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Message
re: Average Net Worth vs. Median Net Worth in the US.
Posted on 10/15/21 at 5:46 pm to MSTiger33
Posted on 10/15/21 at 5:46 pm to MSTiger33
quote:
Really? I seem to know a ton of them with at least that amount
How does one arrive at this information.? There is not a single friend or relative that knows what I am worth, and if they were to guess it would likely not be even close. Likewise I have no clue what the net worth of any of my friends or relatives in their 60s or 70s might be. Anyone that actually talks about such things is probably lying.
1
Posted on 10/15/21 at 5:48 pm to chryso
School loans. The only type of loan where you don't get something of equal value right away.
Posted on 10/15/21 at 5:48 pm to dgnx6
quote:did you just get out of a ton of debt? unless you're very young this doesn't add up
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.
Posted on 10/15/21 at 5:49 pm to Sheep
quote:
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?
I assume it's that they've retired and have started drawing on their nest egg.
Posted on 10/15/21 at 5:50 pm to biglego
quote:
Come on OT, tell us how rich you are.
Nice try Mr. IRS man.
Posted on 10/15/21 at 5:52 pm to Mootsman
This makes sense. The new worth distribution is skewed toward the older age group. Your net worth increases as you accumulate wealth AND age !
Posted on 10/15/21 at 5:54 pm to Mootsman
quote:
king ranch
Sounds like a great investment with a fantastic ROR.
Posted on 10/15/21 at 5:57 pm to kew48
quote:
The new worth distribution is skewed toward the older age group. Your net worth increases as you accumulate wealth AND age !
Historically, yes. But this generation of grads who either don't take a job because it's not their dream job paying 6 figures, or travel around in a van, or YOLO into stocks like AMC, are going to be broke come retirement age... and we're teaching everyone to expect money from the govt if they "have a tough time"... so it's not hard to see how this ends.
Those of you in this new generation who are busting your arse and saving early are gonna get all kinds of bent over when they come for you and your life's work.
This post was edited on 10/15/21 at 6:00 pm
Posted on 10/15/21 at 6:42 pm to Shexter
quote:
30-34 $956,944.74
35-39 $4,034,486.45
That’s a crazy arse jump.
Posted on 10/15/21 at 6:42 pm to Mootsman
Using The tables from the source, it’s always fun to look at how the numbers roll out and how quickly they change.
Here’s a post I made somewhat recently on the subject. It isn’t hard to rapidly move up the scale. In 3 years, I’ve moved from what I can only assume was the 1st percentile (between wife and I, about $350K in debt and close to no assets) to above average. Looking back, I had a lot of pieces out of order in residency that I wish I could go back and fix. But you live and you learn. And we are doing a lot better and smarter things than many of our peers. I know several docs in their 30s that haven’t contributed to their 401K yet, and it isn’t because they’re doing rapid loan repayment.
Here’s a post I made somewhat recently on the subject. It isn’t hard to rapidly move up the scale. In 3 years, I’ve moved from what I can only assume was the 1st percentile (between wife and I, about $350K in debt and close to no assets) to above average. Looking back, I had a lot of pieces out of order in residency that I wish I could go back and fix. But you live and you learn. And we are doing a lot better and smarter things than many of our peers. I know several docs in their 30s that haven’t contributed to their 401K yet, and it isn’t because they’re doing rapid loan repayment.
Posted on 10/15/21 at 6:46 pm to slackster
quote:
That’s a crazy arse jump.
Big risks can pay big
Posted on 10/15/21 at 6:58 pm to chryso
quote:
Interesting how it goes down from 18-24 to 25-29.
25-29 is more likely to have financed a house or vehicle whereas 18-24 is more likely to be driving a hand-me-down vehicle and/or renting an apartment. They don’t have any assets, but little debt beyond student loans.
Posted on 10/15/21 at 7:15 pm to GreatLakesTiger24
quote:
quote: 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. did you just get out of a ton of debt? unless you're very young this doesn't add up
Sounds like the only asset he owns is his car.
Posted on 10/15/21 at 7:17 pm to Mootsman
Does net worth include cost of home? If so I’m good
Posted on 10/15/21 at 7:21 pm to ChunkyLover54
Value minus mortgage, yeah.
Posted on 10/15/21 at 7:25 pm to ChunkyLover54
quote:
Does net worth include cost of home?
It counts the equity. So home value minus balance owed on the mortgage.
Posted on 10/15/21 at 7:37 pm to elposter
quote:
collateralized
Ya know, I gave that absolutely zero thought. I'm in much better shape as far as the pretty meaningless "net worth" than I thought. I was just subtracting my house from my savings.
Posted on 10/15/21 at 7:40 pm to GreatLakesTiger24
quote:
did you just get out of a ton of debt? unless you're very young this doesn't add u
I wasted a lot of money when I was younger being an alcoholic. Paying a probation office plus for drug tests every month for two years. That’s money that could have gone to savings.
I just meant I’m not poor but also don’t have 40k stashed away in my 30s. I will catch up at some point though, or at least that’s the plan.
Posted on 10/15/21 at 7:47 pm to Mootsman
How is a mortgage treated on this?
Because I’ve got $150,000 in bank account and retirement, but $200k left on the mortgage
Because I’ve got $150,000 in bank account and retirement, but $200k left on the mortgage
Posted on 10/15/21 at 8:36 pm to GoldenGuy
Jesus Christ.
NET WORTH = TOTAL ASSETS - TOTAL LIABILITIES
Total Assets include: Market value of house + value of your vehicle + boat + market value of securities + retirement accounts + automobile + cash + etc.
Total Liabilities include: Mortgage + car note + credit card debt + student loans + etc.
Add up the value of all your assets and subtract the value of all your debts and BOOM you have your net worth.
ETA: In this example you would take the $150k in cash + value of your house (let's say it's worth $350k) for total assets of $500k and deduct the remaining balance of your mortgage of $200k for a net worth of $300k. Assuming you don't take the bus from your $350k house you can do the same with your vehicle. If your vehicle blue book value is $35k and you have $25k left on the note then you could add the equity of $10k to your net worth figure. So now your net worth is $310k.
ETA 2: I would highly recommend reading Robert Kiyosaki's "Rich Dad Poor Dad" for an elementary accounting / finance lesson which also explains how wealth is accumulated. There are plenty of other books but this one is interesting and simple and has changed the lives of several people I know for the better.
NET WORTH = TOTAL ASSETS - TOTAL LIABILITIES
Total Assets include: Market value of house + value of your vehicle + boat + market value of securities + retirement accounts + automobile + cash + etc.
Total Liabilities include: Mortgage + car note + credit card debt + student loans + etc.
Add up the value of all your assets and subtract the value of all your debts and BOOM you have your net worth.
ETA: In this example you would take the $150k in cash + value of your house (let's say it's worth $350k) for total assets of $500k and deduct the remaining balance of your mortgage of $200k for a net worth of $300k. Assuming you don't take the bus from your $350k house you can do the same with your vehicle. If your vehicle blue book value is $35k and you have $25k left on the note then you could add the equity of $10k to your net worth figure. So now your net worth is $310k.
ETA 2: I would highly recommend reading Robert Kiyosaki's "Rich Dad Poor Dad" for an elementary accounting / finance lesson which also explains how wealth is accumulated. There are plenty of other books but this one is interesting and simple and has changed the lives of several people I know for the better.
This post was edited on 10/15/21 at 8:49 pm
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