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re: 50% of Americana aged 45-54 have a $95K net worth or less
Posted on 3/26/25 at 12:40 pm to Mingo Was His NameO
Posted on 3/26/25 at 12:40 pm to Mingo Was His NameO
quote:
Any good modeling should consider both taxes and future value.
I never understand when these threads pop up why people can’t separate the above from the simple definition of net worth = assets - liabilities.
Financial modeling and planning is different than net worth.
Your net worth is your net worth. It’s not some value less taxes, equity, penalties, etc.
1
Posted on 3/26/25 at 12:41 pm to stout
The average overall networth globally is 85,000
Without the top 1% it drops to $8,654.
The numbers will always be skewed when you have multi million/billionaires.
If you own a house and a car congrats. You're better off than 95% of all humans alive.
Without the top 1% it drops to $8,654.
The numbers will always be skewed when you have multi million/billionaires.
If you own a house and a car congrats. You're better off than 95% of all humans alive.
Posted on 3/26/25 at 12:45 pm to stout
Living in a low COL area is the most financially sound decision you can make.
Posted on 3/26/25 at 12:46 pm to BoudinChicot
quote:
Living in a low COL area is the most financially sound decision you can make.
And retiring to a state that is retiree friendly when it comes to taxes. There's a reason other than the weather for why people retire to Florida and other states in the south.
Posted on 3/26/25 at 12:47 pm to stout
quote:
Is it unfair not to include home equity?
I think home equity should be included - why wouldn't you include that in your total net worth?
Someone who has 400K in equity in real estate is in a lot better shape than someone who has always rented their entire life, all other things being equal. Real estate is sadly one of the only places where middle class Americans actually gain some real net worth....since so few of them actually save or invest adequately for retirement.
This post was edited on 3/26/25 at 12:49 pm
Posted on 3/26/25 at 12:48 pm to dewster
Not if the renter has $3M in assets and the homeowner has little in assets other than the house.
There's no one size fits all here.
Home equity is an asset for sure but there is a lot more to it than just equity in a property.
There's no one size fits all here.
Home equity is an asset for sure but there is a lot more to it than just equity in a property.
Posted on 3/26/25 at 12:58 pm to PhiTiger1764
quote:
simple definition of net worth = assets - liabilities..... It’s not some value less taxes, equity, penalties, etc.
The future taxes on the traditional 401k/IRA can/should be l considered a contingent liability. Deducted it from the retirement account in your personal net worth calc. I consider my traditional accounts to be worth 22-24% less than my Roth accounts.
Posted on 3/26/25 at 12:58 pm to Y.A. Tittle
quote:You can eat the termites that eat your house. First, you make a roux.
Can you eat your house when you retire?
Posted on 3/26/25 at 1:02 pm to dat yat
quote:
The future taxes on the traditional 401k/IRA can/should be l considered a contingent liability. Deducted it from the retirement account in your personal net worth calc. I consider my traditional accounts to be worth 22-24% less than my Roth accounts.
You can consider and do whatever you want. That’s financial planning.
Your net worth is your net worth without those considerations. Again, you can pretend it means something else if you’d like.
Posted on 3/26/25 at 1:03 pm to NIH
quote:
You commit return fraud at academy?
Yea he does then comes here and laughs about it until I started making fun of him for being a thief while also trying to claim to be rich. He ignores me pointing it out because he knows exactly what I am talking about.
Posted on 3/26/25 at 1:03 pm to stout
Not me 
Posted on 3/26/25 at 1:09 pm to PhiTiger1764
quote:
Again, you can pretend it means something else if you’d like.
And you can pretend your Trad 401k/IRA is worth the same as your Roth.
Posted on 3/26/25 at 1:11 pm to dat yat
Two people. One has $1M in a 401k. One has $1M in a brokerage account. Both of these people have a net worth of $1M.
Their net worths are EQUAL to each other. This is a simple fact.
Are they in EQUAL financial positions? Not at all. Will they need different financial plans? 100%.
Their net worths are EQUAL to each other. This is a simple fact.
Are they in EQUAL financial positions? Not at all. Will they need different financial plans? 100%.
Posted on 3/26/25 at 1:30 pm to BoudinChicot
quote:
Living in a low COL area is the most financially sound decision you can make.
When you retire absolutely, while you are still earning, often not. This varies by profession but the delta in compensation for many white collar professions far outweighs the COL difference between large metro areas and lower COL areas.
Posted on 3/26/25 at 1:39 pm to GEAUXT
quote:
Gotta get that new phone
There needs to be a study done on why genx/boomers bring up cell phone purchases 100% of the time when discussing personal finance issues.
If you reviewed 1000 TD threads on this topic, you would see at least 1000 mentions of “cell phone”. It is crazy.
Posted on 3/26/25 at 1:40 pm to theliontamer
quote:
I disagree, it's usually a populated city that's next to natural wonders such as beaches, mountains, and lakes. If there are jobs to be had, there are nearby places to live affordably. You may have to commute, or live in a dumpy neighborhood, or even an apartment. But It can easily be done. There are plenty of affordable neighborhoods along the gulf south where you can find a decent job.
Populated cities in idyllic settings are the tip of the iceberg but housing prices skyrocketing in relation to average income is pretty much everywhere that's not in economic decay.
I'm not saying it's impossible. I'm saying that there are a ton of people who must choose between a pretty decent paying job they trained for and enjoy in a place where housing prices are astronomical and moving to a place where it's cheaper to live for a job they like less, pays less and may spend an extra 2 hours a day getting to.
No one's saying you have to be unemployed and homeless to leave "desirable places". Just that it's still a national economic problem if the only solution to somewhat affordable housing is living in a place that seriously diminishes your quality of life.
Posted on 3/26/25 at 2:04 pm to stout
quote:
-The median net worth of Americans in 2022 was $192,700.
-In 2022, the median net worth of Americans younger than 35 was $39,040.
-The median net worth of Americans between 65 and 74 was about 11 times higher at $410,000.
-In 2022, the median net worth of Americans with a college degree was $464,400.
-The median net worth of Americans with a high school diploma was $107,000.
-Asian families net worth was $535,400
-White families net worth was $ $284,310
-Hispanic families net worth was $62,120.
-Black families net worth was $44,100
Posted on 3/26/25 at 2:20 pm to JohnnyKilroy
Don’t forget Starbucks and Netflix
Posted on 3/26/25 at 3:23 pm to TigerintheNO
Imma identity as Asian going forward
Posted on 3/26/25 at 3:27 pm to dewster
quote:
I think home equity should be included - why wouldn't you include that in your total net worth?
Someone who has 400K in equity in real estate is in a lot better shape than someone who has always rented their entire life, all other things being equal. Real estate is sadly one of the only places where middle class Americans actually gain some real net worth....since so few of them actually save or invest adequately for retirement.
Depends. If they have 5 houses with 80k equity and 150K in remaining principal, that's a lot of debt.
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