Elon Musk walked into the bar —
And we were on average billionaires.
“Now, let me be clear:”
Ugh, I’ll be haunted by KJP nightmares tonight.
I wonder how much of the net worth figures, excluding those at the top who are heavily skewing the average numbers, are tied up in home equity?
Im 63 my networth depends on how many bogo free coupons I have,,,
The cool thing about that last geezer bracket is that you get to give stuff away. For us: Hillsdale College, Prager U, our local Sheriff’s Office Chaplain’s Charities and CSNTM (the Center for Study of New Testament Manuscripts). Our lefty undergrad schools can go pound sand.
According to this article, I’m below average for my age group and well above median for every age group.
Crap!
This nonsense leaves out us 90+ oldsters...
In that case, I’m free to stipulate that the plus 90 net worth range has a median of $12,345,000.87 and a mean of $4,899,735,287,000.44...
When I calculated my net worth, I figured in my monthly SS and my modest job pension for 30 years. It was a respectable total.
Just me, livin alone
I got my house (equity $250k-350k depending),
$25k in the bank,
2003 Envoy with 142k on it (paid for).
Couple V.A. life insurance policies ($40-50k)
Household furnishings/appliances/clothing/coin collection/baseball cards ($5-10k?)
I pissed away a lot of money and time until I hit my 50s when I suddenly realized I wouldn’t be young forever. Sooo, here I is.
liquid net worth is a far more important measure than net worth, because liquid net worth determines how comfortably one can live ...
it does little good to own a big personal residence, lots of land, or lots of irrigation water that doesn’t earn income because one can’t immediately spend such holdings ... in fact, lots of personal real estate or land holdings that are without earning potential actually represent significant expenses ...
of course such holding can be sold, in which case they become net income, but then if you sell such holdings you can’t enjoy living in them ...
btw, i would classify highly liquid securities as liquid net worth ...
Everyone is in a different financial place.
What matters is what you own vs. what you owe.
Basic accounting balance sheet is a great help.
My net worth was tied up in a 401(k) that I couldn't touch without penalty until I was 59 1/2 years old, and a pension benefit that I wouldn't receive until I retired.
On paper the numbers were significant, but in reality I was living almost paycheck to paycheck until I retired and the money was freed up.
-PJ
Need to factor in pensions and Social Security into the mix.
That can bump up the number quite a bit. We have no mortgage, property taxes are just under $400/year. All-ele tric utilities are about $95-105. Water and garbage is another $80. Car insurance is $125 for two not new cars.
Homeowners is about $300/month. Cable, internet, and phone is about $280.
We end up saving $5-800/month
I was doing very well until congress spent 1/3rd more and wrecked the stock market and the economy. Only the past several months has the market gone up meaning my AMD stock : )
When the stock gets to $200 I can relax.... : )
Now at $147.41 with a recent high of $151.05 on friday.
In 2019, Congress spent $4.4 trillion, Sen. Ron Johnson (R-WI) said.
In 2023, the federal government is expected to spend $6.3 trillion.
I would guess that many of those in the median, with only $400K net worth, can't yet afford to retire. They are working into their 70's, thus their net worth continues to grow. For many in the median, their salary is so low that it allows them to draw SS without incurring loss of benefits.
You also need to take an account of where do you live. Where I live, $35000 a year is decent money. I bought a house when I was making 30,000 a year. You can run an apartment around here for $350 a month.
It appears our net worth is within the range listed for our age group. But who cares? Our standard of living is such where we are quite happy. We can go out an buy anything we want, which is very little since we have everything we want.
Money isn’t everything. It’s the quality of life we make for ourselves regardless of income.
Pretty much hit it square on
I was about “average” u til the kung flu scam shut downs. That wiped my business out. Now thanks to the chomo in Chief it will not recover anytime soon.