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where are you? net worth

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jj4465
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where are you? net worth  Reply with quote  

ive seen various sites that say that if you have a net worth of over $500,000 you are considered wealthy...also only around 10% of households have a net worth over $500,000. But yet somewhere around 30% of households have a net worth of under $25,000. What do you guys think about this? Ive seen these statistics repeatedly and they are all about the same. So if you have over $500,000 in net worth you are considered to be in the top 10% of household net worth in America. This seems a little low in my opinion but this is waht the statistics show. What do you guys think?
Post Wed Jan 26, 2005 4:51 am
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nomav6
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my net worth is about -$25,000 lol, but I'm still in college and thats counting all of my student loans, also I keep getting closer to the green every month so I dont really see it as a bad thing for where I am in my life right now Smile
Post Fri Jan 28, 2005 11:23 am
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xboxundone
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That sounds about right to me.... As not that many people ahve net worth of 500k.... I mean just because a person owns a 200K house doesnt mean they have a net worth of 500K just because they have 150K left to pay on it etc....

Those numbers seem to be about right to me..

And i will be in the top 10% Smile



Last edited by xboxundone on Sat Jan 29, 2005 2:04 pm; edited 1 time in total
Post Fri Jan 28, 2005 4:03 pm
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retired015
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My net worth is around 100,000. But I own several pieces of reale estate. I think that it will continue to increase as I invest.
Post Sat Jan 29, 2005 9:10 am
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freddmf
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Re: where are you? net worth  Reply with quote  

jj and all,

The averages really don't mean a lot. They don't reflect the massive numbers at the top -- as most averages don't (that's why they are not used much in statistics).

The most comprehensive data is, well, out of date in 2000. But, it does show a lot.

You can find a ton of information on this at the Census.

http://www.census.gov/prod/2003pubs/ (just type in 2003, 2004, 2005, whatever for each years publications)

Anyway, the median net worth is around $55,000. Take out home equity and the median plummets to around $14,000!!!

What's really interesting is the top 20% of income earners only have a median net worth of around $200,000 (about $100,000 without home equity). A lot lower than the average number you gave. In other words, to be blunt, most people making six figure incomes are broke. And, it has nothing to do with income -- it has to do with things like iPods (yes, we have a couple too.. lol) and toys we are all sold. Smile

The net worth falls significantly for those in the lower 80% in income earners.

Age plays a huge part as well. The net worth of those under 35 is about $10,000. The net worth of those over 70 is well over $100,000.

When are you wealthy? I guess I don't see it as net worth or income. It's when you net worth is big enough to provide enough cash flow that you don't have to work (but do it because you want to). In other words, you are wealthy when you can take a couple years off. For example, we have 5 kids, and could not do that right now. But, if we did not have kids, we could easily 'retire' -- so, are we wealthy? I don't know, I just know that braces for a 12 year old cost about $4,800. lol

For me to be 'wealthy' based on my criteria above, I would need several million dollars in the bank invested in very good return assets. But again -- that's five kids.

Set a goal. How much will you be worth in X years? Then figure out why (most important). If you don't know why you are doing the WORK, you will lose interest and quit (this is what most do). Then build a plan to get there. Income at the TIME does not matter, anyone with any income today can become wealthy -- it's as easy as it's ever been.

Take care,
Fred

quote:
Originally posted by jj4465
ive seen various sites that say that if you have a net worth of over $500,000 you are considered wealthy...also only around 10% of households have a net worth over $500,000. But yet somewhere around 30% of households have a net worth of under $25,000. What do you guys think about this? Ive seen these statistics repeatedly and they are all about the same. So if you have over $500,000 in net worth you are considered to be in the top 10% of household net worth in America. This seems a little low in my opinion but this is waht the statistics show. What do you guys think?
Post Tue Feb 01, 2005 7:47 pm
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LottomagicZ4941
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My Opa left a lot of money when he died.

It was sick how family fought over it.

And he gave much away while he was still alive.

I am one of the few relatives that never took any money from him.

Those of us who loved him did not need his money.

Lots of times when I visited him he was like do you need money?

'cuz so many would just visit when they needed something.

It is funny that he amased his wealth because he wanted to give.

He wanted to have a farm for each of his children to farm.

He never made that much money farming but he sure made a killing in realestate transactions.

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Post Thu Feb 03, 2005 5:20 pm
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