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Started By
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re: Average Net Worth vs. Median Net Worth in the US.
Posted on 10/15/21 at 2:33 pm to Mootsman
Posted on 10/15/21 at 2:33 pm to Mootsman
Getting married and having kids really takes a toll on meeting financial goals.
I’m sure I’d be loaded (or dead) if I was single, but that’s just how economics work. Look at this smile on my face as “life is short, life is shite, and then you die” repeats in my head.
I’m sure I’d be loaded (or dead) if I was single, but that’s just how economics work. Look at this smile on my face as “life is short, life is shite, and then you die” repeats in my head.
2
Posted on 10/15/21 at 2:36 pm to OldSouth
quote:
Average Net Worth vs. Median Net Worth in the US.
Those numbers are ridiculous. I don’t know many 60-70 yr olds worth over a million dollars. Much less the average.
The median is obviously more meaningful. Obviously the rich are REALLY REALLY RICH which makes the average so much higher.
Posted on 10/15/21 at 2:40 pm to mmmmmbeeer
quote:
A 31yo married couple with 2 kids, student loans, a mortgage, couple of car payments, etc. and the median household net worth is +$35k? I seriously doubt it's that high.
A lot of this is based on real estate I'm sure. People are seeing double digit appreciation yearly on their homes lately. That couple you are talking about above might have bought a $300k house when they got married at 26 and that house could easily be worth $400k+ now five years later. In some areas it could be significantly more than that. Unless they have a lot of uncollateralized debt (student loans come in to play here) they could easily have "net worth" of $35k. Unless you take out a 6 year plus car loan most car loans are pretty much full collateralized by the value of the car so it doesn't really count as debt in terms of a net worth calculation. For a lot of people in that 30-35 year range their net worth can mostly be simply calculated by equity in house + 401k value - student loans - credit card debt.
This post was edited on 10/15/21 at 2:42 pm
Posted on 10/15/21 at 2:46 pm to OldSouth
quote:
Those numbers are ridiculous. I don’t know many 60-70 yr olds worth over a million dollars. Much less the average.
Really? I seem to know a ton of them with at least that amount.
Posted on 10/15/21 at 2:47 pm to MSTiger33
quote:
Those numbers are ridiculous. I don’t know many 60-70 yr olds worth over a million dollars. Much less the average.
quote:
Really? I seem to know a ton of them with at least that amount.
are y'all financial advisors? are they telling you about their financial situation. are you just guessing?
Posted on 10/15/21 at 2:48 pm to elposter
By the way if you go through to the provided link they provide the numbers excluding home values.
Posted on 10/15/21 at 2:49 pm to TigerIron
(no message)
Posted on 10/15/21 at 2:50 pm to Shexter
90th percentile 
on track for early retirement soon.
on track for early retirement soon.Posted on 10/15/21 at 2:50 pm to TigerIron
quote:
I would guess that people who understand how averages and medians work probably tend to have a net worth closer to the average than the median.
This. What are the ages of Zuckerberg and Musk. Those to alone could probably raise the average in their age group by 6 figures.
Posted on 10/15/21 at 2:56 pm to PCRammer
What's the reasoning for decline for both median and average in the late 70s, early 80s age groups?
No longer contributing to/burning through retirement money?
No longer contributing to/burning through retirement money?
Posted on 10/15/21 at 3:10 pm to Sheep
quote:
What's the reasoning for decline for both median and average in the late 70s, early 80s age groups?
Death? Then they give it to the next generation.
Posted on 10/15/21 at 3:50 pm to Shexter
I figured they stopped counting at death 
Posted on 10/15/21 at 3:52 pm to Sheep
quote:Being old is expensive.
What's the reasoning for decline for both median and average in the late 70s, early 80s age groups?
Posted on 10/15/21 at 4:02 pm to Gravitiger
quote:
Being old is expensive
And often they’ve removed assets from their name and put them into trusts.
Posted on 10/15/21 at 4:06 pm to Mootsman
quote:yeh you’re probably over extended and driving ‘your’ king ranch with 82 payments remaining probably drops your net worth by a couple grand
My king ranch is worth more than half people in the 30-40 age range. Unreal.
Grats
Posted on 10/15/21 at 4:07 pm to Shexter
quote:
That number is including home value. Looking at those numbers, I'd say that easily 70% of the country is seriously poor.
I’m below median and average. Don’t think I’m poor.
Now if I had kids, we’d be fricked as a family, so I don’t have kids.
I also have no debt though. No student loans, no mortgage, no cc debt, no car payments.
My only bills are car insurance and rent. My rent includes electricity, water and internet. My company pays my phone bill.
This post was edited on 10/15/21 at 4:11 pm
Posted on 10/15/21 at 4:27 pm to TorchtheFlyingTiger
quote:
90th percentile on track for early retirement soon.
Checking in. LFG.
Posted on 10/15/21 at 5:36 pm to OldSouth
quote:
Those numbers are ridiculous. I don’t know many 60-70 yr olds worth over a million dollars. Much less the average.
In some locales owning an average house would put you over that........
Posted on 10/15/21 at 5:39 pm to MyRockstarComplex
quote:
Getting married and having kids really takes a toll on meeting financial goals.
I’m sure I’d be loaded (or dead) if I was single, but that’s just how economics work. Look at this smile on my face as “life is short, life is shite, and then you die” repeats in my head.
Being married and having kids made me really up my financial planning game, and stick to goals. Married purpled usually have higher net worths, and it is not totally because of two incomes.
Posted on 10/15/21 at 5:46 pm to jimbeam
quote:
Why would you need cash for a land investment?
Taxes.
This post was edited on 10/15/21 at 5:46 pm
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