newbies will be cramping their pants.
Originally Posted by SouthernSon View Post
Not necessarily. Most of us are in for the long term because we know that no correction lasts very long. Those that sell lose.
Originally Posted by morepwr View Post
Yep. Ignore the day to day stuff and keep focus on long term.
Truer words have never been spoken.
jw38 is offline  
Old 08-16-2018, 11:59 AM
  #22  
Factoid
CF Senior Member
 
Factoid's Avatar
 
Member Since: Jul 2018
Location: San Antonio, TX/Mahopac, NY
Posts: 2,045
Thanked 449 Times in 353 Posts
Default

Originally Posted by Vettmann17 View Post
I wonder how many of those millionaires are dems, then I wonder if they will vote to undo all the changes President Trump has done to help them become millionaires.....HMMM????

We already know a lot of them hate President Trump more than they love their country, however it will be interesting to see if they hate President Trump more than they love their money. When it comes to elections MONEY TALKS AND BULLSHIT WALKS.
They’ve now convinced themselves that this is all due to Obama’s policies and they need to vote in more democrats to keep it going. The delusion is high.

Speaking of high, the real reason liberal states have been legalizing cannabis is to keep the populace from remembering their horrible economic policies, insane taxes, and oppressive regulation.
Factoid is offline  
Old 08-16-2018, 12:00 PM
  #23  
Ragtop_Rob
CF Senior Member
 
Ragtop_Rob's Avatar
 
Member Since: Jan 2003
Location: Freestate Corvette Club! Elkridge, MD
Posts: 14,563
Thanks: 0
Thanked 3 Times in 3 Posts
St. Jude Donor '17
Default

I have a Fidelity 401k, it is by FAR the smartest money thing i have ever done other than maybe buying my house when and where I did. They have been rocking for me. Now - THANKS to the Trump tax cuts, the company i work for is upping their contribution by 2% so it will be even sweeter.
Ragtop_Rob is offline  
Old 08-16-2018, 12:05 PM
  #24  
Jughead
Senior Member since 1492
Support Corvetteforum!
 
Jughead's Avatar
 
Member Since: Aug 2000
Location: 1.Just because I'm paranoid doesn't mean people aren't out to get me... 2.Build the WALL!
Posts: 72,733
Thanked 110 Times in 87 Posts
St. Jude Donor '09
Default

My etrade account is up 60% since November 2016



Jughead is offline  
Old 08-16-2018, 12:45 PM
  #25  
pdiddy972
CF Senior Member
 
pdiddy972's Avatar
 
Member Since: Jan 2014
Location: Dallas, TX
Posts: 9,825
Thanked 333 Times in 219 Posts
Default

Originally Posted by Chevy Guy View Post
How is "net worth" calculated? I think that vary's widely as well.
http://time.com/money/4959540/how-ma...gemini-report/

In 2016, the U.S. had 4.8 million millionaires, according to the annual World Wealth Report compiled by Capgemini, a consulting firm. That’s a 7.6 percent increase from 2015, when the U.S. had 4.5 million, and a large jump from 2.5 million living in the U.S. in 2008.

“Since the financial crisis, there’s been a pretty strong headwind,” Bill Sullivan, global head of financial services market intelligence at Capgemini, told MONEY. “Equities have grown strong, the real estate market has improved and the economy is slowly growing.”

Indeed, these millionaires, or “high net worth individuals (HNWIs),” as the report calls them, have been able to work with their wealth managers to maximize their returns, Sullivan said. These individuals are “defined as those having investable assets of US$1 million or more, excluding primary residence, collectables, consumables and consumer durables,” according to the report.
With 350 million people that's barely 1% individuals as millionaires, when home equity is excluded. Sure the bull market may have improved that some, but it certainly hasn't more than quadrupled it (3-4% was the number I'd seen elsewhere).

Last edited by pdiddy972; 08-16-2018 at 01:02 PM.
pdiddy972 is online now  
Old 08-16-2018, 12:51 PM
  #26  
GhostTX
CF Senior Member
 
GhostTX's Avatar
 
Member Since: Apr 2002
Location: Great State of Texas
Posts: 8,173
Thanked 0 Times in 0 Posts
Default

Originally Posted by DB Cooper View Post
Think how many there'd be if we could put another 12.6% of gross into our 401(k)s....
Dare to dream what it be like if both your and your employer's SSN contributions went to a 401(k). And that amount would be eligible to your heirs!
GhostTX is online now  
Old 08-16-2018, 01:17 PM
  #27  
BoostManiac
CF Senior Member
 
