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WA
80K/yr (Married, combined income)
200k NW (large amount from home equity)
Worth mentioning; no kids, Age: 29 & 31, 2 large dogs
Hoping to roll some of the NW into a business purchase in a lower COL area soon. The only way we got here is buying a foreclosed house in 2012 for nearly nothing selling in 2016, then buying a 203k (renovation loan type, not cost) house and prepping to sell now.
We have had income fluctuations from 50k (only one person working) to above 100k when we both were working full time. We didn't do much better with NW when making 100k because of added convenience costs associated with working long hours. Found that 80k to be pretty good for quality of life/balance.
40 year old, wife & 2 small kids
Living in metro ATL
Avg HHI over last 5 years: $185k
Net worth=$1.1M (58% investments, 20% cash, 15% home equity & personal property, 7% restaurant ownership)
Where: Arkansas
Age: 35 & 33 + toddler and infant.
NW: $765k
Preface: I’ve only been working for 8 years (damn PhD)
Income: Me; $175k + $25k/yr equity SO: $36k/yr $18k/yr bonuses
Question. How is it that pretty much everyone here on average is worth over $200k in NW, but statistics from
other internet sources say that most Americans can not afford a $400 emergency? What the heck? LOL
I'm just trying to figure out if stats I read from internet sources are even remotely true.
Question. How is it that pretty much everyone here on average is worth over $200k in NW, but statistics from
other internet sources say that most Americans can not afford a $400 emergency? What the heck? LOL
I'm just trying to figure out if stats I read from internet sources are even remotely true.
You're getting a tiny, skewed sample of America here in this thread. The people that respond are fairly computer literate, have the time to surf sites like this, are reasonably economically secure, and so on.
The opposite end of the scale are folks like a guy that rents a small place from me....he & wife have no internet or TV cable connection because they live paycheck to paycheck, barely making it. I can fully believe he couldn't come up with $400 because a lot of months he has trouble coming up with $300 for rent. There are a heck of a lot of people out there trying to live on minimum wage that couldn't come up with 400 in cash....and there are a heck of a lot living just above that, but spending every dime they make for crap that would also have the same problem.
Question. How is it that pretty much everyone here on average is worth over $200k in NW, but statistics from
other internet sources say that most Americans can not afford a $400 emergency? What the heck? LOL
I'm just trying to figure out if stats I read from internet sources are even remotely true.
Keep in mind for most people NW includes home equity, retirement accounts, 529s for kids, etc. things that could add up but aren’t really liquid when it comes to helping with a $400 emergency.
Question. How is it that pretty much everyone here on average is worth over $200k in NW, but statistics from
other internet sources say that most Americans can not afford a $400 emergency? What the heck? LOL
I'm just trying to figure out if stats I read from internet sources are even remotely true.
a) Statistics are nothing but justification for analysts to have a job.
b) Go through US Dept. of Statistics and read what income statistics are based on. Have fun:>)
c) In my book NW is what I can write and cash a check for.
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