The Average Net Worth

[Jolly]

Interesting yardstick...

money.usnews.com/money/personal-finance/articles/what-is-the-average-american-net-worth-by-age

[daw]

I have always said if you owe nothing you are worth more than someone who owes everything.

[wildhorseluvr]

Definitely interesting. For my age group, my net worth isn’t looking so hot. 🤣 Going by the average, it looks considerably better. The sad part is, Americans don’t save/invest a fraction of what they need so the majority of us don’t have nearly enough. Once you get to a point you can’t work and then inflation eats up your monthly income so that you’re barely keeping your head above water, it’s hard to change that picture. Thanks, Biden. I should’ve been able to save a good chunk of my monthly income but as it is now I barely get by, and suspect it’ll only get worse from here on out. The only reason I survive as well as I do is because I have zero debt.

“Individuals need to be taught to invest and not simply save in order to build net worth.”
This was one of my biggest mistakes, wish I could have a do over. 😁 My parents invested but money was never discussed in our home. Had I known even what little I know now back when I was in my 20s, I’d probably have 4x my current net worth.

[Jolly]

Investing is a multipronged strategy. Stocks, bonds, real estate and cash. And dont forget the person.

Case in point...I have a BIL who is a marvelous mathematician. Logarithms in your head, 4.0 GPA in engineering good. But for all that, he's as country as a turnip green and has worked with youth at his church for years.

I think he would be outstanding as an adjunct or full-time instructor at a community college or at a small religious-affiliated university. But...No master's, which is the entry level for that type of job. He was always too busy making a living, while his wife took care of the home front.

He turns 65 in December and his company is looking for younger (that's cheaper) talent. He's going to be shown the door whether he likes it or not. He's looking forward to retirement. His wife, and his daughter who lives on a small farm a mile down the road, are not. He'll be milking the cows three times a day if they let him, as he's still in good health and is one of those guys who has to be constantly doing something.

But he's given no thought to this next stage of live nor has he invested in another set of skills to take on a new challenge. Whether you're 30 or 60, you always need to be putting some new skills on that resume in your head...

[wildhorseluvr]

Hmm, was unpacking and putting away some old tea cup and saucer sets and decided to look up the value real quick online, some are selling for around $100 per set. Some were given to me, some I bought for between $3-$6.

Guess I should’ve collected tea cups, sold them in a few years and reinvested the money. I’d have been a millionaire by now. 🤣

[Ozarks Tom]

As the saying goes, "I'm working on my second million, I gave up on the first one">

[paisley2]

I did it right....and I would have such an easy life.

Now Taylor is on the path. Holding two job and he took his inheritance paid off has new car and furniture.
Has invested 50% in stocks that mirrors my brother account
Still has about just shy of 25% liquid.
His monthly expenses are 8 days of work a month.

He is saving to develop my land (he is on the deed now As a TOD)

Remember when he was just a elementary kid and I worried so much about his future. It all clicked for him he is pushing 30 now and he doesn't need me a bit. He know to work now every hour he can till his mid thirties (long if he has not children). And make the money work for him from 40 and up!

I will be ok
He is living below his

[daw]

In this time if you use illegal drugs you had better have the money to pay up front. They mean business and do not usually give a gentle death.
This may be off the subject but it means a lot of money and is not worth it.

[Ozarks Tom]

Oct 18, 2023 13:22:42 GMT daw said:

In this time if you use illegal drugs you had better have the money to pay up front. They mean business and do not usually give a gentle death.
This may be off the subject but it means a lot of money and is not worth it.

Yeah, my drug dealer stands behind a bulletproof glass, demands payment up front, and gives me my drugs in a small drawer operated from inside the drug den.

[FeralFerret]

"“Individuals need to be taught to invest and not simply save in order to build net worth.”
This was one of my biggest mistakes, wish I could have a do over. 😁 My parents invested but money was never discussed in our home. Had I known even what little I know now back when I was in my 20s, I’d probably have 4x my current net worth."


wildhorseluvr, if I had followed what my father taught me instead of being stupid, I wouldbe in a lot better financial shape. It's amazing how much my father sounded like Dave Ramsey.

daw, I wish I had all of the time and money I wasted doing drugs in my late teens until I quit at 25. After I quit, my main addiction was eating out. That too cost me a lot of money. It's not like I didn't know how to cook. I enjoyed the social aspect of dining with my friends.

I finally got out of debt except for the mortgage about five years ago. Down to $36 K on the mortgage, so I should clear a fair amount when we sell the house if the economy doesn't collapse first.

[Jolly]

Time means a lot when dealing with money. It's said that the Rothschilds became Europe's most successful bankers, because the family constantly taught their children the value of time and compound interest.

I've often spoken about a young man that had a 457 with the company I worked for. It was his intention to retire early and he was certainly going to get there. Since Louisiana DOC has a 25 year retirement, that was his horizon. He worked that job for the pension and also invested in his 457. He worked a second job in St. Francisville...The income from that job went to the max for an IRA, the rest was invested in mutual funds and real estate.

All things considered, he'd retire very well at 47.