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re: 50% of Americana aged 45-54 have a $95K net worth or less
Posted on 3/26/25 at 9:10 am to Y.A. Tittle
Posted on 3/26/25 at 9:10 am to Y.A. Tittle
quote:
Can you eat your house in retirement?
Net Worth includes home equity.
Can your financial nest egg produce cash to cover essentials (food, healthcare / meds, shelter, clothing, etc)? That is different (important) question and math.
0
Posted on 3/26/25 at 9:11 am to Y.A. Tittle
quote:
Can you eat your house when you retire?
No but you can sell and downsize for cash.
I think its fine to not include it, but someone sitting house poor definitely I wouldn't say is as "rich" as someone living in a house that is too big for them and paid off.
Posted on 3/26/25 at 9:14 am to Mingo Was His NameO
quote:
when you factor in if you need to sell your house because the economy sucks, it’s going to be really hard to sell your house
i agree with that...but a lot of things arent liquid and are considered in this.
but if you have to sell the family home because the economy went bad it better be because you lost your job or the business went under
if its simply due to inflation then way way over leveraged.
i can see it both ways for sure.
whats your opinion on including things like a pension that cant be taken out and isnt liquid?
Posted on 3/26/25 at 9:15 am to Mingo Was His NameO
Yes. It may not be easy. Or comfortable. And the fear of the unknown keeps most people at bay. But finding a job in LCOL area and moving there is a very normal thing to do. Switch professions. Work from home. Start a business. Got a sick parent, bring them with you. Take the kids out of school and enroll them in a new one. Millions of people do it. Our ancestors did it through crossing an entire ocean before dependable transport was even available. Struggling to stay afloat is the worst thing you can do to yourself and family.
Posted on 3/26/25 at 9:18 am to stout
47 here, net worth close to $3 million. When I hit that number next year, I’ll retire.
Posted on 3/26/25 at 9:22 am to BabyTac
quote:
47 here, net worth close to $3 million
Then why do you commit return fraud on fishing gear at Academy as you have admitted to?
Posted on 3/26/25 at 9:23 am to stout
That's quite scary
Posted on 3/26/25 at 9:34 am to stout
quote:
50% of Americana aged 45-54 have a $95K net worth or less
This is probably true, although it’s hard to believe.
I have a friend who is early 50’s, married, and has 2 kids in their 20’s. Neither child finished college and one still lives at home. His wife does not work.
He makes about $100k a year yet has never had more than about $15-20k in the bank ever.
Posted on 3/26/25 at 9:37 am to AUFANATL
quote:
The big life preserver for this generation will be inheritance. I know a lot of people who aren't properly saving for retirement because they know when their boomer parents die they will inherit a McMansion and a seven figure 401k plus a bunch of "stuff".. Why sacrifice and save now when you know the account will be topped up in the future?
Yep.
Posted on 3/26/25 at 9:37 am to BabyTac
quote:
47 here, net worth close to $3 million. When I hit that number next year, I’ll retire.
Using the generic 4% withdrawal rule, you are capping yourself around $120,000/yr. That seems like a lot, but that is $120,000/year for 30+ years and what will that amount be like 10, 20 or 30 years from now.
You also are going to be on your own for medical insurance until 65.
You can do it, but baller you will not be.
Posted on 3/26/25 at 9:38 am to Mingo Was His NameO
quote:
No, you have to have somewhere to live and it’s isn’t liquid
It's still part of your net worth... NW = assets - debts
Posted on 3/26/25 at 9:38 am to Mingo Was His NameO
quote:
No, you have to have somewhere to live and it’s isn’t liquid
Unless that sucker is paid off in full.
Posted on 3/26/25 at 9:39 am to SportsGuyNOLA
quote:
This is probably true, although it’s hard to believe.
It is hard to believe but I can tell you first hand that many of your peers dont utilize their 401K plan.
Posted on 3/26/25 at 9:39 am to stout
Break it down by race and the numbers are vastly different.
quote:
Single Black women without children have a median wealth of just $200 – but for single Black mothers that figure drops to $0
This post was edited on 3/26/25 at 9:46 am
Posted on 3/26/25 at 9:44 am to DarthRebel
quote:
You can do it, but baller you will not be.
Unlike 90% of Americans, I live well within my means and am content with that.
Posted on 3/26/25 at 9:46 am to BabyTac
quote:
Unlike 90% of Americans
Its sad the number is this high.
But then again, those spenders make the guys that invest money so no complaints here.
Posted on 3/26/25 at 9:46 am to jlovel7
What you make is not the same as net worth.
Posted on 3/26/25 at 9:47 am to stout
What a sad state of affairs if you’ve worked 20+ years and have basically no net worth. I can’t imagine that
Posted on 3/26/25 at 9:47 am to jizzle6609
Even then, if you sell it, you've still gotta live some...
I know it's SOP to include home equity as net worth as technically it is a asset, but personally I don't include it in my financial planning.
I know it's SOP to include home equity as net worth as technically it is a asset, but personally I don't include it in my financial planning.
Posted on 3/26/25 at 9:48 am to DarthRebel
quote:
You can do it, but baller you will not be.
He steals shite so it doesn't matter to him
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