Now that I’ve updated all the tools to reflect 2013 SCF data, I decided to create a much larger database from the SCF using data all the way back to 1989. There’s more to come on that, as I am still working on the best way to let you guys play with the data, but just to show you what’s to come. Like the tools that are currently available, this data was calculated using the Federal Reserve’s Survey of Consumer Finances. I took the net worth statistics for each year and calculated what it would take to rank at certain percentiles of wealth.
Here is a table showing the net worth by percentile for every SCF since 1989. The Fed has already converted all the dollar values in the most recent versions of the data to 2013 dollars (using standard inflation rates), so we’re comparing apples to apples. As you can see across the board, from 2004 to 2007, net worth peaked across the distribution. The disturbing thing though, is that since then only the 90% and above has had a nearly full recovery in wealth. The 25% and below are hitting historic lows in wealth, and the median wealth of Americans is lower than 1989, despite the massive increase in GDP, productivity, and total wealth in the United States. It appears that the majority of those gains have been concentrated in the top 10% of Americans rather than being evenly distributed.
For further reference here are those same numbers plotted to show the relative changes in wealth between Americans at the 10th, 25th, 50th, 75, and 90th percentiles. The largest gains in the last couple decades have captured at the 10% and presumably above. I am hesitant to calculate and publish the numbers of the 5th and 95th percentiles because the data is a lot more prone to being skewed at the long tail ends of the distributions.
Several visitors have notified me the release of the Survey of Consumer Finances (SCF) 2013 data. In the 3 years between the previous survey in 2010, the economy has improved, unemployment is down, and the stock market has soared. All of these factors have suggested that American’s finances (adjusted for inflation) would have improved since then. I’m working on updating them to the new data set over the next month.
The first few publications from the Federal Reserve have shown that this is not the case, and in fact, median net worth and income is down since 2010. This is on top of the drop from 2007 to 2010. Mean income and net worth on the other hand have increased since 2010, which is an indicator of an increasingly unequal distribution of wealth.
A couple other highlights:
- Mean Net Worth Increased only in the lowest 25% and the top 10%.
- Mean & Medium income increased only for the top 20%.
- Overall US Household debt has decreased– this may have been affected by the drop in home ownership.
- The importance of college degrees continues to grow as college degree holders showed 1% inflation adjusted growth in median income over the past 3 years compared to drops in median income for less educated people (-6% to -11%).
See the whole article here: http://www.federalreserve.gov/pubs/bulletin/2014/pdf/scf14.pdf
Note the numbers might not line up exactly with the numbers on the calculators here due to inflation adjustments and some differences in the weightings used–the Federal Reserve doesn’t publish the exact weightings that they use for publications but they publish one set that is fairly close.
Bankrate recently made headlines about American retirement savings. According to Bankrate’s August 2014 Financial Security Index, 36% of all Americans have not started to save for retirement. This is much lower than the almost 50% of Americans surveyed in the Survey of Consumer Finances in 2010 who reported $0 in retirement savings.
This is the question and the survey results:
The question doesn’t ask about how much people have saved, just if they have started to save. So I decided to compare these results to the results from the 2010 Survey of Consumer Finances from the Federal Reserve, where there is a survey question that asks how much the household being surveyed has saved for retirement, which includes IRA’s, 401k, Pensions,Thrift Savings, etc.
According to the SCF, 49.59% of the Americans they surveyed in 2010 did not have retirement savings. So there appears to be a disconnect between people starting to safe for retirement and actually being able to accrue positive balances on their accounts. 4 years have past between the SCF survey and Bankrate’s 2014 survey, but recent news sources have shown declines in median networth during recent years. Almost 64% of Americans have started to save but only 40% have retirement account balances above $10000.
This situation highlights one of problems with saving retirement, stability. Half the battle is beginning to save, and the other half is being able to save enough to make a difference.
The newest tool to the Shnugi set of tools to manage your personal finances is the Financial Health Meter found at: http://www.shnugi.com/financial-health-calculator/ . This simple tool needs only a few parameters to give you a quick view of your overall financial standing compared to others in your same age bracket. The goal of the tool was to save you time by combining the most popular features of the current set of tools into a quick summary so that you can compare your current status across several broad metrics.
