The 2016 numbers are in! The goal post has moved from 8M to over 10M… There are over a million deca-millionaire families.
No worries, very achievable goal
Let’s do it in 5 years!
Need to shoot for $15M because that’s going to be the threshold in 5 years…
Didn’t you tell me privately that you’re already 1%
IMHO, can’t be achieved via RE. Stock is the only way but not FANG, ANT and BAT. Need some luck in small cap, which one?
Does wealth computation include primary residence? Given current housing prices, including primary residence means nearly 100% of the households in SF, Peninsula and South Bay are millionaires , easily 10% of the total millionaire households in USA.
Hey hey hey! What’s going on here??
I think you are closest to 1% than any of us… if you don’t claim to be 1% then nobody would dare to do so…
Anyhow, owning 5 houses in Palo Alto would get you to the 1%…
Or, you can own 100,000 shares of AAPL…
If that’s your goal, then start your own business.
Plenty of people became 1% without having to start their own business, nor being successful in managing one… Think Marissa Mayer…
Are you suggesting women can’t be a good CEO or just can’t be a CEO of a mega cap company?
That’s a bit of a stretch… I think it has more to do with Ms. Mayer herself than the fact that she is female…
You need to hit that level where if you suck, then they’ll pay you millions to go away.
I like that… I’m already at that level… could someone please pay me millions…
I know insurance agents making $2M a year. But hey! That’s bad!
If $10M is the 1% nationwide, what’s the 1% mark in Bay Area? In SF metro or SJ metro?
I suspect we have many more 1% earners than 1% wealth
When people hit $10M, they may early retire from their day job and move out of Bay Area. If they earn 5% from their $10M, it’s 500k a year to live their life
I won’t stop at 10M. Pretty sure I will still be leveraged high like a kite when I hit 10M…
Financial firm Charles Schwab surveyed Bay Area residents in 2016 and came up with a jarring statistic: It took roughly $6 million to be considered rich in the Bay Area.
Eighteen months later, Charles Schwab popped the question again. This time they found that, after surveying 750 Bay Area residents, standards have declined down to a net worth of $4.2 million.
This isn’t to say that those living in the Bay Area aren’t an aspirational lot. The poll found that 42 percent of residents polled expect to be millionaires some day, while a recent survey of renters by Zumper discovered that 84 percent of San Franciscans plan to own a home despite the cost.
How come it declined from $6 million to $4 million after 2 years?
You don’t need to worry about housing price in SF. 84% “plan” to own a home!