I disagree. I don’t think it gives you a better idea of your “lifetime wealth” either. Income is basically the first derivative of wealth and tends change, a lot.
A young lawyer with $100,000 in student debt is richer in all meaningful senses
So how about the same lawyer pre-graduation, when he was a law school student? His income was negative at that point.
actual wealth, which includes things like the present value of education in future earnings
You need to define “wealth” better before you go there.
I disagree. I don’t think it gives you a better idea of your “lifetime wealth” either. Income is basically the first derivative of wealth and tends change, a lot.
So how about the same lawyer pre-graduation, when he was a law school student? His income was negative at that point.
You need to define “wealth” better before you go there.