BoostManiac's Avatar
 
Member Since: Jan 2001
Location: Deplorable 160 Proof Olde Anglo-Saxon in Atlanta, GA
Posts: 35,937
Thanked 16 Times in 13 Posts
Default

Originally Posted by Roothog69 View Post
I'm a 1/2 millionaire, damn that doesn't sound impressive at all...
Depends on your age.
BoostManiac is online now  
Old 08-16-2018, 02:07 PM
  #28  
Krystal
CF Senior Member
 
Krystal's Avatar
 
Member Since: Jan 2003
Posts: 17,856
Thanks: 0
Thanked 59 Times in 47 Posts
Default

Originally Posted by 1%r View Post
having a net worth of a million used to be something to crow about, those days have since passed
Definitely.........but Net Worth at a Million isn't the same as LIQUID.

The sad reality of it is this.

For decades now......Americans have been sold a....... LIE!!!

Real Estate and more specifically,the house they live in is an "investment" and one that up until 2008 provided some perspective......was supposed to be a "no brainer" winner.

The result of this faulty thinking is an American population that has far too much of their "net worth" in that roof over head. It's better viewed as a "life style" choice.......and it can be an expensive choice if you go too big vs your income. The opportunity cost LOST to that home it ENORMOUS when you see a 50 year old couple with a paid off or very near paid off mortgage on an expensive property and virtually none of the expected savings or investment you want to see on their personal balance sheet for retirement or even just an unexpected job loss.

I'm retired myself these days but I remember only too well the number of people who'd enter my office in their 50s and wanting help with retirement planning for the first time. I'd ask why they waited so long......but I really never had to. I know how this story goes. IN their 20s they weren't thinking about it. They were getting married and having kids. IN their 30s it was a home and kids .....in their 40s it was college expenses, mortgage and maybe a little luxury and travel they'd put off while raising small kids........now in their 50s and retirement inst fuzzy concept a long way out in the future.

The sad reality is at this point they own a house and STUFF but have very little to speak of in savings and investment. I was always doing a lot of hand holding and consoling with the couple who come to that inevitable realization that they'd already squandered and lost their most valuable wealth building asset.......TIME!!

Start early and do it consistently it's a breeze........wait start late and some pretty painful choices have to be made.

What is really lacking in our society isn't an Elizabeth Warren solution.........it's a financial education and wealth building potential of owning a business.

For most of us that won't mean buying or starting an entire business of our own....... it's usually done through the ownership of a big diversified portfolio of fractional ownership of existing business.....but works for the same reason the ownership of a business in it's entirety does. If it's growing revenue over time and profitable.......it's never long before your money is making more than you can yourself.

That along with the rule of law and property protections guaranteed in the US Constitution......really should be TAUGHT in public school. It's a crime that we perfected Capitalism and ownership rights in this country and yet so small a proportion of us all chooses to participate. That fact alone is why a MISTAKE like Bernie Sanders almost happened and an Elizabeth Warren threatens to happen in the future.

NOBODY who gets it........isn't DISGUSTED and more than just little FRIGHTENED by the rise to serious contender in a man like Bernie or a woman like Warren.
Krystal is offline  
Old 08-16-2018, 02:25 PM
  #29  
BuckeyeZ06
CF Senior Member
 
BuckeyeZ06's Avatar
 
Member Since: Jan 2002
Location: Canfield Ohio
Posts: 4,955
Thanks: 0
Thanked 47 Times in 30 Posts
Default

Originally Posted by Krystal View Post
Definitely.........but Net Worth at a Million isn't the same as LIQUID.

The sad reality of it is this.

For decades now......Americans have been sold a....... LIE!!!

Real Estate and more specifically,the house they live in is an "investment" and one that up until 2008 provided some perspective......was supposed to be a "no brainer" winner.

The result of this faulty thinking is an American population that has far too much of their "net worth" in that roof over head. It's better viewed as a "life style" choice.......and it can be an expensive choice if you go too big vs your income. The opportunity cost LOST to that home it ENORMOUS when you see a 50 year old couple with a paid off or very near paid off mortgage on an expensive property and virtually none of the expected savings or investment you want to see on their personal balance sheet for retirement or even just an unexpected job loss.

I'm retired myself these days but I remember only too well the number of people who'd enter my office in their 50s and wanting help with retirement planning for the first time. I'd ask why they waited so long......but I really never had to. I know how this story goes. IN their 20s they weren't thinking about it. They were getting married and having kids. IN their 30s it was a home and kids .....in their 40s it was college expenses, mortgage and maybe a little luxury and travel they'd put off while raising small kids........now in their 50s and retirement inst fuzzy concept a long way out in the future.

