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re: Excluding home equity, the median 40-44 year old has a net worth of just $58,000
Posted on 1/9/24 at 12:33 am to Obtuse1
Posted on 1/9/24 at 12:33 am to Obtuse1
quote:Correct. The core point of the OP is just that fairly old people are shockingly cash poor. There is merit in that observation. But it's a very blunt tool to actually understanding reality on the ground.
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.
And it still strikes me as odd that the same people who relentlessly promote home ownership also then sort of complain when people build home equity.
0
Posted on 1/9/24 at 12:39 am to stout
Average household wealth is at an all time high. I don’t know if this is an indictment of the past, present or future.
Posted on 1/9/24 at 12:43 am to deeprig9
quote:
don't trust that calculator.
People making stuff up for political reasons.
Household Net Worth
Posted on 1/9/24 at 1:03 am to El Segundo Guy
No. It is still calculated into net worth but now attached to the new house. It could increase or decrease your net worth depending on if you bougbt up or down. Also, a person might sell and move in with their kids, parents, etc.. Home equity is a part of net worth that fluctuates.
Posted on 1/9/24 at 2:38 am to jclem11
(no message)
This post was edited on 1/9/24 at 3:01 am
Posted on 1/9/24 at 2:40 am to BigPerm30
(no message)
This post was edited on 1/9/24 at 3:00 am
Posted on 1/9/24 at 2:43 am to soccerfüt
(no message)
This post was edited on 1/9/24 at 3:00 am
Posted on 1/9/24 at 2:45 am to Mid Iowa Tiger
I'd be willing to bet my life savings that all these on this board who claim to be 95th percentile amongst Americans despite likely living in the 49th ranked state interms of wealth in Louisiana are probably claiming about 30 to 40 percentile points higher than they really land.
This post was edited on 1/9/24 at 3:02 am
Posted on 1/9/24 at 2:48 am to NewIberiaHaircut
Welp computer froze and I didn't think any of my responses were going through lol. Kept trying until I thought it went through on one person
This post was edited on 1/9/24 at 3:10 am
Posted on 1/9/24 at 2:54 am to stout
Also Idk if I buy this because so many people have student loans at younger ages but it reflects nobody with a negative net worth at any younger age bracket. I'd bet a large population from 18-30 may have negative net worth due to student loans. At least enough where it should be negative somewhere on this graph.
This post was edited on 1/9/24 at 2:56 am
Posted on 1/9/24 at 2:57 am to Twenty 49
Your net worth is not above 95% of americans. Crazy how this website in Louisiana, the 49th ranked state in terms of wealth has so many 95th percentilers in terms of wealth lol. Guess if it helps you sleep at night. You're saying despite not making that much money, that you have over $1.5 mil in net worth? 
This post was edited on 1/9/24 at 3:08 am
Posted on 1/9/24 at 6:23 am to Saunson69
Well, firstly me not my son live in LA. My son is currently living in Kentucky just outside Ft. Campbell.
Secondly, it’s not hard to beat that number for that age group if you have a decent job and are frugal. My son doesn’t really have a decent paying job (he’s enlisted in the Army). However he is a cheap bastard who spends most of his time deployed where there isn’t time nor a place to spend his money. So it’s pretty easy for him to save money when he’s only in his house 3 or so months a year and it’s usually a couple weeks here and a couple weeks there.
Secondly, it’s not hard to beat that number for that age group if you have a decent job and are frugal. My son doesn’t really have a decent paying job (he’s enlisted in the Army). However he is a cheap bastard who spends most of his time deployed where there isn’t time nor a place to spend his money. So it’s pretty easy for him to save money when he’s only in his house 3 or so months a year and it’s usually a couple weeks here and a couple weeks there.
Posted on 1/9/24 at 6:40 pm to Saunson69
quote:
Your net worth is not above 95% of americans. Crazy how this website in Louisiana, the 49th ranked state in terms of wealth has so many 95th percentilers in terms of wealth lol. Guess if it helps you sleep at night. You're saying despite not making that much money, that you have over $1.5 mil in net worth?
Believe it or not but there’s some money in Louisiana despite it being ranked 49th.
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