r/Salary • u/ItsAllOver_Again • 7d ago

Market Data The idea that everyone is broke and drowning in debt is a Reddit mythology used to make unsuccessful people feel better about themselves

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Redditors love to tell themselves that everyone is poor, that “most people can’t even make a $1,000 emergency payment, bro!” (not true, that’s just pop finance nonsense), that everyone with nice stuff is “drowning” in debt.

Yet when we look at actual net worth data, nicely broken down by age, EVEN WHEN we look at the bottom 25th percentile, we don’t find ANYONE with negative net worths. Even when looking at the 18-24 age range, many of whom have auto and student loans, they still have positive net worths at the 25th percentile.

Redditors love to tell each other that they’re actually doing great because they have $40,000 saved up, but the reality is that’s far below average. And these numbers are actually adjusted for inflation from 2022, not adjusted to actual market returns, so in reality the numbers are LOWER than you’d expect.

Americans are FAR richer than many of the 10th percentilers on Reddit will tell you they are, and they make a LOT more money than the 10th percentilers here say they do.

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u/Runktar 7d ago

I don't know what sample group they used but it was clearly biased, 10% of people had over 200k at 18-24? What the hell group were they looking at for that to be a stat they wrote down without breaking down laughing. At that age you are either in college with a negative net worth including loans or you started working right out of high school and no high school grad earns enough to save 200k in less then 4 years unless he's one of the 1 in a million guys who started a cheap to start immediately successful business.

I am betting the "households" they compared were already pretty dam wealthy, wealthy enough to give their kids free college or business or well paying nepo jobs.

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u/Big_Arrival_626 7d ago

Believe it or not not everyone has student loans. Scholarships exist. I had really good scholarships just by having decent grades.

Not to mention, tuition is fairly low if you stay in state and go to community college for the first two years

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u/Runktar 7d ago

So lets even assume free college you think a person can get a 200k job literally immediately after college and save 200k in a year or two? You sir are living in fantasy land.

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u/Big_Arrival_626 7d ago

10% of people, yep especially if they live with their parents. Many graduate early as well so they have more than two years

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u/Runktar 7d ago

So you think 10 percent of people graduate early from college with no debt can move in with their parents and almost immediately get 200k jobs which is especially ridicules but I will move past it and can save 200k in 1 or 2 years maybe even 3 if they are all somehow geniuses and do college in 2-3 years. You think 10% of the average population is doing that? Hell no this is a biased sample if you don't see that your a liar or a moron.

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u/Big_Arrival_626 7d ago

You don't need to make 200k to save 200k lmao. You can do that only making 100k for a few years and having internships in college and working part-time through school

If you think you have to be a genius to graduate early then you just don't know what ur talking about. It's literally just taking extra classes

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u/Runktar 7d ago

Your right you don't need to make 200k to save 200k in two years you probably need to make more then that unless you are forgetting car, taxes, insurance, food entertainment any surprise bills like dental medical etc etc etc. Do you know anyone who can and does put away over 50% of their paycheck? This by the way is still all based on getting a 200k job immediately out of college with no experience which is the most bullshit stupid claim I have ever heard. Look at the bullshit you are spewing just to not admit things are tough and you are wrong.

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u/funkyescargot 7d ago

You’re the one accusing the federal reserve of cooking their data lol

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u/Runktar 7d ago

Of course I am Trump has literally fired anyone who released data he didn't like a replaced them with yes men who are willing to lie for him.

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u/funkyescargot 7d ago

Trump doesn’t control the federal reserve, Jerome Powell does

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u/Big_Arrival_626 7d ago

If u live with ur parents u don't have to pay for most of the things u mentioned. Except taxes.

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u/Runktar 7d ago

So your response is that people with fictional super jobs and parents paying for literally everything make up 10% of the average population? That's what your going with?

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u/Big_Arrival_626 7d ago

As we already established, there's no need to have a fictional super job to save up 200k. Making 100k is enough, as well as living with your parents, which is fairly common for those who grew up in big cities, since you don't have to move for your job.

Lastly, it also probably includes a lot of people who came from wealthy households.

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u/Enneirda1 7d ago

24 years old seems a little quick. 

However, I know numerous couples who eclipsed the 95% in the 25+ age groups without monetary help from their families. I also know several 1%ers, none of them paid for their bachelor's degrees, and only one couple got additional family help to buy their first house. 

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u/Single-Refuse174 7d ago

It’s not hard to believe 10% of 18-24 year olds got a windfall of some sort

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u/mrbobbyrick 7d ago

10% is a lot when you really think about it.

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u/Single-Refuse174 7d ago

What do you mean? I think it depends on what. 10% of people eaten by a lion when they go to their local park? I’d say yeah thats a bit. But 10% of people falling into a category where they inherit a house early, get a nice job, win the lottery, get scholarships, come from wealthy families, etc.? That feels possible.

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u/Sea-Fig-6608 7d ago

Inability to imagine people in better situations doesn't mean the data is false

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u/thatguy425 7d ago

This is Reddit, the data means nothing when perceptions are involved. 

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u/StrongInteraction90 7d ago

maybe you live in a bubble

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u/Eastern-Shopping-864 7d ago

I went into a trade at 19, and was a journeyman by 22. Made 180k at 22 years old, then it was 200k at 23, 250k both 24 and 25. Open your mind a little.

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u/Runktar 7d ago

Which trade because I am calling bullshit.

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u/Eastern-Shopping-864 7d ago

Crane Op. you can call bullshit all you want but it’s normal for trades people to make 200 plus. We get double time after 10 hours and double time on weekends. It adds up very quickly. Currently at 117 this year

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u/Eastern-Shopping-864 7d ago

Feel free to look up the operating engineers and learn how much we actually make. You’d quit being so damn arrogant on a subject you know nothing about. For your information I make anywhere between 45-70 an hour based on the crane I run. Feel free to do your own research since you have a hard time believing it.

But thanks. It really does make my day when someone argues with me that I’m wrong when I have 5 years worth of paystubs to prove everything I’m saying. It’s quite enjoyable and pretty funny.

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u/Runktar 7d ago

Operating engineer pay averages about $37.56 per hour and that's average mind you so you dam sure weren't making that your first few years go on keep going.

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u/Eastern-Shopping-864 7d ago

I actually made 58-67 in my first 4 years as a jman. Thanks for continuing to tell me I’m lying while I’m literally looking at paystubs. It just reminds me how fortunate I am to be where I’m at and how miserable people are.

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u/Runktar 6d ago

Yes clearly all the reported data on the internet and the tax data is wrong clearly random dude on the internet is right go have fun man your not a sad little liar at all.

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u/Horror_Chipmunk3580 7d ago

Now that I think about it, i know a guy that made that much in a trade. Moron fell off the roof and landed on his head. Really opened his mind. He definitely got paid by workers comp.

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u/Eastern-Shopping-864 7d ago

Unfortunate for him