This governmental data is illusion. For Data sake it might be accurate. But there is difference on how wealthy you are comparision with others and what Financial/societal class you belong. Usually Financial class is divided on 9 categorys. Poverty, lower-class, upper lower-class, Lower middle-class, Middleclass, upper-middle class. Lower upperclass. Upperclass and higher upperclass. This is basically historical separation of classes. Lower middleclass is expected to have 8 years worth median income assets + liquity assets 1 years worth. On middlclass respectable numbers are 20 years and 3 years. Historically rising on financial class wasent about luck it was generational effort. In france about 400 years ago lower middle-class person was expected to have 2 house servant. Middle class a 5. In Middle ages where most people didnt do 9-5 jobs social class was calcualted differently, but it still showed person wealth and it took real stupidity to fall on social class.
I calculate that I am in the top 8% based on net worth, yet I never made more than 50K in my life time. The down side is that I'm 91 years old, but the up side is that I'm still living.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a-lot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.Read more
Do your homework and choose one that has strategies to help your portfolio grow consistently and steadily. *Camille Alicia Garcia* is responsible for the success of my portfolio, and I believe she possesses the qualifications and expertise to meet your goals.
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
I'm in the top quintile for net worth which just means I will be able to retire someday, and upper middle class for income. My advice is to invest 15 to 25% or more of your income for retirement and start now.
Depends a great deal on your age. Early retirement with 3.4 mil net worth (more than half tax deferred IRAs) feels safe but still have concerns about tax management.
I have a net worth of $3.5mill, and 100% debt free, but still don’t think I’m rich yet. I live far below my means, but still feel the magic number is $5mill.
This applies to middle America with very low cost of living because according to her metrics, I am in the Wealth class with over $680k in net worth but it's all tied up in my southern California home - beleave me we are not wealthy ! We do ok, but we are far from wealthy living in Southern California. Tbe San Francisco Bay Area is much worse
Thanks for sharing your perspective! You're absolutely right-cost of living can vary so much depending on the region. What might be considered 'wealth' in one area could be far from it in places like Southern California or the Bay Area, where housing prices and expenses are significantly higher. It's a great reminder that financial situations can be very different based on where you live.
Damn...I'm 45 years old and am way below the poverty level...I started late in life and didn't know anything about finances,,have massive student loans...won't ever get a house...I've been in that poverty level all my life.
Greetings Toby--I was in the same position decades ago--- Remember to use the power of Persistence--Nobody ever got wealthy by saving money--Wealthy people get wealthy by investing. Please consider the worlds is U.S . President Calvin Coolidge: " Nothing in this world can take the place of persistence. Talent will not: nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not: the world is full of educated derelicts. Persistence and determination alone are omnipotent." --words to consider from Colorado USA.
@@paulbrungardt9823 Unfortunately, persistence often gives way to despair, eventually. I wish good outcomes for all, but sometimes when persistence fails to produce results, it could be you need to find a new path. Recognize when life is telling you to pursue a new path.
Net worth is subjective at best. There are too many things that people don’t count that are worth money. Example furniture in your house. Jewelry, musical instruments, garage contents. Do you count long-term stock options. if I can’t collect them for four years, should I count them now so what all these people are doing is an estimated net worth. I have a five bedroom house that is fully furnished and insured. What value do I give that? To replace the musical instruments I have is worth about $15,000. But if I probably turned around and tried to sell it and probably get somewhere between six and $8000. Which value do I use?
Typically only financial assets and real estate are included in net worth calculations. If you were including consumer goods you would only include what you could reasonably get for selling them, but people don't typically include them in calculations.
Net worth by definition is assets minus liabilities equals net worth. No where in there does it say only count financial assets. I like people that change the definition of a word to fit what they want. How about instead of calling it net worth people call it estimated net worth?
@@fasteddy3336 Count it that way if you want. It's your net worth. You could sell them and add the cash to your savings/investments. I'm just telling you what people in the world of finance actually look at. None of them are going to ask about the value of your consumer goods unless you are talking to someone about insurance.
Don’t kid yourself on “stuff” that fills your house. That - is all subjective. You get hosed upfront paying for filler stuff. It’s close to worthless later when you go to sell.
Thanks for your comment. That's a great point. The median net worth for Californians is $200,300 and the average is $884,003, according to the Census Bureau. This is the highest average net worth of any state in the country. It would be interesting to break each state down into these quintiles to see the different amounts.
This is the reason a lot of retiring millionaires in CA have moved to communities like Paradise Valley and Scottsdale in AZ, or Summerlin in Las Vegas among several others. My husband and I moved out, too, and we don't regret it. We even got lucky bc we moved to AZ before the property values here rose exponentially. My sister in SD is moving out to Northern Nevada soon.
