Is Everyone Balling or Just Trying to Get By?

Good Morning,

Earlier this month I came across an article on MarketWatch mentioning the Wealth Scale that Bloomberg created. I read the article and found it quasi depressing and thought it wasn’t worth blogging about. After reading a couple more articles and diving deeper into the original Bloomberg content I felt it was a necessary article to blog about. A couple of key points I pulled from the article were:

  1. Thee scale seems weird but is based on the exponents using a base of 10
  2. The median American household has a net worth between $10k- $100k
  3. There are only two people in the extreme bucket
  4. Globally there are not a lot of millionaires 

The reason why I found this article slightly depressing is that based on the net worth numbers presented most people are just struggling to get by. Stressing savings is the right thing to say, but the best message based on the data is to live within our means. While I cannot speak on a global scale, within the US our consumption of debt is the main culprit for our contribution to this negatively skewed table.

If there is any positive takeaway from this article, it is that more people are in the same boat as you.

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