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re: What’s a great net worth by 45?
Posted on 8/6/23 at 6:06 am to thelawnwranglers
Posted on 8/6/23 at 6:06 am to thelawnwranglers
quote:
Do I divide by 2 if married?
This is a great question. Personally, I don’t divide by 2, but I’ve thought maybe I should.
Net worth by 45? I’d say $1.5M is good and over $2M is great. This is for a couple in my mind.
As far as “net worth”, I don’t include the house and only count investable assets. Unless you plan on selling your home frequently and using it like an actual investment, it shouldn’t be included.
Having a working spouse that maxes their 401K yearly is vital to hitting the $1.5M number.
1
Posted on 8/6/23 at 6:10 am to BabyTac
quote:
If your home isn’t paid for by 45, then you’ve probably made bad decisions buying homes you really can’t afford.
Such a myopic point of view. This isn’t even close to an accurate statement.
quote:
Not overspending on vehicles that are more than a need.
Yes to the extent that at least you are now referencing an expense variable that does impact net worth.
quote:
Contributing max to 401k
Yes…but this isn’t feasible more many people based on median wages.
quote:
Investing another 15%/month.
again, there isn’t that much disposable income for the vast majority of people. quote:
Those who do this get there fairly easily even with contingencies along the way. Those that don’t need to make major changes by 45 or they’ll never get where they need to be. My statement was not outlandish. People complain about not being there prob buy a lot of things they can’t afford.
Yes, people who earn in the top few percentiles who save a lot of that income can get there. What income are you assuming with the statements you are making? What family situation do you assume?
Posted on 8/6/23 at 6:34 am to lynxcat
He’s a troll ignore him. He’s just more subtle than el gaucho.
Posted on 8/6/23 at 6:47 am to slackster
quote:
Something like 90% of people in this country NEVER have a net worth over $500,000 in their lifetime, much less 3x that by 45.
Similar, but different... Whats the stat, 40% of American's couldn't easily come up with 1k for an unexpected expense
American in general are irresponsible AF. Always keeping up with the Joneses.
No issue with spending money however you want, but you should have your shite in line behind the scenes and be blowing the leftovers.
Posted on 8/6/23 at 7:26 am to BabyTac
quote:
BabyTac
Your shtick is so tired.
Posted on 8/6/23 at 7:53 am to Lsut81
quote:
American in general are irresponsible AF. Always keeping up with the Joneses.
This is the biggest problem. People don’t live well enough below their means (whatever their means are). The live at their means or above by making excuses that luxury items are needs. Examples:
Young guy living in Austin barely getting by. Make the same income in a less desirable place to live. You’re not entitled to live where you want. It’s not an inflation problem…it’s a YOU problem.
Neighbor comes home with a brand new $72k Platinum Tundra. Doesn’t need a truck, doesn’t tow anything, doesn’t need 4x4 as he has never been off road, damn sure doesn’t need the platinum package accessories. It’s not an inflation problem…it’s a YOU problem.
Other neighbor (young couple) gets door dash or Uber eats delivered 4-5 nights a week. The other nights they’re prob going out to restaurants. It’s not an inflation problem…it’s a YOU problem.
Guy I work with talks about never being able to retire. Makes less than me, lives in a nicer home and drives a nicer vehicle. It’s not an inflation problem…it’s a YOU problem.
I can garuntee you anyone on this site over 40 had parents that didn’t NEED a 3rd or 4th row SUV to get by much less a 3000 sq ft house. Heard a co worker complaining about housing cost the other day because he had to upgrade. Made the comment about having to just bite the bullet because “you can’t raise two kids in a 1600 sq ft house”. It’s not an inflation problem…it’s a YOU problem.
LEARN TO PAY YOUR DUES AND EARN THINGS. NOT JUST GET WHAT YOU WANT AND POINT FINGERS AT THE GOVERNMENT WHEN YOU CANT RETIRE.
This post was edited on 8/6/23 at 8:08 am
Posted on 8/6/23 at 7:57 am to BabyTac
quote:
it’s a YOU problem
Yup.. Instead of getting a new iphone every year or car every three years, but used.
Max out your retirement and savings and then spend the leftovers on quality of life.
Posted on 8/6/23 at 8:16 am to Lsut81
I think net worth is very relative.
A teacher who has say only a mortgage, is cruising towards a pension and has 100k saved would be great at 45.
Someone who became a big law partner at 32 and has worked tons of 80 hour weeks should have quit a bit to show for their work at 45. Probably at least a million if not two or more.
People should only judge themselves based off of their own situation and how much that have maximized it and made wise choices.
A teacher who has say only a mortgage, is cruising towards a pension and has 100k saved would be great at 45.
Someone who became a big law partner at 32 and has worked tons of 80 hour weeks should have quit a bit to show for their work at 45. Probably at least a million if not two or more.
People should only judge themselves based off of their own situation and how much that have maximized it and made wise choices.
Posted on 8/6/23 at 8:28 am to Lsut81
We had 2 kids in daycare when I was in my 20s. We made less than half what we do now too. There's no way we could have afforded to max out our 401k at that point in life.
