Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
"34.0% had outstanding mortgages greater than $300,000

I'm not sure where you are getting the 21% from."

Can't add right it seems.....you are right....need better glasses to read the fine print.



Look spefically at the income groups, though, and there you see where the high net worth millionaires skew the 'average' way out of proportion.

Remember, more than half of all people lie below the 'median',, and they are concentrated between 1 and the median value. It is not bell shaped or any other regular distribution. A very long tail to the up side, very compressed to the down side, with an absolute cut off at 1 million.
_________________________________________________

"You seem to be taking Stanley's study of millionaires and combining it with the IRS study (Table 8-8). I don't think you can necessarily do that. The $277,000 average home value you mention is NOT Stanley's study, it's the IRS's."

He quotes it, includes it on page 355, and it is in his table 8-8.

Stanley determines his own value for the people in his study.

"Who has the most complete data on millionaires? Not yours truly - the answer is our own Internal REvenue Service"

IT is more inclusive than his study of less than 800 millionaires.

Which is why I think the TMND is a much better book to be using as a reference book. It did not include the >5 million folks, who really skew things upward.

Print the post  

Announcements

When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.