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re: Excluding home equity, the median 40-44 year old has a net worth of just $58,000
Posted on 1/8/24 at 8:17 pm to stout
Posted on 1/8/24 at 8:17 pm to stout
And you need to stop being a whiny Karen who can’t handle the slightest bit of criticism. I haven’t said anything critical about any of your posts in over a month. Maybe even two months. Stop being so sensitive.
Your thread just proves Mark Twain’s observation over 100 years ago:
“There are three types of lies: 1) lies, 2) damn lies, and, 3) statistics.”
Your thread just proves Mark Twain’s observation over 100 years ago:
“There are three types of lies: 1) lies, 2) damn lies, and, 3) statistics.”
Posted on 1/8/24 at 8:17 pm to Big Scrub TX
quote:It only excludes the equity, thus the liability of any mortgage is offset by the value of the asset up to that liability.
does the calculation that excludes home equity ALSO exclude a mortgage if there is one?
This post was edited on 1/8/24 at 8:18 pm
Posted on 1/8/24 at 8:18 pm to stout
Do we include non liquid savings such as 401k and Roth IRA in our call?
Posted on 1/8/24 at 8:21 pm to Big Scrub TX
quote:
Let me ask - does the calculation that excludes home equity ALSO exclude a mortgage if there is one?
Home equity = FMV of house - balance owed on mortgage
You can figure out the answer to your question.
Posted on 1/8/24 at 8:33 pm to stout
I’m same age as you and we def are gen x. I am currently in the 94th percentile for now. Bc I will be in 45-49 age group in 2 months. If I don’t run into a lot of money between now and then I will drop to the 91st percentile. Btw I think it’s dumb they won’t let you put your home equity in this. It’s def part of everyone’s net worth and a big part for some.
Posted on 1/8/24 at 8:37 pm to SidewalkTiger
quote:
Unfortunately, we don't let people fail anymore so there's little incentive for making responsible decisions.
Totally agree with this and I have a child (step son) that CHOSE to go to college for half his life and is pissed that his student loan debt may not be written off by big gov.
Did my best to raise him right but ...........
Posted on 1/8/24 at 8:37 pm to stout
quote:
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.
Creditors limit the downside risk to a manageable amount. We’d have people far deeper in debt if they weren’t cut off
Posted on 1/8/24 at 8:40 pm to jclem11
quote:Just confirming it isn't some monkey business where the house is valued at 0 and the debt is still counted.
Home equity = FMV of house - balance owed on mortgage
You can figure out the answer to your question.
Posted on 1/8/24 at 8:42 pm to stout
Does inheriting all your wealth count? Asking for a friend.
Posted on 1/8/24 at 8:44 pm to stout
The graph is even crazier when you turn off the logarithmic scale
Posted on 1/8/24 at 8:46 pm to stout
Sounds like today was a good day to make my IRA and HSA contributions for the year.
Posted on 1/8/24 at 8:49 pm to danilo
quote:
Do we include non liquid savings such as 401k and Roth IRA in our call?
Yes.
Posted on 1/8/24 at 8:50 pm to stout
quote:
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
So, you think someone with a paid for $500,000 house and someone that has a mortgage payment of $3450 per month for their $500k house are equal? Based on your logic, the person with a $500,000 paid for house could go and get a mortgage and increase their net worth by $500,000 overnight yet they wouldn’t be any better off in reality.
This post was edited on 1/8/24 at 8:51 pm
Posted on 1/8/24 at 9:01 pm to Mid Iowa Tiger
My 9 year old has more than that lol
Posted on 1/8/24 at 9:08 pm to stout
quote:Yes, or become a renter. You act like that's akin to drowning or something. I understand the general point that home equity is less liquid than cash - but excluding it seems to ignore the fact that cash had to be spent in order to get the house in the first place (down payment).
unless you choose to be homeless or become a renter
So - in your construct - people are terrible savers...as evidenced by their lack of cash, and renting is like leprosy. But when people save up cash and put it down on a house (to avoid leprosy), then any gains/equity they accrue are not to be counted and they are terrible people who are bad savers.
Posted on 1/8/24 at 9:25 pm to stout
quote:I guess if you say so...
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
I mean if you own a 2m 4 bedroom home on the coast in California with the goal of eventually selling and buying a 4 bedroom home on the coast in Mississippi, pretty sure you can plan on having a little equity left over
Posted on 1/8/24 at 9:29 pm to SuperSaint
you moving from Big Sur to Pascagoula on your father in laws dime?
Posted on 1/8/24 at 9:34 pm to stout
YOLO! not going to need any money when we die
Posted on 1/8/24 at 9:38 pm to stout
I have nearly 4x that and I’m not even 30. What the frick are y’all doing?
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