We weren't exactly taking European vacations or living above our means either.
We weren't exactly taking European vacations or living above our means either.
Posted on 8/6/23 at 8:36 am to fallguy_1978
Starting out with a family, neither wife nor husband gifted anything from parents, stay at home mom and being able to put anything into 401k at all is a blessing.
I love reading how absolutely delusional this board is. Your average working American is much more in line with the above statement than the maxing out 401k and investing 20% more at 30 years old crowd.
I love reading how absolutely delusional this board is. Your average working American is much more in line with the above statement than the maxing out 401k and investing 20% more at 30 years old crowd.
Posted on 8/6/23 at 8:42 am to DownshiftAndFloorIt
We were able to start saving a good bit more by our mid 30s or so. We are mid to late 40s now and saving a lot but we will have another one in college soon.
Posted on 8/6/23 at 9:24 am to BabyTac
quote:
This is the biggest problem. People don’t live well enough below their means (whatever their means are). The live at their means or above by making excuses that luxury items are needs. Examples:
Young guy living in Austin barely getting by. Make the same income in a less desirable place to live. You’re not entitled to live where you want. It’s not an inflation problem…it’s a YOU problem.
Neighbor comes home with a brand new $72k Platinum Tundra. Doesn’t need a truck, doesn’t tow anything, doesn’t need 4x4 as he has never been off road, damn sure doesn’t need the platinum package accessories. It’s not an inflation problem…it’s a YOU problem.
Other neighbor (young couple) gets door dash or Uber eats delivered 4-5 nights a week. The other nights they’re prob going out to restaurants. It’s not an inflation problem…it’s a YOU problem.
Guy I work with talks about never being able to retire. Makes less than me, lives in a nicer home and drives a nicer vehicle. It’s not an inflation problem…it’s a YOU problem.
I can garuntee you anyone on this site over 40 had parents that didn’t NEED a 3rd or 4th row SUV to get by much less a 3000 sq ft house. Heard a co worker complaining about housing cost the other day because he had to upgrade. Made the comment about having to just bite the bullet because “you can’t raise two kids in a 1600 sq ft house”. It’s not an inflation problem…it’s a YOU problem.
LEARN TO PAY YOUR DUES AND EARN THINGS. NOT JUST GET WHAT YOU WANT AND POINT FINGERS AT THE GOVERNMENT WHEN YOU CANT RETIRE.
You spend a lot of time looking at your neighbors. Are you a stay at home dad?
Posted on 8/6/23 at 9:33 am to JayDeerTay84
It's pretty humbling to get financial advise from people who married a heart surgeon or inherited a few thousand acres of productive oil fields.
Posted on 8/6/23 at 10:35 am to DownshiftAndFloorIt
quote:
It's pretty humbling to get financial advise from people who married a heart surgeon or inherited a few thousand acres of productive oil fields.
Mil gave us house but it is in NJ so don't know how to feel
Posted on 8/6/23 at 11:29 am to GeauxTigers123
quote:
think net worth is very relative.
A teacher who has say only a mortgage, is cruising towards a pension and has 100k saved would be great at 45.
Someone who became a big law partner at 32 and has worked tons of 80 hour weeks should have quit a bit to show for their work at 45. Probably at least a million if not two or more.
People should only judge themselves based off of their own situation and how much that have maximized it and made wise choices.
Posted on 8/6/23 at 11:33 am to I Love Bama
quote:
I specifically said "respectable". I have no respect for the majority of people I come into contact with on a daily basis.
, fair enough. 
Posted on 8/6/23 at 11:48 am to meansonny
What is your household income?
Posted on 8/6/23 at 11:54 am to baldona
quote:
I maybe mistaken but aren’t you married to a doctor that is the breadwinner. That tends to help I would think? I’m not sure why everyone is fixated on mortgages here, net worth is net= value minus debt.
My wife is a VP. I joke about her being my sugar mama but she hasn’t out earned me in years.
Posted on 8/6/23 at 12:09 pm to Rize
quote:
My wife is a VP. I joke about her being my sugar mama but she hasn’t out earned me in years.
Does she make sandwiches though?
Posted on 8/6/23 at 12:26 pm to Covingtontiger77
I think 1.5 is a great goal but will be tough for many.
I am at 1.7 (1.2 in investments, 500k home equity) at 40 but have enjoyed a great income my entire professional life (cyber security sales)
I haven’t done anything sexy investment wise . DCA in S&P and Russell2K in my 401k
My biggest concern is that my net worth is tied up in retirement accounts
Wish I had more in my brokerage which is only at $100k or so
By 50 I’d like to $500-650k in my brokerage
I am at 1.7 (1.2 in investments, 500k home equity) at 40 but have enjoyed a great income my entire professional life (cyber security sales)
I haven’t done anything sexy investment wise . DCA in S&P and Russell2K in my 401k
My biggest concern is that my net worth is tied up in retirement accounts
Wish I had more in my brokerage which is only at $100k or so
By 50 I’d like to $500-650k in my brokerage
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