Scrooge McDuck syndrome

[Deleted]

This just became THREAD OF THE DAY!

[HoneyBBQ]

Only on YM is 3.5mil at 40 "average". LOL.

I'd rather have 3.5 mil net worth and have had a lifetime of fun experiences with people I love than have 10 mil and have never gone anywhere.

My spouse and I make more than that, but we have nowhere near that accumulated savings. We save "enough" and spend on EXPERIENCES that make our lives fulfilled. We also spend money on things that are important to us - like organic food and having a nice (not luxurious) home.

But what the heck, I'm JUST a woman so I should just give up arguing and go back to shoe shopping...

[thyme4change]

As best I can remember, Savior Faire doesn't have $3.5M in the bank, either. But that isn't his fault. He's proud of his million.

[Deleted]

"As best I can remember, Savior Faire doesn't have $3.5M in the bank, either. But that isn't his fault. He's proud of his million"
<Karma to Thyme>

That's my recollection too and he's 55ish, right? Slacker! Oh wait, he would have more but the Ex got it all.

That quote about $3.5M being average is hilarious. The Economist Magazine did a special issue on personal wealth two weeks ago and my recollection is that $3.5 net worth puts you in the top 10% of US households.

[thyme4change]

Worse yet, these people only have $3.5 Canadian.

[Deleted]

"my recollection is that $3.5 net worth puts you in the top 10% of US households."


I'm going to guess that $3.5mm net worth would put you in the top 1-2% of all US households. Maybe only top 10% of the YM crowd...

[Deleted]

Feb 10, 2011 10:48:37 GMT -5 thyme4change said:

Worse yet, these people only have $3.5 Canadian.

I know, right?! That's like having only $2 million US! THE HORROR!

[thyme4change]

Well, right now the exchange rate is like 98 or 99 to 100 - so it is like having $3.45M

[ca]

Actually its 1.0044 US is 1.0000 CDN right now So we're just a little bit better than you up here. Today.

But 3.5million for someone in their 40s as I pointed out on the 2nd page is extremely above average to the point of 99th percentile in that age range in Canada.

[thyme4change]

Does this say that 2.8M people in the USA have net assets greater than $1.5M?

www.census.gov/compendia/statab/2011/tables/11s0716.pdf

There are 300 million people - so $3.5M seems pretty exclusive. But, clearly, this woman is ninny - sheesh, wanting to buy clothes.

[illinicheme]

Feb 9, 2011 16:28:51 GMT -5 thyme4change said:

Savior Faire used to be one of my favorite posters - but now I find that once he starts posting on any given thread it is just a litany of all the financial sins ever made by "women." Without debating the merits of truth - I'm just bored with his self righteousness about the subject. It is never anything new, just the same 'ol, same 'ol about how all women just fritter away money on stupid stuff. Snoozer.

Didn't he use to be interesting?

Something definitely changed. Maybe he finally went on one too many dates with another one of his "type" of woman and snapped. Lost his perspective. Forgot that "insanity is doing the same thing over and over and expecting different results."

[thyme4change]

Something definitely changed.

Sad. I use to really enjoyed and respect him. Now, not so much.

[Deleted]

Feb 10, 2011 11:24:14 GMT -5 thyme4change said:

Does this say that 2.8M people in the USA have net assets greater than $1.5M?

www.census.gov/compendia/statab/2011/tables/11s0716.pdf

There are 300 million people - so $3.5M seems pretty exclusive. But, clearly, this woman is ninny - sheesh, wanting to buy clothes.

Okay, I think we've got our answer. Based on my interpretation of the linked table, in 2004, there were 604K households with a net worth of $3.5 million or greater. A quick google search shows there were 107.7 millions households in the US in 2004. So, having a net worth of $3.5 million or greater would put you in the top 0.56% of all US households.

[thyme4change]

But, how many households had incomes of $200k?

[Deleted]

Feb 10, 2011 11:41:31 GMT -5 thyme4change said:

But, how many households had incomes of $200k?

Geez...very demanding. In 2009, 3.8% of all US households had an income of $200K or greater. That translates to 4.45 million of the 117.5 million households in the US in 2009.

Also interesting is the breakout of households with an income of $200K+ by race:
White (not Hispanic): 4.4%
Black: 1.2%
Asian: 7.7%
Hispanic: 1.7%



www.census.gov/prod/2010pubs/p60-238.pdf starts on page 42

[thyme4change]

So, they had amassed more savings than others in their income bracket - but you would need to know the cross-section of people that had a similiar lifetime-to-date earnings amount as them to really know if they were going better than average.

[Clever Username]

<<I don't suppose she has actually tried asking him why they can't spend some money on trips and sweaters?>>

I think this approaches the truth.
The OP smacks of a couple who have never vetted their goals or paths to reach those goals.

That process would help these two.
What they need is balance. Both of them.
What is left hanging is whether the husband has specific goals for his savings.
At a quick line like: We're two years away from an early retirement and achieving out lifelong goal of operating a Swiss Ski Chalet B&B. And it casts things in a very different light.

