patrick.net

How to join the upper middle class:

1) Max out your 401k and/or IRA as soon as possible. Try and save an equal or greater amount in after-tax investments as well.

2) Think about the proper asset allocation in relation to personal risk. Your assets should be deployed in a way that aims to beat the risk-free rate of return by at least 2-3X. Stay diversified and never confuse brains with a bull market!

3) Voraciously read as much as possible about wealth management, investing, retirement, taxes, and other issues. Subscribe to Financial Samurai and other personal finance sites written by finance veterans. Don’t be afraid to seek professional financial help too.

4) Move to a part of the country where there is opportunity. Give yourself a chance to get financially lucky by coming to areas where there is robust employment and brain share. It used to take two months to cross the country. Now it only takes five hours by plane.

5) Buy a home that you can afford and own it for as long as possible. You’ll wake up 20 years from now and thank yourself for having something to show for all your monthly payments. Forced savings through principal payments may sound rudimentary, but most people don’t have enough discipline to save on a regular basis.

6) Don’t be afraid to seek professional financial help if you’re lost. Put it this way. The more lost you are, the more bang for your buck you get hiring someone to give you advice or manage your money.

7) Make sure you are properly insured: health, life, auto, house, and umbrella policy. Any number of bad things can happen that can easily wipe away your net worth.

8) Work and invest for as long as possible. “Time in the market is more important than timing the market,” as the saying goes. Half the battle is just surviving through all the ups and downs, which is why consistent dollar cost

Ironman says

It appears it was definitely from a higher income group for sure, not the general population.

I will see if I can find the article for this to get their exact methodology, I like the chart for the curve of wealth per age.... winding down on assets as you get older ... fits into my demographic thesis that older people don't spend as much as they did hence making demographics (older) a deflationary economic reality