This gets us back to the question of whether having a 7 figure net worth makes you rich in today's wotld.

In order to do the Generational Wealth thing with the Trust Funds for your kids, if you set the Capital requirement at $10M for each kid's TF, you need to have that $10M above and beyond things like your own McMansion, cars etc that you need for your own living until you die.  To qualify for this class of people, the minute the kid pops out of the oven, usually the Grandparents of the kid go to the family lawyer and they make the typical "safe" portfolio of stocks, bonds and REITs and gift it to the kid (no inheritance tax), a Trustee is appointed to manage it and the kid gets some defined allowance until 21, when they can usually dissolve the trust and do WTF they want with the money.

So, in your case since it's 1st generation money the grandparents don't have the money, so you would need $10M for each kid, which I'm pretty sure you didn't have yet when they were born.  Maybe getting close to the point now where you could set up a Trust for a grandkid when one arrives.

Now, not being in the class of the filthy rich doesn't mean you're poor or even middle class.  That's more an income driven thing than a net worth thing.  These days to qualify for the 1% on Income, it's around $220K/yr I think.  Kdog definitely does not get near that number.  You probably surpass it.  Between his SS and suplemental employment earnings, K-dog is middle class.  Monsta is middle class and Knarf and I are poor.  No filthy rich Diners at this time I am aware of.

RE

Quote from: RE on May 15, 2025, 06:22 PM

Quote from: TDoS on May 15, 2025, 03:37 PMI have made no claim about the superioriority of billionaires, only classified high net worth individuals starting at 7 figures, like you and I.

Kdog's net worth only gets close to 7 figures if he gets a really good price on the sale of his McMansion, and even then the various closing costs  would likely drop it below 7 figures.  Besides that, he has to split the proceeds with his wife,  She is not interested in selling. 

RE

Last time I checked the Zillow on his joint it puts him into 7 figures pretty easily. As far as joint ownership, that can be an issue, assuming the ownership is rigged that way. Mine is, because rights of survivorship are important in terms of estate planning.

But there are other ways to make it up, life insurance and market savings, 401k's, all the usual working man mechanisms. K-Dog mentioned he isn't thrilled with high growth funds so he might have handicapped himself in that regard.

I put that one up just for you.   

RE

Quote from: TDoS on May 15, 2025, 03:37 PMI have made no claim about the superioriority of billionaires, only classified high net worth individuals starting at 7 figures, like you and I.

Kdog's net worth only gets close to 7 figures if he gets a really good price on the sale of his McMansion, and even then the various closing costs  would likely drop it below 7 figures.  Besides that, he has to split the proceeds with his wife,  She is not interested in selling. 

RE

Quote from: RE on May 15, 2025, 01:04 PM

Peak Oil is back for an encore performance.  It's DejaVu all over again. 

https://oilprice.com/Energy/Energy-General/The-Return-of-Peak-Oil.html

The Return of Peak Oil

The return of peak oil. GOOD ONE! I remember when Robert fell for #3, or was it #4, of this century. He was a decent numbers guy, it is a bit interesting that he only noticed peak oil, again, 7 years AFTER it happened this time. Waiting to be sure I guess?

Quote from: K-Dog on May 12, 2025, 07:05 AM7 figure net worth types?

You claim to be a statician and can't tell 9 figures from 7. Dude, that is a difference of a hundred to one.

Of course I know what 2 orders of magnitude are. Not the point. I had previously and arbitrarily decided that 7 figures and up are high net worth individuals, and speculated on the perspective they, and you and I, might have because of it.

I do use statistics. I have laid no claim to being a statistician. Stochastic modeling, as you've noted, is about handling sharp objects, involving statistics.   There are people who can barely handle sharp objects, true. And then there are those who can juggle them. While riding a unicycle. On a rope strung between two buildings. Over a lake filled with crocodiles. During a rainstorm. While being stung by bees.

Who said such a person needs to have been trained as a statistician?   

Quote from: K-DogI have met three billionaires in my life.  RE knows this to be true because when he was in Seattle RE saw where I worked.  He knows I have sucked in the thin air.

I once got into an argument with Harold Hamm?. And I've met others like him, but never asked about their net worth as it wasn't relevant to the conversation.

Quote from: K-DogBillionaires are not a superior life form.  Sorry to inform you of this.  As humans they are flawed, and capable of making horrible decisions which can ruin the lives of millions of people.

You are going back in the cooler.  Three days.

I have made no claim about the superioriority of billionaires, only classified high net worth individuals starting at 7 figures, like you and I.

The excuse for the cooler was "insulting a diner". Where was the insult?

Peak Oil is back for an encore performance.  It's DejaVu all over again. 

https://oilprice.com/Energy/Energy-General/The-Return-of-Peak-Oil.html

The Return of Peak Oil

Quote from: K-Dog on May 14, 2025, 02:36 PMIt seems to me a guy could make serious bank right now doing that.  Businesses do not know how to do it themselves.

Well then, make a biz card and drop in on some local biz you could write some AI app to improve their biz, explain how it will improve proffits and bill them @ $200/hr.  Call it K9-AI.  You can quit stocking shelves.

RE

The left to right wing pipeline.  That has been a popular route in the last year or so.  Now it exposes fools. 

Quote from: RE on May 14, 2025, 01:59 PMSoftware engineer lost his $150K-a-year job to AI

RE

I constructed a query and asked a public llm (recently updated), how many people are there doing AI as a hobby in the United States.

The answer is 10,000, to know the number was not a llm hallucination, I asked it to explain the reasoning behind that number.  It made sense.

As one of the 10,000 I have something to say about this.  There is no A.I. without software engineers and there are plenty of businesses who would like their private data put into a local llm for security reasons.  They want it done now.  It seems to me a guy could make serious bank right now doing that.  Businesses do not know how to do it themselves.

It is easy to blame AI for what capitalism does.  Technology never has been the problem.  The problem is how technology is used and capitalism uses technology in the service of money.  Capitalism has no other consideration.

So as a loyal servant of the matrix, when you get tired of blaming immigrants for stealing your jobs, say AI did it.  And then after your monkey mind gets tired of blaming AI, switch back.

AI can help a software engineer write code, if they know how to use it.  But the software engineer turns into a supervisor who has to watch AI like a hawk to keep it on task, or AI will start doing some really stupid shit, and ruin everything.  The gains are not as great as commonly believed.  Once a project gets into territory that a llm is not familiar with, there are no gains.

AI hype is way overblown.  If a company really thinks they can replace skilled technical staff with AI then they will deserve what they get, just like Tesla will get what it deserves as consequence for the behavior of Tesla's private owner.  Out of bizness.

*llm - large language model