We asked Illahee people thirteen personal and intrusive questions about their finances and their outlook on the economy. So far, over 120 people have responded. Here’s a quick summary:
1. Where’s your money?
Most of us have our money parked in multiple places (bank, retirement fund, mutual funds, our house). About a quarter of us are active investors.
2. Do you have an an investment advisor?
It’s about 60:40 no.
3. Do you have a stockbroker?
Looks like most of us either don’t have one or recently fired one.
4. How would you describe your financial advisor / broker?
Most of us say “about average” (i.e., clueless).
5. How would you describe your financial temperament?
We’re split between cautious saver, investor, and confused.
6. What’s your net worth, roughly?
Most of us fall evenly into three categories: 1-10 million dollars, 500 thousand to a million dollars, and 100 thousand to 500 thousand dollars.
7. What’s your annual household income?
Looks like a positively skewed bell curve here, with half of us in the 50-100 thousand dollar range, a third of us in the 100-250 range, 6% of us in the 250-500 range, and about 15% below 50 thousand dollars. Apparently we have none of those CEOs with ten million dollars incomes. We’ll work on that.
8. How has our net worth fared in the past year?
About 70% of us saw our net worth drop because of the stock market, while 21% managed to keep their net worth about the same.
9. How have our investments in the market fared?
Sixty percent of us of us saw our investments decrease between 25% and 50%. A quarter of us saw losses greater than 50%. Only a very few suffered no loss (6%) or relatively small losses (11%).
10. What are we doing in light of the economy’s performance in the past year?
About half of us are being more careful with spending and investments. The other half are staying the course. A few brave individuals are making bold moves.
11. And our outlook for the future?
It’s pretty positive for the most part. Half of us think we’re in for tough times with life being simpler, but OK. Another third of us think we’re in for tough times and are excited about the changes. A few (<10%) of us think the last year was just a blip, and a few (<10%) of us are pretty depressed about the whole thing.
12. And our overall take on Wall Street?
Only two of us are bullish about ‘the street.’ One in five thinks Wall Street is a bunch of crooks,while one in twenty thinks it’s a necessary evil. By far the most (over 50%) believe that Wall Street needs to be better regulated but not stifled , while almost 40% think the whole thing should be gutted and re-conceived.
13. How did this all happen? What do we do?
Lot’s of great answers here. Hit this link and use this password to see the details.