# How's Your Net Worth? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [July 9, 2015, 5:51pm UTC](https://boards.straightdope.com/t/hows-your-net-worth/724674 "2015-07-09T17:51:54Z")\ **Posts on this page:** 11\ **Page:** 4
**Author:** ![Telemark](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/telemark/32/372_2.png) [@Telemark](https://boards.straightdope.com/u/Telemark)\ **Post date:** [July 13, 2015, 4:31pm UTC](https://boards.straightdope.com/t/hows-your-net-worth/724674/61 "2015-07-13T16:31:39Z")
> [@lazybratsche](#): > > There’s no way that they make up 10% of the total age group, however. I graduated from an Ivy with relatively low student loans, got a high paying tech job right out of school and ended up paying them off within 2 years, and bought a condo right after that. I certainly had $100K in net worth by the end of my 20’s, and so did many friends and co-workers. Granted, this was back in the 80’s and early 90’s, and times have changed, but it was relatively easy to achieve back then if you were in the right field. ---
**Author:** ![Fuzzy\_Dunlop](https://avatars.discourse-cdn.com/v4/letter/f/848f3c/32.png) [@Fuzzy\_Dunlop](https://boards.straightdope.com/u/Fuzzy_Dunlop)\ **Post date:** [July 13, 2015, 5:26pm UTC](https://boards.straightdope.com/t/hows-your-net-worth/724674/62 "2015-07-13T17:26:59Z")
> [@Telemark](#): > > I graduated from an Ivy with relatively low student loans, got a high paying tech job right out of school and ended up paying them off within 2 years, and bought a condo right after that. I certainly had $100K in net worth by the end of my 20’s, and so did many friends and co-workers. Granted, this was back in the 80’s and early 90’s, and times have changed, but it was relatively easy to achieve back then if you were in the right field. It hasn’t changed nearly as much as people would like to think. The average bachelor degree graduate in 1999-2000 was graduating with $11,400 in debt and 2012-2013 graduates were averaging $15,100. In 1995 Bachelor Degree holders aged 25-34 were earning an average of $50,400 in constant 2013 dollars and in 2013 they were earning $50,000. It would be awfully nice if there had been real earnings growth, but the myth of the average millennial working part time at starbucks to pay off their $100,000 student loan is just false. Admittedly my statistics don’t go back to the late 80s / early 90s, but in my experience the claim is typically they things only got awful in the last 10-15 years anyway. At any rate, I’d say it’s still about as easy to accumulate a $100,000 net worth by 30 if you’re in a good field. ---
**Author:** ![DrumBum](https://avatars.discourse-cdn.com/v4/letter/d/e79b87/32.png) [@DrumBum](https://boards.straightdope.com/u/DrumBum)\ **Post date:** [July 13, 2015, 5:47pm UTC](https://boards.straightdope.com/t/hows-your-net-worth/724674/63 "2015-07-13T17:47:41Z")
No outstanding debt, houses are paid for, and Miss DrumBum’s education is covered up to and including graduate school. I did not add everything up but I figure our net worth should be well past the 70th percentile. ---
**Author:** ![LavenderBlue](https://avatars.discourse-cdn.com/v4/letter/l/e95f7d/32.png) [@LavenderBlue](https://boards.straightdope.com/u/LavenderBlue)\ **Post date:** [July 13, 2015, 7:13pm UTC](https://boards.straightdope.com/t/hows-your-net-worth/724674/64 "2015-07-13T19:13:34Z")
> [@What\_Exit](#): > > I know all that but in New Jersey at least (well also Connecticut which is part of the NYC metro region) the home ownership rate is > [Home ownership rate](http://quickfacts.census.gov/qfd/states/34000.html), 2009-2013 65.6% and overall for the US it is 64.9%. > Median value of owner-occupied housing units, 2009-2013 \*\*NJ \*\*$327,100 \*\*USA \*\*$176,700. Thus my statement above about regional differences. In NJ it would probably be a majority of middle age people above the 70% level. I think you’re right about that. My house is probably worth about 350k here and that’s not uncommon. Come close to payhing off the mortgage and that’s the seventieth percentile right there. It’s still not a lot of money to finance a retirement. ---
**Author:** ![Jimmy\_Chitwood](https://avatars.discourse-cdn.com/v4/letter/j/f475e1/32.png) [@Jimmy\_Chitwood](https://boards.straightdope.com/u/Jimmy_Chitwood)\ **Post date:** [July 13, 2015, 7:35pm UTC](https://boards.straightdope.com/t/hows-your-net-worth/724674/65 "2015-07-13T19:35:19Z")
Negative 90,000. Is that good? ---
**Author:** ![What\_Exit](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/what_exit/32/10652_2.png) [@What\_Exit](https://boards.straightdope.com/u/What_Exit)\ **Post date:** [July 13, 2015, 10:32pm UTC](https://boards.straightdope.com/t/hows-your-net-worth/724674/66 "2015-07-13T22:32:00Z")
> [@LavenderBlue](#): > > I think you’re right about that. My house is probably worth about 350k here and that’s not uncommon. Come close to payhing off the mortgage and that’s the seventieth percentile right there. It’s still not a lot of money to finance a retirement. Yep. Live and work in Jersey then retire to a cheaper state is not a bad plan though. ---
