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Posted on 1/8/24 at 6:50 pm to Oilfieldbiology
quote:
Ok so excluding the single largest investment most people utilize, most people don’t have a lot of money.
Well, unless they choose to be homeless that investment is null
Posted on 1/8/24 at 6:50 pm to stout
Why exclude home equity? That’s a pretty big wealth builder
Posted on 1/8/24 at 6:50 pm to stout
quote:pretty big exclusion
Excluding home equity
Posted on 1/8/24 at 6:50 pm to Trauma14
And fed Gov will be flush with cash as they take 50% of the wealth currently held by middle class to upper middle class boomers.
Posted on 1/8/24 at 6:51 pm to stout
Thankfully I can work until 85 in my career.
Have an 80 year old working a few days per month still for joy
Have an 80 year old working a few days per month still for joy
Posted on 1/8/24 at 6:52 pm to SuperSaint
quote:
pretty big exclusion
Why? It only matters if you can somehow downsize and/or get a cheaper house. Outside of that, it's pretty null unless you choose to be homeless or become a renter
Posted on 1/8/24 at 6:52 pm to WaydownSouth
quote:
Have an 80 year old working a few days per month still for joy
Sounds miserable
Posted on 1/8/24 at 6:55 pm to stout
If you can make 100 years old you’ll have 10 million, worth a shot. 
Posted on 1/8/24 at 6:57 pm to stout
quote:The key word is "median."
the median 40-44 year old
The average would be much higher, probably in the range of a half million dollars or so. Maybe even $1,000,000.
Posted on 1/8/24 at 6:57 pm to stout
You can more easily borrow against equity than debt.
Posted on 1/8/24 at 7:02 pm to LSURussian
The median matters more than the average in this case due to extremes on both sides. Wouldn't you agree?
I would also say there are more extreme cases on the upper end (a few billionaires in that age range) than on the lower end as there is no one billions in debt. I am sure the low end has billions worth of debt collectively but I am just not sure it outweighs the massive wealth of a few.
I would also say there are more extreme cases on the upper end (a few billionaires in that age range) than on the lower end as there is no one billions in debt. I am sure the low end has billions worth of debt collectively but I am just not sure it outweighs the massive wealth of a few.
This post was edited on 1/8/24 at 7:04 pm
Posted on 1/8/24 at 7:06 pm to stout
The second best decision* I’ve made in my life was over 30 years ago when I started my career I immediately started saving for retirement.
* the absolute best being marrying my wife almost 27 years ago.
* the absolute best being marrying my wife almost 27 years ago.
Posted on 1/8/24 at 7:06 pm to stout
quote:Not really when over 30% of the population is on some type of government assistance.
The median matters more than the average in this case due to extremes on both sides. Wouldn't you agree?
I also think it's silly to remove home equity from net worth just to make some type of "OMG!" point.
Why not remove stock and bond holdings, too?
Posted on 1/8/24 at 7:08 pm to stout
I just checked, me and all my kids were around 90%, except one of the kids is close around 95%.
I’m not gonna have to eat bugs!
I’m not gonna have to eat bugs!
Posted on 1/8/24 at 7:10 pm to stout
Half of the people in this country are uneducated and/or completely incompetent with no drive or life plan.
I don’t look at the median American to judge myself.
I don’t look at the median American to judge myself.
Posted on 1/8/24 at 7:11 pm to LSURussian
quote:
I also think it's silly to remove home equity from net worth just to make some type of "OMG!" point.
You always accuse me of this. You need to grow the frick up and quit crying about my threads. It's gotten weird.
Also, it's just data and it proves that people in that age group haven't been very good at saving money despite being in the workforce for a few decades.
Also, home equity gives a false reality considering the insane rise in home values since 2020. Those values could also come crashing down if there is ever a correction.
Posted on 1/8/24 at 7:13 pm to LSUtoBOOT
quote:
If you can make 100 years old you’ll have 10 million, worth a shot.
That's not what that chart shows. It shows 40-44 year olds with $6.7+ million are the 1%
Posted on 1/8/24 at 7:13 pm to stout
If you exclude their most valuable asset most people don’t have a lot of money, earth shattering stuff
Posted on 1/8/24 at 7:15 pm to EmperorGout
quote:
If you exclude their most valuable asset most people don’t have a lot of money, earth shattering stuff
If people sold that asset would they have to spend all of their equity from it to buy another house or just choose to be homeless?
What you miss is the data shows that people have zilch in savings and other assets.
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