**Dfw Credit Card Gurus....advice needed**

[quikag]

I believe it takes about $1MM net worth to be in the top 10% for the US.

No, he said he was top 1% for net worth, but only top 10% for income. That's a little tricky unless he inherited a bunch of money as you typically need a decent income to build a high net worth.

Also, what kind of idiot carries around $10k cash???

[Denny]

No, he said he was top 1% for net worth, but only top 10% for income. That's a little tricky unless he inherited a bunch of money as you typically need a decent income to build a high net worth.

Also, what kind of idiot carries around $10k cash???

That guy!

[slow99]

No, he said he was top 1% for net worth, but only top 10% for income. That's a little tricky unless he inherited a bunch of money as you typically need a decent income to build a high net worth.

Also, what kind of idiot carries around $10k cash???

I know what he said. I'm just posting a figure I'm pretty sure about.

That being said, I'd be surprised if anyone from this site is in the top 1% of net worth - income we probably have a handful. My guess is about $10MM net worth for the top 1%.

[svauto-erotic855]

I did not inherited any money. I make way more then my taste allow me to spend and I have a knack for buying things that produce a steady income and/or appreciate in value. My storage facility is a shit box property that I paid 200k for but it would sell in a day for 680k; I turned down an offer for that much from the owner of an adjacent property more then a year ago. I considered selling but moving my shit out is too much of a headache and the place is still making money even though meth heads like to live there.

[quikag]

I know what he said. I'm just posting a figure I'm pretty sure about.

That being said, I'd be surprised if anyone from this site is in the top 1% of net worth - income we probably have a handful. My guess is about $10MM net worth for the top 1%.

I think I read recently top 1% income is $380k/yr. Don't know about net worth and that is harder for the fed to calculate I'm sure.

[slow99]

Is net worth total cash on hand or assets?

Total assets. For the figure I quoted, that includes home equity. For many purposes, primary residence is excluded from net worth calcs.

[slow99]

I think I read recently top 1% income is $380k/yr.

I think that sounds about right.

[svauto-erotic855]

If it takes 10 million to be in the top 1% of net worth then I was way, way off base.

[quikag]

Total assets. For the figure I quoted, that includes home equity. For many purposes, primary residence is excluded from net worth calcs.

To be clear, net worth is total assets minus total liabilities. I know you know that, Slow99.

Yeah, for accredited investor and I'm sure a lot of other calcs, primary residence value is excluded.

[Nash B.]

To be clear, net worth is total assets minus total liabilities. I know you know that, Slow99.

Yeah, for accredited investor and I'm sure a lot of other calcs, primary residence value is excluded.

Total liabilities is $0, because he's never had to borrow money from anybody, ever.

[svauto-erotic855]

Total liabilities is $0, because he's never had to borrow money from anybody, ever.

Now you get it.

[David]

Hey Tony lend me a few 100k.

[The King]

Drinks at the casino are also free.

Incorrect, drinks at the casino are comped, not free.

[svauto-erotic855]

^^^ I was trying to illustrate that nothing is free so please don't confuse the issue with facts.

Who is Tony?

[slow99]

Hey Tony lend me a few 100k.

Me too.