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re: How wealthy are you?
Posted on 8/26/14 at 7:02 am to Hawkeye95
Posted on 8/26/14 at 7:02 am to Hawkeye95
1.081 - Normal
quote:
You are neither balance sheet nor income statement affluent Stanley and Danko argue that your total net worth alone does not tell a good enough picture of one's wealth, what matters is how much worth you can accumulate on your income considering your own age. Therefore, a 30 year old making $ 25,000 who has a net worth of $ 80,000 has more relative wealth than a 50 year old doctor making $ 200,000 a year who is only worth $500,000. The lower threshhold of WX for being balance sheet affluent is 1.84 and the upper threshhold of WX for being income sheet affluent is 0.88. If you are between 0.88 and 1.84 you are painstakingly "normal".
0
Posted on 8/26/14 at 9:09 am to Hawkeye95
0.947 as a college student
Posted on 8/26/14 at 9:27 am to jimbeam
So according to these guys I'm on the low end of average. But all I have to do is quit my job and go work at Popeyes, and all of a sudden I'll be off the charts!
Posted on 8/26/14 at 9:33 am to Hawkeye95
I'm an AAW, not too bad considering I had my lifes savings effectively wiped out in the 2007 crash.
Posted on 8/26/14 at 9:34 am to Cold Cous Cous
If I capitalize the value of my college education, I can get my number really high.
I think that is the only way for this thing to work for a young college grad.
I think that is the only way for this thing to work for a young college grad.
Posted on 8/26/14 at 9:36 am to Hawkeye95
quote:
Your Wealth Index (WX) is 0.064
quote:
You are a UAW
quote:
Note that it is difficult for people under 30 to reach the ranks of the PAW or BA unless you start out with significant assets before working. The under 30 crowd should be happy just to be not ranked as a UAW
Posted on 8/26/14 at 9:38 am to Hawkeye95
2.020 PAW
Posted on 8/26/14 at 9:40 am to Hand
quote:
THE AVERAGE NET WORTH OF THE ABOVE AVERAGE PERSON
Age Avg Total NW
22 $ -
23 $ 20,000
24 $ 45,000
25 $ 70,000
30 $ 239,500
35 $ 418,000
40 $ 643,000
45 $ 891,000
50 $ 1,171,500
55 $ 1,511,500
60 $ 1,908,500
65 $ 2,420,500
Source: FinancialSamurai.com 2014
Posted on 8/26/14 at 10:04 am to Ole War Skule
quote:
It's done all the time. Depending on how you figure it, from 50-70 percent of Forbes 400 are self made...picking up 5-10mm is certainly not unachievable.
it doesn't happen all the time. 10M range is 1% territory, and that is 1 in a hundred. And its not likely people are falling out of the 1%. Its a very rare occurrence to get to $10M in assets.
I tutored kids in math a while ago, all of htem said - i don't need math, I am going to be a NBA/NFL star (none played baseball). They were deluding themselves that it was a realistic goal for themselves, i don't see much difference in believing that 10M is achievable in terms of wealth.
Posted on 8/26/14 at 10:05 am to Cold Cous Cous
quote:
So according to these guys I'm on the low end of average. But all I have to do is quit my job and go work at Popeyes, and all of a sudden I'll be off the charts!
it does have its flaws, namely younger people will look like they are under accumulating.
Even at 40, I think its saying I am saving just average. I am socking away about 30% of my pre-tax income, that is average accumulation.
This post was edited on 8/26/14 at 10:10 am
Posted on 8/26/14 at 10:26 am to Hawkeye95
quote:
10M range is 1% territory, and that is 1 in a hundred. And its not likely people are falling out of the 1%. Its a very rare occurrence to get to $10M in assets.
That's correct and 5mm is in the 1.5% range..you said it's 'not achievable', now you're saying it's 'rare'.
It is achievable and it's and MUCH easier than an athletic career. It will never happen in a conventional job, but if one is willing to take risks and go the extra 10 miles, it's very doable.
The VAST majority of people never even try, leaving maybe 10% who actually give it a shot. I"d say the odds of success are really closer to 1 in 5 or 10 considering most don't even play the game
you can't win if you don't play ;)
Posted on 8/26/14 at 11:05 am to Ole War Skule
quote:
That's correct and 5mm is in the 1.5% range..you said it's 'not achievable', now you're saying it's 'rare'.
no, I said its only unachieveable unless you have family money or sell your business. I would add if you work for financial services firms. even then.
quote:
The VAST majority of people never even try, leaving maybe 10% who actually give it a shot. I"d say the odds of success are really closer to 1 in 5 or 10 considering most don't even play the game
I really doubt that. I know quite a few people who have started their businesses, and none are any where near 10M. and some of these are very successful businesses.
Posted on 8/26/14 at 11:11 am to Hand
quote:
THE AVERAGE NET WORTH OF THE ABOVE AVERAGE PERSON
Age Avg Total NW
22 $ -
23 $ 20,000
24 $ 45,000
25 $ 70,000
30 $ 239,500
35 $ 418,000
40 $ 643,000
45 $ 891,000
50 $ 1,171,500
55 $ 1,511,500
60 $ 1,908,500
65 $ 2,420,500
Source: FinancialSamurai.com 2014
What percentile is above average in this context? I think you are still hard pressed to find many 25 year olds that have $70k in wealth.
Posted on 8/26/14 at 11:12 am to Hawkeye95
quote:
I know quite a few people who have started their businesses, and none are any where near 10M. and some of these are very successful businesses.
Maybe we are spoiled with the oil and gas industry but there aren't many businesses on hwy 90 not worth 10M today.
Posted on 8/26/14 at 11:15 am to yellowfin
quote:
Maybe we are spoiled with the oil and gas industry but there aren't many businesses on hwy 90 not worth 10M today.
Oh, some of the businesses are worth north of 10M. Those individuals are just not worth $10M.
Posted on 8/26/14 at 11:16 am to Hawkeye95
If the business is worth 10M and they are the 100% owner then the 10M would be included it their net worth.
Posted on 8/26/14 at 11:31 am to yellowfin
most of the business people i know have partners, or outside investment. pretty standard in tech.
Posted on 8/26/14 at 11:40 am to Hawkeye95
quote:
most of the business people i know have partners, or outside investment. pretty standard in tech
Hwy 90 isn't your standard tech market though.
This post was edited on 8/26/14 at 11:41 am
Posted on 8/26/14 at 12:07 pm to stevengtiger
quote:
you can't win if you don't play ;)
i've reached the point in my life where winning is defined by health & general happiness. money is just a tool to reach those goals...not the actual measure of my quality of life. some of the unhappiest and unhealthiest ppl i know are 1%ers.
meanwhile, my grandma lived to very happy 95 and never held a job. probably never had a net worth of $20K yet managed to make a massive positive impact on the world through her productive 7 children and now 65+ descendants.
keeping score is for football, not life.
Posted on 8/26/14 at 3:24 pm to hungryone
quote:
keeping score is for football, not life.
tell yourself whatever it takes, but study after study has shown a direct correlation between wealth and happiness and health....
and it sounds like you are keeping score on the basis of those things you feel you excel in
cheers none the less
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