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I could be wrong, but it seems like the "average" they've stated is extremely low. Do most people at 30 really have only $6k net worth? Has a lifetime of savings for a person at 65 really only averaged out to $170k?
I could be wrong, but it seems like the "average" they've stated is extremely low. Do most people at 30 really have only $6k net worth? Has a lifetime of savings for a person at 65 really only averaged out to $170k?
These numbers just seem really low.
From many of your previous posts, especially when it comes to how to deal with high interest debt, I must say, you are slightly out of touch with reality when it comes to how undisciplined your average Joe/Jane turns out to be.
It is unfortunate, but the fact of the matter is that a large fraction of Americans are living paycheck to paycheck and have no money at the end of the month.
As someone noted it before, this is the MEDIAN....not the average.....(two very different numbers).
The median numbers you see simply say that half the folks in that age group have more, and half have less than the stated amount. so for example, half of those 65 years old, have more than 170k and half have less than 170k.
I could be wrong, but it seems like the "average" they've stated is extremely low. Do most people at 30 really have only $6k net worth? Has a lifetime of savings for a person at 65 really only averaged out to $170k?
These numbers just seem really low.
The numbers for the oldest groups seem surprisingly low, but the numbers for the younger people doesn't surprise me -- after all, many people in their 20s have student loans, and lots of people in their 30s have just purchased homes and still have hefty mortgages. I'm in my 30s and while I wish we were farther ahead, our financial situation sounds worse than it is because we have a new mortgage and very little equity.
If you go by City-Data numbers, we would have an average of $1.2 million by age 30. We are ahead of the curve.
LOL It certainly feels that way around here. It's cool though... it keeps me on the right track!
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