200-600k networth does not seem to be a lot these days. I am 40, Have a number well above the 600K, however I still feel I am restricted in a lot of things that I can do. But do not get me wrong, I can travel if I want to and dine out if I like..still do not feel that I am free to do whatever that I want to do.
Thanks for sharing your perspective! It’s true that personal finances can often feel restrictive, even with what others may consider a substantial net worth. If you’re feeling restricted, it might be worth exploring new strategies or financial goals that could provide a greater sense of freedom and satisfaction. Have a great week Ivan!
Hi, I have a high net worth but i am not necessarily low on cash but i am just always worried about trying to keep my business flowing. I have not been hanging things well with my business but i am starting to capitalize on it as much as possible as i dont have much years left to work. It feels like it always goes into my personal life and as much as i try i know i have not done a good job. I wish i could of handled things better but i know i did mess up a lot. I am trying to retire later since i am trying to sell my business with a lot more profit. I think net worth doesn’t really equal happiness and it is going to take a bunch more time to sell now.
Thanks for your comment Larry. It may be worthwhile for you to reach out to a fee-only financial planner. Feel free to schedule a call with us if you require further assistance - districtcapitalmanagement.com/schedule-call/
Skip Ahead Here! 0:00 - Net Worth To Be In America's Upper, Middle & Lower Class 0:26 - What is net worth? 1:12 - Average vs median vs top 1% 1:52 - Median net worth vs median net income 2:35 - The numbers 2:45 - Lowest 20%: Poverty class 3:38 - Next 20%: Lower middle class 4:28 - Middle 20%: Middle class 5:03 - Next 20%: Upper middle class 5:31 - Top 20%: Wealthy 5:53 - The power of compound interest 6:47 - 5 tips to increase your net worth
Sorry, but this video was almost worthless. To be meaningful, it also should be broken down by age. There's a big difference between the net worth of an upper middle class 40 year old and a 60 year old on the verge of retirement. It doesn't speak well of the group putting the presentation together to not realize that.
Did the net worth amounts for each class differ from what you expected?
This governmental data is illusion. For Data sake it might be accurate. But there is difference on how wealthy you are comparision with others and what Financial/societal class you belong. Usually Financial class is divided on 9 categorys. Poverty, lower-class, upper lower-class, Lower middle-class, Middleclass, upper-middle class. Lower upperclass. Upperclass and higher upperclass. This is basically historical separation of classes. Lower middleclass is expected to have 8 years worth median income assets + liquity assets 1 years worth. On middlclass respectable numbers are 20 years and 3 years. Historically rising on financial class wasent about luck it was generational effort. In france about 400 years ago lower middle-class person was expected to have 2 house servant. Middle class a 5. In Middle ages where most people didnt do 9-5 jobs social class was calcualted differently, but it still showed person wealth and it took real stupidity to fall on social class.
No, we have 1.4 m net worth, so we are not middle class any more, right?
I calculate that I am in the top 8% based on net worth, yet I never made more than 50K in my life time. The down side is that I'm 91 years old, but the up side is that I'm still living.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a-lot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.Read more
Do your homework and choose one that has strategies to help your portfolio grow consistently and steadily. *Camille Alicia Garcia* is responsible for the success of my portfolio, and I believe she possesses the qualifications and expertise to meet your goals.
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
I'm in the top quintile for net worth which just means I will be able to retire someday, and upper middle class for income. My advice is to invest 15 to 25% or more of your income for retirement and start now.
Great advice! Have a great week!
Those numbers seem really low. I have an 800k net worth and I feel poor AF. I was expecting the top neumber to be something like 3 million.
Thanks for your comment. The numbers do seem low. We will do an updated video when the new numbers are released.
Those numbers are way too low. It makes no sense.
same here. $4 million NW but still a working stiff. God Bless those who are struggling
Depends a great deal on your age. Early retirement with 3.4 mil net worth (more than half tax deferred IRAs) feels safe but still have concerns about tax management.
I have a net worth of $3.5mill, and 100% debt free, but still don’t think I’m rich yet. I live far below my means, but still feel the magic number is $5mill.
Really good video! Thank you.
Thank you for your kind comment. Have a great week!
This video gives a very accurate commentary on personal finance. Thank you! mark o. retired finance manager
Thank you for your kind comment. We appreciate it!
Great video!
Thank you very much. I am glad you enjoyed it!
Nobody ever got wealthy by saving money--Wealthy people get wealthy by investing.
This applies to middle America with very low cost of living because according to her metrics, I am in the Wealth class with over $680k in net worth but it's all tied up in my southern California home - beleave me we are not wealthy ! We do ok, but we are far from wealthy living in Southern California. Tbe San Francisco Bay Area is much worse
Thanks for sharing your perspective! You're absolutely right-cost of living can vary so much depending on the region. What might be considered 'wealth' in one area could be far from it in places like Southern California or the Bay Area, where housing prices and expenses are significantly higher. It's a great reminder that financial situations can be very different based on where you live.
