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I'm from Iowa and I can tell you that while the average standard of living is pretty good due to cheap cost of living, nobody I know has assets like that at age 35. Maybe by 65, sure. But not 35.
Father retired from the Army collecting a $3200 (monthly) retirement check, but works for a private contractor making $120K every 10 months (He did this for 11yrs before being force to leave)
Mother an Accountant/Theater Manager for a State University $3600 (monthly) plus sells Cosmetics to the ladies in the city ranging from $300-800 every month.
Assets:
3 Houses (2 paid off with rent revenue of $1400 a month and 3rd house $700 15yr-mortgage)
1 Vacation Home (shared among 5 families) supposedly they collected nice amount of change from that too
My father at 35: Lived in a trailer park with my mother. No known savings or investments. Maybe a future pension from his employer (he worked there ~ 50 years).
My mother at 35: Worse than paycheck to paycheck. Single mom. Worked 3 jobs. No social services. Bad debt. Mortgage had to have been ~+50% of income ($950 in 1993). Foreclosed 3 years later. No savings.
Not 35 yet, but blowing both of them out of the water. Won't be close to OP's parents (), but we own a house in a good neighborhood (equity ~$65K), savings/investments growing, six-figs/stable jobs/etc. No non-mortgage debt. Got "started" late because we were fairly stupid with money in our 20's, eliminated last debt at age 29.
Not sure what's up with 2015 and in the region I live, but when my parents born in the 1950s, were in their mid-30s in the 1980s, this was by far the average....without exception:
Assets
2 fully owned automobiles (1 may be a voyager van, the sedan for daddy)....paid in full with title
Fully owned house with master bedroom and a bedroom for each child, kitchen, family room, living room, backyard, garage, patio, lawn, driveway, organized and clean, fully furnished....with
(no more than 7 years left on the mortgage till fully paid off mortgage)
IRA fund: $650,000 at least
401k: $550,000
Other fidelity savings:$250,000-$900,000 somewhere in there
$40-50,000 in liquid money market fund
$15,000 debit card ...
$500 cash on hand in wallet or home lock container
2-3 kids well fed, in gifted schools, music lessons, dance, ballet, soccer practice, tee-ball
No debt: perfect credit report
Happily married
This is where you SHOULD be at age 35. If not, you need to figure out where you went wrong. Is this correct?
Did you multiply some of these figures by 10? Do a search on the average net worth by age, then look up average savings, etc. The statistics are nowhere near your numbers.
Try that with Google, Microsoft or Apple and see if it works. Sure it will.
That video was from the Onion.
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My Parents (2006)
), but we own a house in a good neighborhood (equity ~$65K), savings/investments growing, six-figs/stable jobs/etc. No non-mortgage debt. Got "started" late because we were fairly stupid with money in our 20's, eliminated last debt at age 29.