[jennml]

This sucks!!! I have 10 years to get my net worth to at least 1.75 million (since I'm single)!!! <<Jenn decides to wallow in her misery at Nordstrom, then go socialize at the nail salon after work>>

[swamp]

Feb 10, 2011 10:15:19 GMT -5 The J said:

Feb 9, 2011 21:40:22 GMT -5 swamp said:

But according to the tag line on his posts, because he's male, he only talks about relevant things.............

Swamp, I didn't even bother reading your post, since you're a woman and therefore everything you say is irrelevant, irrational and about shoe shopping.

At least I'm wearing cute shoes. And I have a great haircut. And my house is full of little do dad decorations for my house that are sooooooo cuuuuuuuuuuuuuute!

[thyme4change]

I suspect we have picked on him enough. Although, I also suspect that in his mind he still feels totally justified. There is an irony that he is one of the loudest posters when people come on here and ask for advice and then come up with excuses as to why they can't initiate it. However, he will not hear anything but his vast, loud opinion when it comes to women and spending.

[swamp]

Feb 10, 2011 14:23:03 GMT -5 thyme4change said:

I suspect we have picked on him enough. Although, I also suspect that in his mind he still feels totally justified. There is an irony that he is one of the loudest posters when people come on here and ask for advice and then come up with excuses as to why they can't initiate it. However, he will not hear anything but his vast, loud opinion when it comes to women and spending.

He is justified because he's dated hundreds of women and he knows we're all stupid spendthrifts. Get with the program.

And we've never picked on him enough.

[The J]

Feb 10, 2011 14:18:10 GMT -5 swamp said:

Feb 10, 2011 10:15:19 GMT -5 The J said:

Swamp, I didn't even bother reading your post, since you're a woman and therefore everything you say is irrelevant, irrational and about shoe shopping.

At least I'm wearing cute shoes. And I have a great haircut. And my house is full of little do dad decorations for my house that are sooooooo cuuuuuuuuuuuuuute!

All I heard is "Wah wah wah wah".

[8 Bit WWBG]

...:::"I think this approaches the truth. The OP smacks of a couple who have never vetted their goals or paths to reach those goals.":::...

Thanks. I'd love to hear how this conversation goes down, and what he says are the reasons for saving.

Something else that struck me. They are 8 years apart in age, which means that he is in his prime earning years, and she is just entering them. Also, it means he will hit retirement age 8 years before her, and he is probably going to want to stop working.

Perhaps he is worried that if they slack off now, he might have to keep working long after he'd rather not. Perhaps also, he is worried that she won't want to keep working after he stops, and he thinks that amassing as much as possible now means they can both retire on the same day, regardless of age.

I know this can be a big point of contention for couples with age gaps of more than a few years. Nobody wants to work any longer than they have to. I'd hate to have to keep working just so wifey wouldn't be upset at me sleeping in while she is in the rat race. By contrast, I'd hate to worry that by the time I am able to stop working, my older spouse will be too old to enjoy the kind of travel or activities I'd want to do with her.

[ca]

@wewillbeackgowron

No. The "He" in the article doesn't intend to retire. Ever. That's what he's stated.

With the nest egg they have, by the time he hits 65 if they keep going, they would have a very hard time spending it all before they die, regardless if she quits working at 57 or not.

They have plenty. PLENTY. Especially given their current way below their means frugal lifestyle. They don't have to contribute a dime further to retirement beyond the 3.5 million they have now and they would be able to fund a great lifestyle at 65/57. But they will of course continue to add to that over the years and it will probably be 10million + by the time they get there.

He needs therapy, or she needs a divorce. Because she ain't happy with the status quo and he has issues with insecurity.

[NomoreDramaQ1015]

He won't have plenty if he allows her to spend any. Remember women will spend every dime you have if you let them. He needs to keep the pimp hand strong!

[Deleted]

but seriously, he can't take the money to the grave. If they don't have any dependents, where will all the money go? You only get one life. I agree with those who said the man needs help.

[Deleted]

I think it should be everyone's goal to have a couple of million in the bank before retirement. The medical bills, retirement homes, and grandchildren will get you every time.

[sesfw]

'$3.5 million in net worth at ages 48/40, really is just average.'

That is a lot more than we have, and we are early 70s. Sounds like his blood pressure will be very high in about 15 years and will spend all the funds on meds. LOL What a waste.

With no children I can guarantee a huge family fight and split over their estate.

Sad.

[debtheaven]

Sometimes you can look into the mirror and see a mortal and decide to have a little fun.


This.

The wife should book her trip anyway. Hopefully her husband will eventually follow, on this trip or the next.

I wouldn't wait for any longer than that though. Life is too precious.

If we can't have fun at least SOME of the time, what is the point?!

Edited because I still can't do math even though I went to a math-science HS LOL.

[zibazinski]

Well, if the husband in this scenario doesn't come around he may find himself losing half because the wife may just walk away with her half and start to live a life.