Poll: Is your net worth (by age) more than the median and average U.S. amounts?

[Damrongsak]

3 hours ago, BananaStrong said:

Zillow put my house over 1,000,000 last year.   I don't check every year, why?????  Of course I don't have a mortgage.  Why would I?

 

The BIGGEST problems you humans have is thinking MONEY is everything and cannot even begin to compare anything else.   That is why your species will fail.    

 

It's never an intelligent post, only about money.   Almost never about health (unless negative), only about money.

 

Sad.

 

Spending your life obsessed with money will absolutely get you no money.  or happiness. or money and then no happiness. 

 

read Philosophy.    just for 1 minute!!!!!    try it.      the MIND.     It's powerful if you use it.   lol

My Dad grew up in the Great Depression in the USA. Oldest of 11 kids. He used to say that "Money wasn't everything, but it sure helped" (his sense of humor).  Worked his butt off all his life and was eventually successful. He wasn't obsessed with money, just provided for the family. Very frugal. 

 

But he didn't profit from real estate bubbles, he earned every penny and banked it, and passed it on to his family so that they could live securely and, in turn, their heirs. He started a business about age 55 and worked until he died on his 80th birthday.

 

I have benefited from this and will pass it on to my son in turn.

Anyway, it's not how much you have, it's just having enough to meet your needs.  And if your needs are reasonable, it's not a big deal. Get by as best as you can.

Edited January 15, 2023 by Damrongsak

[HampiK]

IF you come from a Country with pensions, then you don't need to have a lot of net assets. As a permanent monthly Income flow is guaranteed.

If you come from a country without pensions, then the cash/assets are important, as this is your future income.

[Hummin]

In the middle between median and average. It is to big gap between those two.

 

 

[Hummin]

4 minutes ago, HampiK said:

IF you come from a Country with pensions, then you don't need to have a lot of net assets. As a permanent monthly Income flow is guaranteed.

If you come from a country without pensions, then the cash/assets are important, as this is your future income.

I come from a country with Pension, but are we guaranteed a decent pension in the future to live as we do now? That's the question because nothing is guaranteed if something happens. 

[HampiK]

1 minute ago, Hummin said:

I come from a country with Pension, but are we guaranteed a decent pension in the future to live as we do now? That's the question because nothing is guaranteed if something happens. 

Yes, a lot of truth in your comment as well.

But also with your assets you can't be sure. Nothing is granted.

[Hummin]

6 minutes ago, HampiK said:

Yes, a lot of truth in your comment as well.

But also with your assets you can't be sure. Nothing is granted.

Good to have some safe assets for sure.

[biervoormij]

5 hours ago, Jingthing said:

No.

The money from any source that you currently have banked or invested is. 

You say no to pension counting buy I assume you include IRA and 401K accounts in the net worth? Some of the European pensions are a lot like a US 401K and maybe should be included.

[skatewash]

Interesting topic but the link you included to explain the difference between average and median is rather badly written.  For example:
 

Quote

For example, if you have a list of numbers and you want to know which one is the most common, you would look at the median.

 from https://differencess.com/average-vs-median-whats-the-difference/

No, that's wrong.  That's the mode not the median.  The median is the middle number not the most common.  A pretty fundamental mistake.

I believe this link does a better job of explaining the differences:

https://www.khanacademy.org/math/statistics-probability/summarizing-quantitative-data/mean-median-basics/a/mean-median-and-mode-review

[Jingthing]

44 minutes ago, biervoormij said:

You say no to pension counting buy I assume you include IRA and 401K accounts in the net worth? Some of the European pensions are a lot like a US 401K and maybe should be included.

Perhaps.

401ks and IRAs are definitely assets though.

Pensions including social security in general are not.

Net worth is about assets not income.

 

For example a person may be expecting a 50k dollar income a year but the only part of that 50k that is an asset is the part already paid  and not spent. 

 

Net worth of course doesn't tell the entire story of an individual's financial situation.

Edited January 15, 2023 by Jingthing

[Jingthing]

43 minutes ago, skatewash said:

Interesting topic but the link you included to explain the difference between average and median is rather badly written.  For example:
 

 from https://differencess.com/average-vs-median-whats-the-difference/

No, that's wrong.  That's the mode not the median.  The median is the middle number not the most common.  A pretty fundamental mistake.

I believe this link does a better job of explaining the differences:

https://www.khanacademy.org/math/statistics-probability/summarizing-quantitative-data/mean-median-basics/a/mean-median-and-mode-review

Sorry!

