Topic: People over 65 having most of wealth in US - page 2. (Read 210 times)

I am not surprised by this. Boomers have very big retirement portfolios, many in the 7 figures. And most boomers have houses which are paid off which they bought for maybe 5% of what it’s worth now.

Now take some new grad. Tons of debt. Job doesn’t pay much due to no experience. Has loans and most likely can’t get a mortgage because doesn’t have down payment.

Why is that an issue?

Younger people are lower on the economic ladder due to lack of education and experience, and as their live progresses, they gain more education/experience, and therefore are able to gain more wealth over time worked. Bitcoin disrupts this by giving younger people more economic freedom, but even in a Bitcoin based economy, wealth inequality will exist with the wealth disproportionately attributed to people that are older and have worked more. Again, that's by design.

If you create thread from an article, make sure you included the article too [1]

Become 65 years old people wouldn't automatically make you rich, it's based on your hard work from your young age to matured. It's doesn't make sense at all, some young people under 20 years old can become a millionaire too and doesn't need to wait until 65 years old. Also if those millionaire young generations already reach 65 years old, it doesn't mean they will buy Bitcoin as much as he can... they will invest what make they become rich.

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[1] https://www.cnbc.com/select/average-net-worth-of-americans-ages-65-to-74/

OP, both of these statements almost seem to be complete non sequiturs.  The first sentence about wealth being concentrated in the senior citizen population shouldn't cause any alarm.  Unless you're a person who made their fortune early in life (or inherited it), the tried-and-true method for accumulating vasts sums of wealth is to do it over a very long time period.  So who would the richest folks be?  Yeah, the boomers and whatever generation Warren Buffett belongs to (don't crucify me if he's a boomer; I'm too tired to check).

The second statement begs the question "Just where are the crypto markets going, and in what state will they be once the average 21-26 year old shitposting bounty hunter that makes his/her living from bitcointalk reaches retirement age?".  Nobody's got the scoop on that, so it's pointless to even write something like that.  There are no guarantees bitcoin or any other crypto will be around in 40+ years.

Yeah and it still will work on the market when all of the youngsters who know cryptocurrency tell them about investment in crypto and will tell them the benefits of their investment in crypto. It is sure that the market will get a high value with their investment and their next generations will also get a profit multiple times than the current value of their wealth.

Well they worked hard for it at the least, so it's not really that much of a shocker to know that they are the group that holds majority of the wealth in the country. Soon, those assets will be transferred to their family, perhaps someone younger than them, and the wealth transfer continues. Crypto gave a chance to the younger generation to amass wealth early on and be expert investors at a young age. Give it a few years and those new money will grow old too, and becomes part of the statistic of old people owning most of the wealth in the US.

 I am not really that much shocked about this. You build wealth the longer you live, at least that is the case for majority of the people, and you are also inheriting everything from the previous generation as well. Which means that you will grow a lot of wealth when you are over 65. This is also the case for the previous generation and will be so for the next generation and so forth like that forever. You can't expect a 20-30 year old person to have as much as a guy who worked maybe 50 years and also got the assets from their parents who passed away after working 50 years themselves, thats 100 years worth of work and investments on a single person, versus a person who worked maybe 10 years and haven't inherited anything just yet.

Right but we don't know that some people above 65 might learn cryptocurrency when they knew about the cryptocurrency and become interested in the technology even if it existed for years or other new technology now but most of people at that age would fit what franky1 have stated which the money going in is decreasing so getting rid of personal belongings to have money which will be needed for important matters.

That's probably right, we cannot expect someone above 65 to start learning about cryptocurrencies and start learning about new technology and that's normal however there are still a few old people who are interested in new technologies, on the other hand, years after years when you get older you can take less risk and usually, people when they get old they do not have interest in investing the money instead they try to have FIAT currencies, especially in cash that's maybe the reason to say why people above 65 got most of the wealth in the USA.

yep, agreed

a 15yo is ofcourse not going to have anything..
never working = no savings at all.. no car. not even started a mortgage let alone able to pay it off

someone thats ~35 is still paying off their mortgage so even if they live in a $300k house. they dont own all $300k of it
also the 35yo has only worked for 15 years so has small amount of savings and small amount of pension invested.

as soon as someone is ~65. they are:
at full allotment of pension(havnt started spending it yet)
just about still working so still income coming in
would have paid off the mortgage so would now be at full asset allotment of that.
and worked 45 years to have got alot of savings..

however.  that number 65. its the peak of the mountain. .. and next comes the drop off
as they get older beyond 65 their wealth decreases. because money is going out but no money is coming in.
reaching 70. their savings and pension start to decline more noticeably as they start to spend it.  
less mobility means house goes into disrepair and that value shrinks too.
too old/feeble to drive, so gets rid of the car.
needs extra care/nurse support so surrenders house over to a retirement village community manager

people spend 45 year trying to climb the mountain to reach that golden mountain tip.
but within 10-20 years they are not only back at ground level. but can be 6 foot below ground level

Not every person at this age that has knowledge of crypto will become billionaires like those old capitalists, some of them might plateau along the way and some might quit in crypto altogether. And the one's that's going to get successful are the ones that will be able to gain a lot of successful investments.

What part of this wealth is locked in illiquid assets - big house in a quiet, peaceful neighbourhood? All this data shows "net worth" (houses, flats, cars) not money that someone is willing to gamble on highly volatile asset.

Speaking of gambling on highly volatile asset - the best way is to do it using someone else money. Just like microstrategy is doing it. Dead company whose annual profits are barely enough to pay off the interest on the debt is able to gain bilions to invest in bitcoin making a this deal with ... i dunno who  - if bitcoin pump we will pay you 6% profit of your investment if bitcoin will dump we will declare bankruptcy and you will loose your money. Who TF is buying theirs corporate debt papers instead of bitcoin directly?

Nevertheless ... imagine this:

Bitcoin just started to eat its portion of corporate debt bubble cake

People over the age of 65 accounts for 76 percent of all wealth in the United States.

Consider where the crypto markets will be when the younger generations that have grown up with cryptocurrency reach the age of this group...