Average SD family 2000 vs 2010

[sobmaz]

[quote=CA renter][quote=AN]Interesting comment sobmaz. I personally would think I’m doing better than 10 years ago if my asset is 7x and $600k larger than it was 10 years ago. I wonder who else feel they’re not doing better than 10 years ago while sitting on an asset that’s 7x larger.

[/quote]

Yes!!! We have significantly more money (over 10X) today than 10 years ago, but also feel less comfortable about our finances.

Back then, we were looking at fairly regular raises, and no layoffs or wage/benefit cuts on the horizon. Back then, we didn’t have to fear the Federal Reserve’s determination to destroy our currency and wipe out all of our wealth. Back then, our friends and neighbors were fully employed, and most were looking forward to making more in the coming years…today, many of those people are unemployed, or under-employed, with some making less than they were 10 years ago, with much less job security to boot. Back then, healthcare costs were high, but nowhere near as high as they are today, which can destroy anyone who is unemployed or without insurance. God forbid you lose your job in your 50s (unlikely to find a new, comparable job at that age, and in this economy), and you have to make it another 5-10 years before you qualify for Medicare. That’s absolutely frightening, because it can wipe you out, even if you have a few hundred thousand in cash…and then what?

I don’t know a single person, personally, who feels better about the economy today than 10 years ago. Not one.[/quote]

My thoughts exactly, well put.

Another issue……. while the overall tax burden for the working class increases and plummets for those making over a million, the working class is increasingly told by Washington, you are on your own!

Threats to cut s.s. while we have the money to fund needless wars. Threats to cut medicare while we have the money to socialise losses for the wealthy while making sure profits are private.

You are darn right being 48 I feel less secure about my future than I did 10 years ago even though I have more in assets.

And,I am forced to increasingly take on more and more risk to earn a return on my assets which is in reality only covering the erosion of purchasing power. Forced to take excessive risk to stay even!

[CA renter]

Amen, sombaz. You’ve nailed it.

[CA renter]

Amen, sombaz. You’ve nailed it.

[CA renter]

Amen, sombaz. You’ve nailed it.

[CA renter]

Amen, sombaz. You’ve nailed it.

[CA renter]

Amen, sombaz. You’ve nailed it.

[an]

[quote=CA renter]
Yes, people in the tech industry got slammed hard; but most of the techies I know were doing it during the bubble, so were making massive amounts of income (relatively speaking), and some were smart enough to stockpile that money and were able to live off it when the bubble burst. Right now, they are at or below where they were before the bubble burst. I don’t know any techies who are better off today than they were during the tech bubble. Mind you, I probably know an older set of workers than you do.

One thing to consider is age, AN. If you were only graduating in 2000-ish, then it’s highly likely the past ten years would see the greatest income increases in your career life (barring crashes and other similar events). Most of us saw great earnings increases right after college because that’s when you are most mobile and are moving up the corporate ladder. There is a point though where that pretty much levels off, usually somewhere in your 30s to mid-40s. So, I think this might be skewing how we all look at the economy today vs. 10+ years ago. It depends on whether or not we were at the beginning of our careers then, or near the peak/plateau. For those who were near a plateau, the economy would probably tend to look a lot more bleak today than it did 10+ years ago.[/quote]
I doubt most techies were able to stash away those cash during the .com boom, else they would be retired before the .com crash. Most got caught up w/ it just like most got caught up w/ the RE bubble.

I don’t disagree with your 2nd paragraph. However, wasn’t that ALWAYS been the case? If that’s the case, where income flatten out after you enter your 40s, then to those who are in the mid to late 40s, the last 10 years will look worse, since income will stop rising or not rise as quickly. I don’t know very many people w/ 30-40 years experience to ask how they feel. I wonder how those who are at the peak/plateau 10 and 20 years ago answer this question. Maybe they would say the same thing you are saying today.

I never counted on SS to be there when I retire, so it never made an impact on my personal finance calculation. I hope I’m as fortunate as you CAR and increase my asset 10x in 10 years. That would definitely be enough for me to call it quit and retire.

[an]

[quote=CA renter]
Yes, people in the tech industry got slammed hard; but most of the techies I know were doing it during the bubble, so were making massive amounts of income (relatively speaking), and some were smart enough to stockpile that money and were able to live off it when the bubble burst. Right now, they are at or below where they were before the bubble burst. I don’t know any techies who are better off today than they were during the tech bubble. Mind you, I probably know an older set of workers than you do.

