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Can't simply look at age only. Plug in 200K year income for a 40 years old. Way more than $50K based on salary.
Undoubtedly. But, $200k wouldn't be an average income either, would it? Plug in your age, and the median household income (about $51k) and you start getting some meaningful info.
Any way you slice it, bradykp is above average. (your welcome for the compliment, Bradykp ). Bradykp is destined for a lifetime of sadness if he thinks most US 40 year olds should have a networth of $750k.
i'm not sure what the stats are, but that's very sad if most 40 yr olds don't have $750k net worth (i'm assuming college grads mostly). my wife and i are 32. $310,000 in 401k/IRAs. about $100,000 equity in our house. we've got some student loans that chunk into the "net worth", but if i'm not well past $750,000 in 8 years I'll be grossly disappointed.
i'm not sure what the stats are, but that's very sad if most 40 yr olds don't have $750k net worth (i'm assuming college grads mostly). my wife and i are 32. $310,000 in 401k/IRAs. about $100,000 equity in our house. we've got some student loans that chunk into the "net worth", but if i'm not well past $750,000 in 8 years I'll be grossly disappointed.
Consider these five statistics:
46% of Americans have less than $10,000 saved for retirement. (Employment Benefit Research Institute)
40% of baby boomers now plan to work until they die. (AARP)
36% of Americans say they don’t contribute anything at all to their savings. [CNBC]
87% of adults say they are not confident about having money for a comfortable retirement. (Lifehappens.org)
Expected retirement age is up to 67 from age 63. (Zero Hedge)
I'm not sure what the stats are, but that's very sad if most 40 yr olds don't have $750k net worth (i'm assuming college grads mostly)
The fact that you stated that shows how ignorant you are about (no offense meant, I just mean unaware of) how that is absolutely NOT the case for most people -- and any age.
Quote:
my wife and i are 32. $310,000 in 401k/IRAs. about $100,000 equity in our house. we've got some student loans that chunk into the "net worth", but if i'm not well past $750,000 in 8 years I'll be grossly disappointed.
Since you've done so well might you tell us a bit about how you've done that
First let me say I am pretty risk adverse! I have always put enough cash equity into my home where if I became disabled that my disability income would still pay the mortgage payment - because at that time I would not want to have to use my savings and it might be very difficult to borrow.
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). Bradykp is destined for a lifetime of sadness if he thinks most US 40 year olds should have a networth of $750k.
