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Message
re: 50% of Americana aged 45-54 have a $95K net worth or less
Posted on 3/26/25 at 9:49 am to jizzle6609
Posted on 3/26/25 at 9:49 am to jizzle6609
quote:
But then again, those spenders make the guys that invest money so no complaints here.
This is how I look at stuff like this, with a slight worry that politicians may try to start doing things to "equalize" us all somewhere down the line.
1
Posted on 3/26/25 at 9:49 am to stout
Wife and I have no kids or grandchildren so this boomer has a nice piece of real estate in northwest Florida to leave to someone. Just keep the yard mowed, trees and bushes cut back, car washed and it could all be yours one day 
Posted on 3/26/25 at 9:52 am to stout
Like the Chris Knight line, "I know i ain't setting the world on fire, but i think I got it pretty good."
I paid my last payment on one of my trucks (6 years at 0%). I have no house payment, no car payments, no loans at all. Everything i have is free and clear.
That money that most people use to pay payments, I invest or just straight up buy shite I want.
I paid my last payment on one of my trucks (6 years at 0%). I have no house payment, no car payments, no loans at all. Everything i have is free and clear.
That money that most people use to pay payments, I invest or just straight up buy shite I want.
Posted on 3/26/25 at 9:52 am to Upperdecker
quote:
What a sad state of affairs if you’ve worked 20+ years and have basically no net worth. I can’t imagine that
People that work from home and jump jobs every 1.5 years and think they’re just as important as anyone.
Posted on 3/26/25 at 9:53 am to BabyTac
quote:
47 here, net worth close to $3 million. When I hit that number next year, I’ll retire.
I’m 43 and don’t think I could retire on 3 million that young. I’d be freaked out that I would run out of money and have to go back to work in my late 60’s.
Posted on 3/26/25 at 9:53 am to Lakeboy7
quote:
And they all post on the Political Talk board!!!
Nola is littered with poor democrats that can't even make their disability last a week.
And even worse in the black community in nola where their net worth is their vehicle.
This post was edited on 3/26/25 at 9:57 am
Posted on 3/26/25 at 9:55 am to BabyTac
quote:
Unlike 90% of Americans, I live well within my means and am content with that.
I quit working at 45. You can absolutely retire in your 40s with $3 mil liquid if you have investments, passive income streams, etc that more than cover your expenses. Assuming you're debt free at that point.
This post was edited on 3/26/25 at 9:56 am
Posted on 3/26/25 at 10:04 am to BabyTac
quote:
47 here, net worth close to $3 million. When I hit that number next year, I’ll retire.
$5 million is my minimum number, $3M is simply not enough. Probably won't hit that by 47 but maybe by 50. We'll see what happens but I plan to take my foot off the gas when that happens.
Posted on 3/26/25 at 10:05 am to StringedInstruments
quote:
Does this include pension if you’re on a defined plan?
I know a lot of people disagree but it’s an asset with close to a 100% certainty of cash flowing in the future, so I think it should be.
Posted on 3/26/25 at 10:06 am to N2cars
quote:\
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.
Im simply pointing out that if someone has a half million dollar home fully paid off you cannot give them a big fat 0 counting to their net worth.
Yes, they have to live, 100% agreed.
Posted on 3/26/25 at 10:06 am to Rize
I mean, you could if you'd quit the coke.
NTTAWWT.
NTTAWWT.
Posted on 3/26/25 at 10:07 am to theliontamer
quote:
125k a year
Will not get you
quote:
500k house with 2 kids and has 2 $700/month car notes
Posted on 3/26/25 at 10:07 am to DarthRebel
quote:
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.
If his house is paid off and he won’t be putting kids through school, this is plenty, especially if he manages his expenses in the first 10 years or so to reduce his take below that $120k. No idea what I’d do with $10k/month with no kids and no mortgage
Posted on 3/26/25 at 10:09 am to Y.A. Tittle
quote:
This is how I look at stuff like this, with a slight worry that politicians may try to start doing things to "equalize" us all somewhere down the line.
They already are.
I know most of you will disagree but unless you are debt free pulling over 6 figures you are on the bottom right now getting eaten up by increasing costs from interest rates to insurance rates.
Thats just how I feel looking around now.
Most people put off the perception they got it, they don't got it. I'm in an industry that allows me to see what people have and dont have. Its laughable.
My definition of wealth must be must different than most. Retiring with $1mm in your 401K over 45 years is not much of an accomplishment to me, thats kind of what should be done by everyone in order to live the second half of your life God willing.
People lie about money more than anything else.
This post was edited on 3/26/25 at 10:11 am
Posted on 3/26/25 at 10:09 am to Dirt Booger
quote:
500k house with 2 kids and has 2 $700/month car notes
You shouldnt be looking at this range of house in the first place.
No offense.
Posted on 3/26/25 at 10:10 am to StringedInstruments
quote:
We spend around $1600/month on groceries for a family of four.
That’s high, you’re definitely putting a big premium on high end groceries
Posted on 3/26/25 at 10:11 am to Mingo Was His NameO
quote:
Is it unfair not to include home equity? No, you have to have somewhere to live and it’s isn’t liquid
So, if I sell my house, cash in on the equity, rent for a few months, I magically have a higher net worth? Then, if I buy another house with that money, my net worth goes down? The reality is you are in the same financial position.
Posted on 3/26/25 at 10:12 am to Mingo Was His NameO
quote:
They’re building cases on all of this stuff right now and the perp walks will begin as soon as they have open and shut cases on the first wave.
This will backfire on some in a big way.
1. Data shows that the boomer generation is starting to spend their money on traveling and other experiences. There was a thread on this board about it. As long as the mortgage free house remains, they should be ok.
2. People are living longer. AI and the new wave of drugs are going to prolong life. I think the big shift will come in 2029/30
3. Boomers had more kids so the split of remaining assets will be less (my parents had 5 and we have 2)
4.Debt vs what's inherited. What good does it do to inherit 500k if you're 1M in debt?
5. Spending behavior - If they're not conditioned to invest and save today, most will get an inheritance and spend on trips, cars, etc. More than likely, they'll end up in more debt. I've seen this first hand 3 times.
6. Overinflated wealth. Unless they know what's in the bank, they don't know what will be inherited. People way overinflated their wealth in conversations and appearances.
7. Market timing - The asset that's worth 1M today might only be worth half in 5 years. The reverse is true.
8. Motivations of of others. We could have waited for the housing market to rebound on my parents house however, we had a sibling that wanted the money now.
The correct course of action is to plan for yourself and any inheritance is money in the bank.
Posted on 3/26/25 at 10:13 am to jizzle6609
quote:
Im simply pointing out that if someone has a half million dollar home fully paid off you cannot give them a big fat 0 counting to their net worth.
100%. They can get a home equity loan on the equity there, so it is useable. They could also sell the house and rent in a dire situation, or downsize and have extra investable money in older age. The equity in the house also factors into loan calculations
Posted on 3/26/25 at 10:13 am to TigerBlood17
quote:
So, if I sell my house, cash in on the equity, rent for a few months, I magically have a higher net worth? Then, if I buy another house with that money, my net worth goes down? The reality is you are in the same financial position.
I look at your home equity as Cash Convertible less 10%
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