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re: Excluding home equity, the median 40-44 year old has a net worth of just $58,000
Posted on 1/8/24 at 9:42 pm to stout
Posted on 1/8/24 at 9:42 pm to stout
quote:
Excluding home equity, the median 40-44 year old has a net worth of just $58,000
Don't really see why you would exclude home equity though. If I own a $1,000,000 home outright at 41 years old, but only have $58k to my name, I would still feel damn great
Posted on 1/8/24 at 9:51 pm to IT_Dawg
quote:Well, you'd be a terrible person whose only option was to be homeless...OR RENT.
Don't really see why you would exclude home equity though. If I own a $1,000,000 home outright at 41 years old, but only have $58k to my name, I would still feel damn great
Posted on 1/8/24 at 9:53 pm to Big Scrub TX
quote:
If I own a $1,000,000 home outright at 41 years old, but only have $58k to my name, I would still feel damn great
quote:
Well, you'd be a terrible person whose only option was to be homeless...
Posted on 1/8/24 at 9:59 pm to IT_Dawg
quote:
Don't really see why you would exclude home equity though. If I own a $1,000,000 home outright at 41 years old, but only have $58k to my name, I would still feel damn great
Yeah…that’s a stupid metric. The bulk of my net worth is in tax deferred retirement that I can’t easily access…just like RE equity.
Posted on 1/8/24 at 10:07 pm to LSURussian
quote:
Why not remove stock and bond holdings, too?
I assume it's because they're liquid
Posted on 1/8/24 at 10:28 pm to IT_Dawg
quote:I was being sarcastic. Stout said that was your only options if you needed cash. (Renting is obviously off the table).
quote:
Well, you'd be a terrible person whose only option was to be homeless...
Posted on 1/8/24 at 10:43 pm to Big Scrub TX
I mentioned renting, you dipshit.
Posted on 1/8/24 at 10:49 pm to stout
Washington Post has an article “Are You Rich?” with a calculator that allows input of any amount for net worth, along with age, marital status, and education.
When compared to the entire population, anyone with a couple of bucks is above average. But when compared to those similarly situated, (college grad, live with SO or spouse, certain age range, etc.) you get a more realistic view of where you stand.
I don’t make a ton but save a lot. My net worth is better than 95% of Americans, but better than just 75% of persons similarly situated.
When compared to the entire population, anyone with a couple of bucks is above average. But when compared to those similarly situated, (college grad, live with SO or spouse, certain age range, etc.) you get a more realistic view of where you stand.
I don’t make a ton but save a lot. My net worth is better than 95% of Americans, but better than just 75% of persons similarly situated.
Posted on 1/8/24 at 10:50 pm to stout
quote:Yes, you always mention it like it's the plague, you frick stick.
I mentioned renting, you dipshit.
Posted on 1/8/24 at 10:50 pm to Rebel
quote:I'm not the one pretending an asset isn't an asset.
Big Scrub is big dumb.
Posted on 1/8/24 at 10:51 pm to stout
quote:Notice how you never reply to actual questions/points. You just go for ad hom.
Correct
Posted on 1/8/24 at 10:54 pm to Big Scrub TX
No. I just ignore you by choice because your counterpoints are usually pretty dumb yet you are very arrogant.
You seriously asked if that calculator removed home equity but left mortgage liability.
It's crazy how dumb you are yet think you are the smartest person here.
You seriously asked if that calculator removed home equity but left mortgage liability.
It's crazy how dumb you are yet think you are the smartest person here.
This post was edited on 1/8/24 at 10:54 pm
Posted on 1/8/24 at 11:00 pm to stout
quote:Yes, I did. You just trust anything you find online?
You seriously asked if that calculator removed home equity but left mortgage liability.
quote:It's dumb to verify methodology? It's dumb to question your relentless assertion that renting is catastrophic? It's dumb to push back on your relentless housing doomsdayism? How are those foreclosures looking? When's the crash coming? After the 500th or the 501st thread?
It's crazy how dumb you are yet think you are the smartest person here.
Posted on 1/8/24 at 11:02 pm to Big Scrub TX
quote:
relentless housing doomsdayism
Who knows. He may be right, he may be wrong. I think the overall consensus on here is the amount of negativity that he posts. It’s really over the top and quite honestly, it’s weird.
Posted on 1/8/24 at 11:53 pm to Paul Allen
quote:Exactly. There's plenty of rational points supporting different predictive views on the housing market.
Who knows. He may be right, he may be wrong. I think the overall consensus on here is the amount of negativity that he posts. It’s really over the top and quite honestly, it’s weird.
But this person is CLEARLY hoping for something bad to happen.
Posted on 1/9/24 at 12:06 am to stout
86% and surprised I am that high
Posted on 1/9/24 at 12:29 am to IT_Dawg
quote:
Don't really see why you would exclude home equity though. If I own a $1,000,000 home outright at 41 years old, but only have $58k to my name, I would still feel damn great
This types of this are usually silly because financial health is more complex and nuanced than they make them.
Take two 40yos living in the same town doing the same high paying job but one has paid off a $2mm home and has $58k as an emergency fund and the other rents has $2mm in equities and $58k in an emergency fund. Their actually financial health would require a deep dive but the guy with $2mm in equity is not significantly worse off than the guy with $2mm in equities. Long term I would say they are in very similar situations in the short term the calculus becomes more complex.
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