I agree median is the middle point.

So if 250k is the median half ate above and half are below.

[Jingthing]

1 hour ago, HampiK said:

Yes, a lot of truth in your comment as well.

But also with your assets you can't be sure. Nothing is granted.

Typically net worth changes every day!

[kinyara]

Get your life set up properly here and you can enjoy your years without being overly concerned about money and comparing it to western norms, one of the best things about living here. I look at the vested interest blogger posting his money obsessed videos on here and just think what a grovelling schill he is.

[Hummin]

2 minutes ago, kinyara said:

Get your life set up properly here and you can enjoy your years without being overly concerned about money and comparing it to western norms, one of the best things about living here. I look at the vested interest blogger posting his money obsessed videos on here and just think what a grovelling schill he is.

Im settled in both countries, and if I count my wife assets as mine, and my estimated pension to I die, Im above average.

[kinyara]

3 minutes ago, Hummin said:

Im settled in both countries, and if I count my wife assets as mine, and my estimated pension to I die, Im above average.

Congratulations.

[Hummin]

2 minutes ago, kinyara said:

Congratulations.

Yes, but is that how the majority here count?

 

I based my net worth what I have now, not what I possibly have in future! And therefor median.

[Fat is a type of crazy]

In Australia there had been a fairly well paid public service, with newly compulsory superannuation, and where they still paid them out as a defined benefit. Properties were cheaper too back in the day so it meant the average joe if he invested a bit could do quite well. Might be different if a different country and certainly not the same for the young of today. 

I'll retire at 58 or 59, not too far off, get long service leave till 60. 

[KhunLA]

3 hours ago, biervoormij said:

You say no to pension counting buy I assume you include IRA and 401K accounts in the net worth? Some of the European pensions are a lot like a US 401K and maybe should be included.

Net worth is present assets vs liabilities.  Not income.

 

If you sold all your assets, at market price, and paid all your debts/bills/loans, what is left, is your Net Worth.

 

You have a 1 mill house with a 800k mortgage, your net worth is 200k...

... etc etc etc

[ChaiyaTH]

They say you are good as long you get 100K before 35 years old.

[ChaiyaTH]

7 minutes ago, KhunLA said:

Net worth is present assets vs liabilities.  Not income.

That is <deleted>, europeans do not have the option to control their own funds like a 401K, so actually the pension they have built up, is part of the net worth. It is a payout, not income.

 

Anyway, this entire chart is nonsense too, most countries are way poorer and most americans do not even have retirement setup properly, over 50% of americans do not even have 1000 dollars for emergencies.

Edited January 15, 2023 by ChaiyaTH

[biervoormij]

22 minutes ago, KhunLA said:

Net worth is present assets vs liabilities.  Not income.

 

If you sold all your assets, at market price, and paid all your debts/bills/loans, what is left, is your Net Worth.

 

You have a 1 mill house with a 800k mortgage, your net worth is 200k...

... etc etc etc

I understand Net Worth just not why a pension account with the name of 401K is included in net worth and a pension account without that name does not count. 

 

My Dutch private pension has a worth of 50K Euros.

My US 401K has a worth of 50K USD.

 

Why should I count one and not the other in my net worth? Both are not state pensions and both invested in the market.

 

 

Edited January 15, 2023 by biervoormij

[KhunLA]

11 minutes ago, ChaiyaTH said:

That is <deleted>, europeans do not have the option to control their own funds like a 401K, so actually the pension they have built up, is part of the net worth. It is a payout, not income.

 

Anyway, this entire chart is nonsense too, most countries are way poorer and most americans do not even have retirement setup properly, over 50% of americans do not even have 1000 dollars for emergencies.

OK ... if you died, how much would your estate get.  Not counting assets to be paid off in the event of your death, such as a mortgage.

 

Agree the chart is nonsense, as most average & medium charts are, when involving demographics of diverse disparity.  Especially when say 15% of USA population now live under the poverty line.  Only takes 1 or 2 billionaires to balance that average out.????

 

 

[Jingthing]

42 minutes ago, biervoormij said:

I understand Net Worth just not why a pension account with the name of 401K is included in net worth and a pension account without that name does not count. 

 

My Dutch private pension has a worth of 50K Euros.

My US 401K has a worth of 50K USD.

 

Why should I count one and not the other in my net worth? Both are not state pensions and both invested in the market.

 

 

IRAs and 402ks are not pension accounts.

You can access them early but with a penalty.

They are definitely assets.

I don't know what you have. 

Use your own judgment.