The sad reality is at this point they own a house and STUFF but have very little to speak of in savings and investment. I was always doing a lot of hand holding and consoling with the couple who come to that inevitable realization that they'd already squandered and lost their most valuable wealth building asset.......TIME!!

Start early and do it consistently it's a breeze........wait start late and some pretty painful choices have to be made.

What is really lacking in our society isn't an Elizabeth Warren solution.........it's a financial education and wealth building potential of owning a business.

For most of us that won't mean buying or starting an entire business of our own....... it's usually done through the ownership of a big diversified portfolio of fractional ownership of existing business.....but works for the same reason the ownership of a business in it's entirety does. If it's growing revenue over time and profitable.......it's never long before your money is making more than you can yourself.

That along with the rule of law and property protections guaranteed in the US Constitution......really should be TAUGHT in public school. It's a crime that we perfected Capitalism and ownership rights in this country and yet so small a proportion of us all chooses to participate. That fact alone is why a MISTAKE like Bernie Sanders almost happened and an Elizabeth Warren threatens to happen in the future.

NOBODY who gets it........isn't DISGUSTED and more than just little FRIGHTENED by the rise to serious contender in a man like Bernie or a woman like Warren.
Damn, Krystal, you are knocking the ball out of the park today.

TIME is our greatest ally, or our greatest foe.

I was fortunate that I listened to my father fairly young in life 22, then when I got into the business at 24, REALLY started listening to him.

It is sad that so few people take advantage of what they can do in this country. It is all there for the taking...
BuckeyeZ06 is online now  
Old 08-16-2018, 02:27 PM
  #30  
laramr
CF Senior Member
 
laramr's Avatar
 
Member Since: Jan 2001
Location: Elkton MD
Posts: 1,273
Thanks: 0
Thanked 0 Times in 0 Posts
Default

I started my career in 1983, maybe a couple of years after the start of the 410k plans. Fortunately my company, where I still sit 35 years later, offered a plan that I dove into. I looked at it as another tax and never even though of dialing back contributions. I have kept it invested aggressively (100% equities with a roughly 70/30 domestic /international mix ) through all of the ups and downs and the results have been quite impressive. Having come from humble roots I would have never guessed I'd be in this position. Tremendous benefit considering I also get a pretty nice pension (though it got frozen a few years ago). What's amazing is that there are many who convince themselves they can't afford to play and pass up on the tax savings and the company matched contributions.
laramr is offline  
Old 08-16-2018, 02:50 PM
  #31  
Frankie the Fink
CF Senior Member
Support Corvetteforum!
 
Frankie the Fink's Avatar
 
Member Since: Aug 2007
Location: Orlando Metro Area Florida
Posts: 47,317
Thanked 3,335 Times in 2,647 Posts
Default

Originally Posted by 1%r View Post
having a net worth of a million used to be something to crow about, those days have since passed
It still makes you a 6%er....

I'm a 3%er and closing in on 2%; which doesn't make me sad or glad as I already have the lifestyle I want....my kid will be happy though...

Frankie the Fink is online now  
Old 08-16-2018, 03:00 PM
  #32  
68/70Vette
CF Senior Member
 
Member Since: Jul 2004
Location: Torrance California
Posts: 24,703
Thanked 10 Times in 8 Posts
Default

Originally Posted by 1%r View Post
having a net worth of a million used to be something to crow about, those days have since passed
Consider that money in an IRA is untaxed......... money from an IRA only becomes real money after withdrawn and taxed. For someone in California, $1 million of IRA money only becomes $500,000 in real money after state and federal taxes. (assuming withdrawals in large amounts).

Last edited by 68/70Vette; 08-16-2018 at 03:01 PM.
68/70Vette is offline  
Old 08-16-2018, 03:13 PM
  #33  
GhostTX
CF Senior Member
 
GhostTX's Avatar
 
Member Since: Apr 2002
Location: Great State of Texas
Posts: 8,173
Thanked 0 Times in 0 Posts
Default

We had a millennial that started with us and we had to explain to him what a 401(k) was. He didn't know how it worked or the benefit. Once we explained it to him and he "got it", he was very proud of contributing and enjoyed the ROI on it. He commented to us, why don't they teach him about that at school.
GhostTX is online now  
Old 08-16-2018, 03:14 PM
  #34  
GhostTX
CF Senior Member
 
GhostTX's Avatar
 
Member Since: Apr 2002
Location: Great State of Texas
Posts: 8,173
Thanked 0 Times in 0 Posts
Default

Originally Posted by Frankie the Fink View Post
It still makes you a 6%er....