People were telling me that I sounded muffled when they would call, so I started playing around with the call settings.
Here’s a diagram of the call screen:
Potential Problems and Possible Fixes:
- You sound muffled: Turn off noise reduction. I’ve highlighted the icon with a green circle (right above the Add Call button. The side effect of this is that you might echo a little bit.
- They can’t hear you very well: Speak into the correct microphone. It seems like the microphone on the top of the phone is used on speakerphone calls, while the microphone on the bottom is used for regular calls.
- You’re echoing: You might want to try out the noise reduction option.
Please share your tips and tricks that have helped other people hear you better on your Samsung Galaxy S4!
After an unfortunate accident with a sidewalk, my trusted old Incredible 2 is no longer in service. So, I’ve upgraded to a new Samsung Galaxy S4. I could get 2-3 hours of on screen time out of the box and at least 12 hours of battery life overall, which was kind of disappointing, since I could squeeze about 2 hours of screen time from my old phone. I’ve fiddled with some of the settings, and I’ve gotten the screen time to last 3-4 hours and total battery life to around a full 24 hours.
Here are the settings that I’ve used to get there, and a couple potential watch outs:
- Standard Options: Turn off all the fancy hand waving and eye tracking functions (Smart Stay, Driving Mode, S Beam, Air View, Smart Scroll, Smart Pause), and make sure Bluetooth and GPS are off as well (unless you need them), and turn on Power Saving mode. Power saving mode basically dims your phone screen slightly compared to the default auto-adjusting screen setting.
- Get JuiceDefender Plus or a similar app that will only allow background syncing to occur at certain times of the day or on Wifi only.
- Check for battery leeches! Sometimes the GPS doesn’t turn off! Even though the GPS setting on my menu screen says that GPS is off, my battery meter shows it as active. Thankfully the GPS on the Galaxy S4 isn’t as much of a battery hog as my old phone, but checking for this could easily save you a couple hours of battery idle time. The only way that I’ve figured out to clear out the GPS is to restart the phone.
I found this out the hard way. If you double click the little dot in the top left hand corner of your touch pad, you’ll switch between enabling and disabling your touch pad. It’s a quick fix, but kind of confusing the first time you have to try to turn it back on.
I’ve attached a picture of the dot on my laptop so maybe you’ll notice yours.
There’s a lot of different guides out there and they’re all kind of confusing. Make sure all your stuff is saved somewhere else, because this will wipe all your app data.
I followed this guide to root. Make sure you installed the ClockWorkMod Recovery: http://forum.xda-developers.com/showthread.php?t=1751796
I had a couple problems with an endless rebooting loop once it was rooted. I had to put it in recovery mode by:
- Turning off the phone
- Pressing the On button and Volume down button at the same time
Then I went into Recovery (use the volume up down to navigate, the power button is enter).
This opens the ClockworkMod Recovery, which you can use to install a custom ROM from your phone’s SD card.
Basically, you’re going to want to pull the SD card out of your phone and drop the zip files for the ROM and GApps file that you can download from here : http://forum.xda-developers.com/showthread.php?t=1561816 (This is for CM9, which is the Cyanogen Ice Cream Sandwich release)
Put the SD card back into your phone, and then have the Recovery software install from Zip.
Wipe Data, Cache, and system from the Recovery program.
Now install the ROM from the zip file, and then install the GApps file.
After waiting what seems like a year for Android ICS to get an official roll out I decided to jump the gun and install Cyanogen 9 on my phone. For some reason, my Google Play store stopped working. I could search for apps, but when I tried to download or update I would get an endless downloading status bar.
Well, I found this tip a couple places on the internet and this did the trick.
Open up the terminal app– mine was called Terminal Emulator, and follow these steps.
- Type: su
- Hit Enter, and a prompt will pop up asking for you to allow super user permissions for the terminal app. Make sure you say yes.
- Type: killall drmserver
- Hit Enter, and now your Play store might work.
I still have no idea what was actually wrong, but at least my apps are updating.