One thing to consider is age, AN. If you were only graduating in 2000-ish, then it’s highly likely the past ten years would see the greatest income increases in your career life (barring crashes and other similar events). Most of us saw great earnings increases right after college because that’s when you are most mobile and are moving up the corporate ladder. There is a point though where that pretty much levels off, usually somewhere in your 30s to mid-40s. So, I think this might be skewing how we all look at the economy today vs. 10+ years ago. It depends on whether or not we were at the beginning of our careers then, or near the peak/plateau. For those who were near a plateau, the economy would probably tend to look a lot more bleak today than it did 10+ years ago.[/quote]
I doubt most techies were able to stash away those cash during the .com boom, else they would be retired before the .com crash. Most got caught up w/ it just like most got caught up w/ the RE bubble.

I don’t disagree with your 2nd paragraph. However, wasn’t that ALWAYS been the case? If that’s the case, where income flatten out after you enter your 40s, then to those who are in the mid to late 40s, the last 10 years will look worse, since income will stop rising or not rise as quickly. I don’t know very many people w/ 30-40 years experience to ask how they feel. I wonder how those who are at the peak/plateau 10 and 20 years ago answer this question. Maybe they would say the same thing you are saying today.

I never counted on SS to be there when I retire, so it never made an impact on my personal finance calculation. I hope I’m as fortunate as you CAR and increase my asset 10x in 10 years. That would definitely be enough for me to call it quit and retire.

[an]

[quote=CA renter]
Yes, people in the tech industry got slammed hard; but most of the techies I know were doing it during the bubble, so were making massive amounts of income (relatively speaking), and some were smart enough to stockpile that money and were able to live off it when the bubble burst. Right now, they are at or below where they were before the bubble burst. I don’t know any techies who are better off today than they were during the tech bubble. Mind you, I probably know an older set of workers than you do.

One thing to consider is age, AN. If you were only graduating in 2000-ish, then it’s highly likely the past ten years would see the greatest income increases in your career life (barring crashes and other similar events). Most of us saw great earnings increases right after college because that’s when you are most mobile and are moving up the corporate ladder. There is a point though where that pretty much levels off, usually somewhere in your 30s to mid-40s. So, I think this might be skewing how we all look at the economy today vs. 10+ years ago. It depends on whether or not we were at the beginning of our careers then, or near the peak/plateau. For those who were near a plateau, the economy would probably tend to look a lot more bleak today than it did 10+ years ago.[/quote]
I doubt most techies were able to stash away those cash during the .com boom, else they would be retired before the .com crash. Most got caught up w/ it just like most got caught up w/ the RE bubble.

I don’t disagree with your 2nd paragraph. However, wasn’t that ALWAYS been the case? If that’s the case, where income flatten out after you enter your 40s, then to those who are in the mid to late 40s, the last 10 years will look worse, since income will stop rising or not rise as quickly. I don’t know very many people w/ 30-40 years experience to ask how they feel. I wonder how those who are at the peak/plateau 10 and 20 years ago answer this question. Maybe they would say the same thing you are saying today.

I never counted on SS to be there when I retire, so it never made an impact on my personal finance calculation. I hope I’m as fortunate as you CAR and increase my asset 10x in 10 years. That would definitely be enough for me to call it quit and retire.

[an]

[quote=CA renter]
Yes, people in the tech industry got slammed hard; but most of the techies I know were doing it during the bubble, so were making massive amounts of income (relatively speaking), and some were smart enough to stockpile that money and were able to live off it when the bubble burst. Right now, they are at or below where they were before the bubble burst. I don’t know any techies who are better off today than they were during the tech bubble. Mind you, I probably know an older set of workers than you do.

One thing to consider is age, AN. If you were only graduating in 2000-ish, then it’s highly likely the past ten years would see the greatest income increases in your career life (barring crashes and other similar events). Most of us saw great earnings increases right after college because that’s when you are most mobile and are moving up the corporate ladder. There is a point though where that pretty much levels off, usually somewhere in your 30s to mid-40s. So, I think this might be skewing how we all look at the economy today vs. 10+ years ago. It depends on whether or not we were at the beginning of our careers then, or near the peak/plateau. For those who were near a plateau, the economy would probably tend to look a lot more bleak today than it did 10+ years ago.[/quote]
I doubt most techies were able to stash away those cash during the .com boom, else they would be retired before the .com crash. Most got caught up w/ it just like most got caught up w/ the RE bubble.