I'm a 3%er and closing in on 2%; which doesn't make me sad or glad as I already have the lifestyle I want....my kid will be happy though...
Your kid is lucky. My dad already told me he's going to blown through all of it before he passes. :P
GhostTX is online now  
Old 08-16-2018, 03:15 PM
  #35  
GhostTX
CF Senior Member
 
GhostTX's Avatar
 
Member Since: Apr 2002
Location: Great State of Texas
Posts: 8,173
Thanked 0 Times in 0 Posts
Default

Originally Posted by 68/70Vette View Post
Consider that money in an IRA is untaxed......... money from an IRA only becomes real money after withdrawn and taxed. For someone in California, $1 million of IRA money only becomes $500,000 in real money after state and federal taxes. (assuming withdrawals in large amounts).
Sounds to me like you picked the wrong state to retire in.
GhostTX is online now  
Old 08-16-2018, 03:17 PM
  #36  
Frankie the Fink
CF Senior Member
Support Corvetteforum!
 
Frankie the Fink's Avatar
 
Member Since: Aug 2007
Location: Orlando Metro Area Florida
Posts: 47,317
Thanked 3,335 Times in 2,647 Posts
Default

True - and net worth is a funny thing.....some don't realize their Traditional IRA/401K is "committed" money for a future expense and tax deferred -- not tax exempt.

I have a 7 digit portfolio with 3/4 of it tax free including a Roth IRA.... Moreover, the money is untapped because the wife and I live off two Federal defined benefit pensions and two social security monthly checks and zero debt...

So an apples-to-apples comparison of somebody with $1MM in a taxable IRA they HAVE to maintain for future use becomes a bit tricky... My top-shelf health premiums are $400/month for the wife and ...if a retiree has to pay $1,700/month that's a big dent in what his committed funds can be used for.

To wit, you can have a $1MM portfolio but due to exogenous circumstances live like someone with $4MM-$5MM in an IRA...

Not to brag but just to understand that getting giddy over a nice slug of money in a tax-deferred retirement fund might need some qualifications...

Last edited by Frankie the Fink; 08-16-2018 at 03:21 PM.
Frankie the Fink is online now  
Old 08-16-2018, 04:01 PM
  #37  
pdiddy972
CF Senior Member
 
pdiddy972's Avatar
 
Member Since: Jan 2014
Location: Dallas, TX
Posts: 9,825
Thanked 333 Times in 219 Posts
Default

Originally Posted by BuckeyeZ06 View Post
Damn, Krystal, you are knocking the ball out of the park today.

TIME is our greatest ally, or our greatest foe.

I was fortunate that I listened to my father fairly young in life 22, then when I got into the business at 24, REALLY started listening to him.

It is sad that so few people take advantage of what they can do in this country. It is all there for the taking...
Reminds me of the adage "your 50's are when a lifetime of habits either starts catching up to you, or starts paying off"
pdiddy972 is online now  
Old 08-16-2018, 04:02 PM
  #38  
Dan47
CF Senior Member
 
Dan47's Avatar
 
Member Since: Dec 2011
Posts: 6,573
Thanked 0 Times in 0 Posts
Default





If the U.S. and other western powers spend/print enough, we'll all be rich! lol

Last edited by Dan47; 08-16-2018 at 04:06 PM.
Dan47 is online now  
Old 08-16-2018, 10:46 PM
  #39  
GCD1962
CF Senior Member
 
Member Since: Feb 2004
Location: CT
Posts: 13,671
Thanked 69 Times in 64 Posts
Default

Today's $1 million is yesterdays $100,000. It's all relative
GCD1962 is online now  
Old 08-16-2018, 11:03 PM
  #40  
Platoface
CF Senior Member
 
Platoface's Avatar
 
Member Since: Dec 2002
Location: Donald Trump is an American hero. AR
Posts: 50,193
Thanked 6 Times in 5 Posts
St. Jude Donor '11
Default

I’ll be just fine no matter what.

live well beneath my means. 2 houses, one close to paid off, 3 newer vehicles all paid off. Money in the bank, investments, 2 well funded 401ks. The wife and I have 2 low stress jobs that pay well.

Live in low low cost part of the country. Good friends, 4 vacations a year, Golf 3 times a week. Stay active, good health, great wife. I couldn’t ask God for more.

Last edited by Platoface; 08-16-2018 at 11:04 PM.
Platoface is offline  

Thread Tools
Search this Thread
Quick Reply: Number of Fidelity 401(k) millionaires hits record high


Sponsored Ads
Vendor Directory

Contact Us - About Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service

© 2019 MH Sub I, LLC dba Internet Brands

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.
 
  • Ask a Question
    Get answers from community experts
Question Title:
Description:
Your question will be posted in: