are you in the 1%- DU net worth

[rdking647]

Poll question: are you in the 1%- DU net worth

is anyone here in the top 1%? bottom 1% etc... whats your total net worth (total assets - total liabilities)

[tblue]

1. Is that the measure? "total net worth"?

Just asking cuz I don't know.

[dkf]

3. The value of everything you own. Real estate, investments, savings.

Subtracting debts of course.

[rdking647]

4. im not sure what the true measure is

but if you have a high net worth and a lot of your income comes from capital gains its possible you income is low (bad stock market year) even though you have 5 million in the bank

[frazzled]

9. You can be living on nothing but Social Security and have high "net worth"

Someone who bought their home in 1970 for $75,000 and it is now worth $600,000, but who can barely pay the property taxes on it may on paper (together with retirement savings, which they are keeping for the day they have to pay it all to a nursing home or another 20 years of life) may be struggling but have a near million dollars of net worth.

This is not the 1%.

[uppityperson]

18. Exactly. And that home "worth" is what is may be assessed for, not what it might actually sell

for if they needed to. A home is worth only that which someone actually pays money to buy it. Unfortunately there are too many struggling to keep up with increasing property taxes on it's assumed assessed value.

They could sell it for much less, most likely, but then it isn't "worth" that $600,000.

This is not the 1%.

[FrodosPet]

12. No car, no real estate no investments, $2 in the bank

$15,000 in medical bills, $7,000 in student loans

I would count that as less than zero.

[leveymg]

2. Chances are, if you know our real net worth you're actually very rich or very poor.

Therefore, you probably won't get a large number of responses to that question here.

[Nye Bevan]

15. People in the middle don't know their savings account balance?

And never look at their 401k statements?

Unusual theory.

[leveymg]

34. Most of them don't know how deeply in the red they are.

Until they're confronted with debt collection, garnishments, or foreclosure.

[HappyMe]

5. We don't really

own much. Computer, tv and the ancient van. We really don't need much. :shrug:
We don't have any credit cards.

[Puzzledtraveller]

11. same here

and I'm barely above the 25 mark, I do well enough for myself and I'm content with that.

[Kennah]

6. I'm in 0 to 9,999 - Most of that is our minivan

Upside down mortgage and IRA savings completely wiped out.

If I sold all my guns to licensed dealers, I could make a few grand, and that's my near term plan. If I were willing to sell them along the U.S. border, I could probably make five times as much.

[Aerows]

7. I want money in the people's pockets

So they can visit my small business. The billionaires? They won't ever visit my store.

[stevenleser]

8. This is good but what would also be interesting is to see that sans the house you live in

if in fact you own your home.

[Honeycombe8]

37. Yeah, my house as an asset adds a LOT to my net worth. But it's not

really money in the bank, so to speak. It's where I live. It's not a piggy bank. It's value is not measured in dollars. Even if I sold it, I'd have to spend $$$ to live somewhere else.

So I've always been perplexed by the "net worth" thing. Although it's fun to add that up and see what you've accumulated. Because I did, in fact, manage to buy the house, so it should be added in the assets I've paid for.

[dmallind]

10. If you want to get to the 1% you need more granularity at the top of your scale

About 8-10% (seen numbers ranging between) have more than $1m in net worth.

[frazzled]

13. Top 1% net worth is $8,232,000 or more

Not $1 million. And that $8,232,000 or more is for 2007.

Please read this article:

You’d be in the top 1 percent of U.S. households if your income in 2010 was at least $516,633. Your net worth in 2007 was $8,232,000 or more, and your average income this year is $1,530,773. But where did the top 1 percent make its money? Two charts from Mother Jones’s Dave Gilson shed some light on the question.

http://www.washingtonpost.com/blogs/ezra-klein/post/how-the-top-1-percent-made-its-money-in-two-charts/2011/10/11/gIQAXL4acL_blog.html

[TBF]

23. This should be plastered all over the place -

I think there are a lot of folks in this country that think they are "well-off" and have no earthly clue that the super rich in the top 1% absolutely dwarf everyone else.

[Gormy Cuss]

32. +1

[Hutzpa]

14. If this is design to split the movement

then you are going to fail.

Let's say I am a 1%, there is nothing wrong with me wanting to see people
earn their living and be able to support their family, that is the
American way, the way that has seen numerous ancestors that came from Europe
prosper, the chance to have an opportunity to education, health care and a
stable economy that provides jobs for families.

Why should this be so hard for the 1% to get?

[TBF]

21. I have a feeling this poll is reflecting retirees who are home owners

(especially in places like CA) and also includes retirement accounts/401K worth of course.

This chart really shows what folks need to focus on with income inequality - the super rich (and I doubt many of those folks are posting here):

[mainer]

24. The genuine 1 percenters aren't monolithic. Some are DUers.

And they're posting here because they agree with Warren Buffett.

[Hutzpa]

25. Those DUers that you speak of still fall into the 1%

no matter how you try to rework the methodology.

[mainer]

26. So they fall into the 1%. So what?

Does that somehow mean they can't be DUers? I don't understand what you're trying to say.

[frazzled]

27. But, again, $1 million in net worth is NOT the top 1%

It's not even close.

[mainer]

31. I think there's confusion here about what it means.

I always thought the 1-percenters referred to Americans with a yearly income of a million dollars and more. Not a million in assets.

[Honeycombe8]

36. I thought it meant the top 1% of the "haves." Whether that means income

or net worth didn't matter to me. It's not many people, and they're very, very rich. Which is fine with me, BTW. Glad they've been successful. But how about them at least paying their fair share of taxes?

[mainer]

42. There's a big difference between income and net worth

High income might be a temporary, one-shot thing (e.g. someone who sells a screenplay once and never again.)

Net worth is presumably longer-lasting.

[Honeycombe8]

44. Ah....good point. nt

[devilgrrl]

16. What's yours Mr. OP? Say how about those baffoons protesting Wall St.?

You must be so disappointed that they haven't taken your advise and gone home by now.

:hi:

[rdking647]

30. orginally they had no coherent message

and that would be ineffective. since then they have narrowed their focus and have gotten a coherent message.. with that coherent message I support them they have become better organized and are no longer an mob.

and as to my net worth its over 1M not including my house.

[devilgrrl]

33. Yeah.... they needed a coherent message... uh huh... yeah sure.

:eyes:

You must awfully upset that the leeches at the bottom want to increase your taxes.

[rdking647]

35. i have no problem with my taxes going up

sorry I dont fit your stereotype

[devilgrrl]

39. And I'm sorry the OWS protestors don't live up to your standard of loserhood.

Have a nice day.

[nadinbrzezinski]

17. Won't tell you but I am firmly in the WORKING CLASS

[mainer]

19. Need to re-do the poll by adding at the top.

We're getting too many bunched in the "assets of a million or more." How about dividing it into 1-2.5 million, 2.5 - 5 million, 5 - 10 million, and above 10 million? I'd be curious to see the response.

I've long suspected that many Dems posting here are well-heeled liberals who really want to do the right thing, but are afraid to come out as wealthy.

[TBF]

20. I did a poll once on income here and there are tons of low income folks -

they are probably at work right now. Numbers may change this afternoon as they get home.

Also I'm sensing quite a few retired - they may have sold their homes (or live in a paid off home) but you and I both know what is going to happen to that money. That's right, medical expenses and assisted living ...

[oldhippie]

38. Not only that ....

"Also I'm sensing quite a few retired - they may have sold their homes (or live in a paid off home) but you and I both know what is going to happen to that money. That's right, medical expenses and assisted living ... "

Not only that, but many here will eventually die! :cry:

[TBF]

45. It is one of our biggest failings in this country - our health care should be nationalized

there is no excuse for folks in a country with this much wealth to go without medical care. It makes me ill that people can live in million dollar homes, yet others can't even go to the doctor. How can anyone justify this?

[Marrah_G]

22. I have a negative net worth

My van is worth less then what I owe student loans, student loans just take my tax refund every year. I'm sort of resigned that I will be working crappy jobs to survive until I thankfully drop dead at the end of it all. That is, unless we can gather enough people to effect change.

[iris27]

28. Negative net worth here - mortgage balance is bigger than what we could really sell the house for

since the market tanked. Plus student loan debt that will be hanging over our heads until just before retirement.

[Fuzz]

29. Does future inheritance count?

I'm probably not going to live long enough to see it, but my wife and kids will. ;)

[Shandris]

40. Holy Christ look at those numbers.

No wonder I feel so disconnected from the reality others here seem to describe sometimes.

[Ter]

41. Damn, this place is full of limousine liberals

I would have guessed most would have under 50k.

[stevenleser]

47. Well, just about any kind of home ownership puts you above $250K but...

that isnt really like having liquid assets of that amount, hence my comment about that upthread.

[JoePhilly]

43. I'd suggest that "over 1 Million" should be divided.

Somethjing like ...

Over 1 Million.

Over 5 Million.

Over 10 Million.

Over 20 Million.

Over 100 Million.

Over 500 Million.

[woo me with science]

46. Well, my answer was flippant.

I answered 1+ million because, when I took the poll, that was pretty much the only response up there so far.

It is hard to inhibit the snark these days, I am so disgusted with our representation that isn't.