hang on, you're telling me that the average net worth of those 55-64 is 600k? is this assuming a house is paid off? is the house considered an liability or an asset?
That's right. An asset is all income-generating property (securities, bank deposits, profitable real estate). If you live in a house, then it will not be considered an asset. If you have any other premises and you make a profit from it, then this will be an asset)
Amazing breakdown! It would be awesome to see more real-life examples of how people transition from average income to millions.
I agree)))
hang on, you're telling me that the average net worth of those 55-64 is 600k? is this assuming a house is paid off? is the house considered an liability or an asset?
That's right. An asset is all income-generating property (securities, bank deposits, profitable real estate). If you live in a house, then it will not be considered an asset. If you have any other premises and you make a profit from it, then this will be an asset)