**Author:** ![JohnGalt](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/johngalt/32/184_2.png) [@JohnGalt](https://boards.straightdope.com/u/JohnGalt)\ **Post date:** [July 13, 2015, 10:52pm UTC](https://boards.straightdope.com/t/hows-your-net-worth/724674/67 "2015-07-13T22:52:24Z")
With Elf’s calculator link, I’m at the 90%+ for the 55-65 age, but I don’t know what my wife’s ranking would be! I assume we share our assets… Working for a large corporation with a defined pension plan and a generous 401-K with 25 years of matching helped tremendously. The big drain in the past ten years was putting our daughter through college, but now that’s done we’re in good shape. We’re not expecting any large inheritances from our still-living parents; we’ve been told we’re too well off and the other siblings “need” the money more. ---
**Author:** ![GreenElf](https://avatars.discourse-cdn.com/v4/letter/g/9de053/32.png) [@GreenElf](https://boards.straightdope.com/u/GreenElf)\ **Post date:** [July 20, 2015, 1:07pm UTC](https://boards.straightdope.com/t/hows-your-net-worth/724674/68 "2015-07-20T13:07:01Z")
> [@rbroome](#): > > Those $ numbers seem terribly low, at least for the United States. Is there some qualifier that should be there? Or is The Motley Fool doing something funny with numbers (given the history of TMF, this seems likely…). According to a CNN report, the US ranks fourth in average net worth ($301,000) but only 19th in median net worth ($45,000). “Americans’ median wealth is a mere $44,900 per adult – half have more, half have less.” This is due mainly to lower rates of home ownership in the United States. > **[America's middle class: Poorer than you think](https://money.cnn.com/2014/06/11/news/economy/middle-class-wealth/)** > > Americans may be considered rich compared to other nations, but the wealth of the middle class ranks pretty low. ---
**Author:** ![lazybratsche](https://avatars.discourse-cdn.com/v4/letter/l/ba8739/32.png) [@lazybratsche](https://boards.straightdope.com/u/lazybratsche)\ **Post date:** [July 20, 2015, 2:18pm UTC](https://boards.straightdope.com/t/hows-your-net-worth/724674/69 "2015-07-20T14:18:53Z")
> [@Telemark](#): > > I graduated from an Ivy with relatively low student loans, got a high paying tech job right out of school and ended up paying them off within 2 years, and bought a condo right after that. I certainly had $100K in net worth by the end of my 20’s, and so did many friends and co-workers. Granted, this was back in the 80’s and early 90’s, and times have changed, but it was relatively easy to achieve back then if you were in the right field. My larger point is that I’m surprised that your situation is common enough to be the 90th percentile. Assuming the household net worth survey data is correct, I’m guessing that the 90th percentile household net worth for young people, divided among adult household members, would be more like the 95 to 98th percentile individual net worth. Basically, that there are tons of low net worth young people that are in a “household” with their parents or an older partner. Note that the [mean savings rate is -2% for under-35s](http://www.wsj.com/articles/savings-turn-negative-for-younger-generation-1415572405), though of course the mean is a terrible statistic for understand what’s going on at the tails of a distribution… ---
**Author:** ![GreenElf](https://avatars.discourse-cdn.com/v4/letter/g/9de053/32.png) [@GreenElf](https://boards.straightdope.com/u/GreenElf)\ **Post date:** [July 20, 2015, 2:57pm UTC](https://boards.straightdope.com/t/hows-your-net-worth/724674/70 "2015-07-20T14:57:52Z")
According to another CNN report, median net worth was much less for racial minorities: $97,000 for white households, $4,900 for black households and only $1,300 for Latino households. > **[Wealthiest Americans have 288 times net worth of typical family](https://money.cnn.com/2012/09/11/news/economy/wealth-net-worth/index.html)** > > The net worth of the top 1% has ballooned in recent decades, up from 125 times the wealth of the median household in 1962. More than one in five families have zero or negative net worth. ---
**Author:** ![Napier](https://avatars.discourse-cdn.com/v4/letter/n/ce73a5/32.png) [@Napier](https://boards.straightdope.com/u/Napier)\ **Post date:** [July 21, 2015, 10:29pm UTC](https://boards.straightdope.com/t/hows-your-net-worth/724674/71 "2015-07-21T22:29:01Z")
> [@lazybratsche](#): > > Of course, that’s how they make their money! > > […] Well, huh – I just had a pleasant experience. I went to a new wealth manager, who has been around a while and has been active with professional groups I’m involved with. They have a significant history visible on the web, had about 18 years with one major investment company as part of a group and then went off on their own several years ago, with a very nice office surrounded by rich people. By every measure I know how to apply, they appear to be succeeding and well appreciated by their customer base. And after some visits and communications, they had a lengthy meeting with me, and told me I was doing great, and congratulations. They said the thing I should be considering is what to do with what I leave behind, because it should be big. Their Monte Carlo simulations give probabilities in the high 90’s that I can sustain my current standard of living indefinitely and my nest egg will continue growing as I do so. I can’t for the life of me figure out how they’re going to take advantage of me by NOT urging me to save more… [Previous page](https://boards.straightdope.com/t/hows-your-net-worth/724674.md?page=3)