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The Above Average Person is loosely defined as:
1) Someone who went to college and believes grades and a good work ethic do matter.
2) Does not irrationally spend more than they make.
3) Saves for the future because they realize at some point they no longer are willing or able to work.
4) Takes responsibility for their own actions when things go wrong and learns from the situation to make things better.
5) Takes action by leveraging free tools on the internet to track their net worth, minimize investment fees, manage their budget, and stay on top of their finances in general. Once you know where all your money is, it becomes much easier to optimize your wealth and make it grow.
6) Welcomes constructive criticism and is not overly sensitive from friends, loved ones, and strangers in order to keep improving. Keeping an open mind is critical.
7) Has a healthy amount of self-esteem to be able to lead change and believe in themselves.
8) Enjoys empowering themselves through learning, whether it be through books, personal finance blogs, magazines, seminars, continuing education and so forth.
9) Has little-to-no student loan debt due to scholarships, part-time work, or help from their parents. Our parents have saved and invested through the largest bull market in history. It’s understandable that parents want to help their children out.
Criteria that many people meet. To assume that^^ translates to some specific amount of savings is ridiculous.
The article is generating income itself for the website - by all the hits in forums where it gets posted (like here) because it's one of those "oh my gosh" sort of things.
The Above Average Person is loosely defined as:
1) Someone who went to college and believes grades and a good work ethic do matter.
2) Does not irrationally spend more than they make.
3) Saves for the future because they realize at some point they no longer are willing or able to work.
4) Takes responsibility for their own actions when things go wrong and learns from the situation to make things better.
5) Takes action by leveraging free tools on the internet to track their net worth, minimize investment fees, manage their budget, and stay on top of their finances in general. Once you know where all your money is, it becomes much easier to optimize your wealth and make it grow.
6) Welcomes constructive criticism and is not overly sensitive from friends, loved ones, and strangers in order to keep improving. Keeping an open mind is critical.
7) Has a healthy amount of self-esteem to be able to lead change and believe in themselves.
8) Enjoys empowering themselves through learning, whether it be through books, personal finance blogs, magazines, seminars, continuing education and so forth.
9) Has little-to-no student loan debt due to scholarships, part-time work, or help from their parents. Our parents have saved and invested through the largest bull market in history. It’s understandable that parents want to help their children out.
Criteria that many people meet. To assume that^^ translates to some specific amount of savings is ridiculous.
The article is generating income itself for the website - by all the hits in forums where it gets posted (like here) because it's one of those "oh my gosh" sort of things.
This "study" is not credible at all.
Source of data - poor (at best)
"table based on tens of thousands of past comments by you and posts I've written to highlight the average net worth of the above average person.'
Sample size - unknown
Validity of data: unknown - self-reported networth based on comments (self-selection bias; likely exaggerated)
self-
Criteria Measurements of "Above Average Person"
#6 and #7 above - subjective, self-reported. (assuming self-selection bias and no psychological tests were administered)
Last edited by Maddie104; 04-06-2019 at 03:38 PM..
But she still has her mom manage her money for her? Does she bring her laundry home on weekends too?
I need to interject here.....
My mother was a Tax expert and Financial adviser. Very successful after raising 3 kids and graduating at the age of 50 from College. Prior she was a Senior Assistant a pretty big shot that ran a huge Corporation.
She just passed very recently but Until her death she could talk investments and taxes with the best of anyone.
So yes, to a degree my mother took care of my money (financial advice) especially when I was very young. She also did my taxes until last year.
Don't sell some mothers short. We all have or had one. Some are brilliant and talented.
My mother was a Tax expert and Financial adviser. Very successful after raising 3 kids and graduating at the age of 50 from College. Prior she was a Senior Assistant a pretty big shot that ran a huge Corporation.
She just passed very recently but Until her death she could talk investments and taxes with the best of anyone.
So yes, to a degree my mother took care of my money (financial advice) especially when I was very young. She also did my taxes until last year.
Don't sell some mothers short. We all have or had one. Some are brilliant and talented.
I prepare my daughter's taxes. She is a CPA but my hourly rate is cheaper. LOL
I prepare my daughter's taxes. She is a CPA but my hourly rate is cheaper. LOL
And my son, who's got a Math degree and a good job settling claims for an insurance company, consults me on financial questions. (I am SO glad he asked about whether he should take out a loan against his 401(k) to pay off my new DIL's 2% car loan.) Since I retired at 61 and haven't asked him for money, I guess he figures I know something about this.
My mother was a Tax expert and Financial adviser. Very successful after raising 3 kids and graduating at the age of 50 from College. Prior she was a Senior Assistant a pretty big shot that ran a huge Corporation.
She just passed very recently but Until her death she could talk investments and taxes with the best of anyone.
So yes, to a degree my mother took care of my money (financial advice) especially when I was very young. She also did my taxes until last year.
Don't sell some mothers short. We all have or had one. Some are brilliant and talented.
They know I won’t cheat them. Plus as a retiree, I have more time to read Bogglehead forums for financial advices. Plus I’ve managed to beat the SP500 so far. Once the account grew to a decent size then I’ll had it back to them.
Does having a pension count? It goes to my spouse when I kick off.
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" sort of things.