I don’t disagree with your 2nd paragraph. However, wasn’t that ALWAYS been the case? If that’s the case, where income flatten out after you enter your 40s, then to those who are in the mid to late 40s, the last 10 years will look worse, since income will stop rising or not rise as quickly. I don’t know very many people w/ 30-40 years experience to ask how they feel. I wonder how those who are at the peak/plateau 10 and 20 years ago answer this question. Maybe they would say the same thing you are saying today.

I never counted on SS to be there when I retire, so it never made an impact on my personal finance calculation. I hope I’m as fortunate as you CAR and increase my asset 10x in 10 years. That would definitely be enough for me to call it quit and retire.

[an]

[quote=CA renter]
Yes, people in the tech industry got slammed hard; but most of the techies I know were doing it during the bubble, so were making massive amounts of income (relatively speaking), and some were smart enough to stockpile that money and were able to live off it when the bubble burst. Right now, they are at or below where they were before the bubble burst. I don’t know any techies who are better off today than they were during the tech bubble. Mind you, I probably know an older set of workers than you do.

One thing to consider is age, AN. If you were only graduating in 2000-ish, then it’s highly likely the past ten years would see the greatest income increases in your career life (barring crashes and other similar events). Most of us saw great earnings increases right after college because that’s when you are most mobile and are moving up the corporate ladder. There is a point though where that pretty much levels off, usually somewhere in your 30s to mid-40s. So, I think this might be skewing how we all look at the economy today vs. 10+ years ago. It depends on whether or not we were at the beginning of our careers then, or near the peak/plateau. For those who were near a plateau, the economy would probably tend to look a lot more bleak today than it did 10+ years ago.[/quote]
I doubt most techies were able to stash away those cash during the .com boom, else they would be retired before the .com crash. Most got caught up w/ it just like most got caught up w/ the RE bubble.

I don’t disagree with your 2nd paragraph. However, wasn’t that ALWAYS been the case? If that’s the case, where income flatten out after you enter your 40s, then to those who are in the mid to late 40s, the last 10 years will look worse, since income will stop rising or not rise as quickly. I don’t know very many people w/ 30-40 years experience to ask how they feel. I wonder how those who are at the peak/plateau 10 and 20 years ago answer this question. Maybe they would say the same thing you are saying today.

I never counted on SS to be there when I retire, so it never made an impact on my personal finance calculation. I hope I’m as fortunate as you CAR and increase my asset 10x in 10 years. That would definitely be enough for me to call it quit and retire.

[CA renter]

You’re right, most techies did not save up, but some did. I had one particularly frugal friend who was able to live off his money for about 2-3 years while unemployed, and then for a couple more years while he took on lower-paying jobs and worked his way back up again. He’s had to live in four different states over the past ~5 years to get back up there, though.

Yes, you might think that 10X assets would let you retire, but when the Fed is destroying your purchasing power they way they are today, you’ll see how tenuous that feeling of security is. IMHO, this currency debasement is one of the most frightening aspects of our economy today.

[CA renter]

You’re right, most techies did not save up, but some did. I had one particularly frugal friend who was able to live off his money for about 2-3 years while unemployed, and then for a couple more years while he took on lower-paying jobs and worked his way back up again. He’s had to live in four different states over the past ~5 years to get back up there, though.

Yes, you might think that 10X assets would let you retire, but when the Fed is destroying your purchasing power they way they are today, you’ll see how tenuous that feeling of security is. IMHO, this currency debasement is one of the most frightening aspects of our economy today.

[CA renter]

You’re right, most techies did not save up, but some did. I had one particularly frugal friend who was able to live off his money for about 2-3 years while unemployed, and then for a couple more years while he took on lower-paying jobs and worked his way back up again. He’s had to live in four different states over the past ~5 years to get back up there, though.

Yes, you might think that 10X assets would let you retire, but when the Fed is destroying your purchasing power they way they are today, you’ll see how tenuous that feeling of security is. IMHO, this currency debasement is one of the most frightening aspects of our economy today.

[CA renter]

You’re right, most techies did not save up, but some did. I had one particularly frugal friend who was able to live off his money for about 2-3 years while unemployed, and then for a couple more years while he took on lower-paying jobs and worked his way back up again. He’s had to live in four different states over the past ~5 years to get back up there, though.

Yes, you might think that 10X assets would let you retire, but when the Fed is destroying your purchasing power they way they are today, you’ll see how tenuous that feeling of security is. IMHO, this currency debasement is one of the most frightening aspects of our economy today.

[Author]

Posts