Need an updated video because lower class now should make 100 thousands
Damn...I'm 45 years old and am way below the poverty level...I started late in life and didn't know anything about finances,,have massive student loans...won't ever get a house...I've been in that poverty level all my life.
Greetings Toby--I was in the same position decades ago--- Remember to use the power of Persistence--Nobody ever got wealthy by saving money--Wealthy people get wealthy by investing. Please consider the worlds is U.S . President Calvin Coolidge: " Nothing in this world can take the place of persistence. Talent will not: nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not: the world is full of educated derelicts. Persistence and determination alone are omnipotent." --words to consider from Colorado USA.
@@paulbrungardt9823 Unfortunately, persistence often gives way to despair, eventually. I wish good outcomes for all, but sometimes when persistence fails to produce results, it could be you need to find a new path. Recognize when life is telling you to pursue a new path.
Net worth is subjective at best. There are too many things that people don’t count that are worth money. Example furniture in your house. Jewelry, musical instruments, garage contents. Do you count long-term stock options. if I can’t collect them for four years, should I count them now so what all these people are doing is an estimated net worth. I have a five bedroom house that is fully furnished and insured. What value do I give that? To replace the musical instruments I have is worth about $15,000. But if I probably turned around and tried to sell it and probably get somewhere between six and $8000. Which value do I use?
Typically only financial assets and real estate are included in net worth calculations.
If you were including consumer goods you would only include what you could reasonably get for selling them, but people don't typically include them in calculations.
Net worth by definition is assets minus liabilities equals net worth. No where in there does it say only count financial assets. I like people that change the definition of a word to fit what they want. How about instead of calling it net worth people call it estimated net worth?
@@fasteddy3336 Count it that way if you want. It's your net worth.
You could sell them and add the cash to your savings/investments. I'm just telling you what people in the world of finance actually look at. None of them are going to ask about the value of your consumer goods unless you are talking to someone about insurance.
Use the value you can get from the market.
Don’t kid yourself on “stuff” that fills your house. That - is all subjective. You get hosed upfront paying for filler stuff. It’s close to worthless later when you go to sell.
Maybe it depends what state you are in.
We have a much higher net worth than $608,900 in CA. We are not wealthy.
Thanks for your comment. That's a great point. The median net worth for Californians is $200,300 and the average is $884,003, according to the Census Bureau. This is the highest average net worth of any state in the country. It would be interesting to break each state down into these quintiles to see the different amounts.
This is the reason a lot of retiring millionaires in CA have moved to communities like Paradise Valley and Scottsdale in AZ, or Summerlin in Las Vegas among several others. My husband and I moved out, too, and we don't regret it. We even got lucky bc we moved to AZ before the property values here rose exponentially. My sister in SD is moving out to Northern Nevada soon.
@@DistrictCapital The same thing applies to NY. Especially in NYC, where the average home is over $800,000.
lower middle class - 40,000 a year?
interesting.
bottom class - less than 40,000 a year?
200-600k networth does not seem to be a lot these days. I am 40, Have a number well above the 600K, however I still feel I am restricted in a lot of things that I can do. But do not get me wrong, I can travel if I want to and dine out if I like..still do not feel that I am free to do whatever that I want to do.
Thanks for sharing your perspective! It’s true that personal finances can often feel restrictive, even with what others may consider a substantial net worth. If you’re feeling restricted, it might be worth exploring new strategies or financial goals that could provide a greater sense of freedom and satisfaction. Have a great week Ivan!
Hi,
I have a high net worth but i am not necessarily low on cash but i am just always worried about trying to keep my business flowing. I have not been hanging things well with my business but i am starting to capitalize on it as much as possible as i dont have much years left to work. It feels like it always goes into my personal life and as much as i try i know i have not done a good job. I wish i could of handled things better but i know i did mess up a lot. I am trying to retire later since i am trying to sell my business with a lot more profit. I think net worth doesn’t really equal happiness and it is going to take a bunch more time to sell now.
Thanks for your comment Larry. It may be worthwhile for you to reach out to a fee-only financial planner. Feel free to schedule a call with us if you require further assistance - districtcapitalmanagement.com/schedule-call/
@@DistrictCapital yeah thanks for the offer but i am my own financial planner and dont really need to spend money to get useless advice to me.
@@larryraigrodski5381 That is great Larry. Happy to hear that you are taking care of your finances!
1:41 is this median or average??
Thanks for your question. Are you asking about the top 1% net worth? If so, the top 1% of household net worth starts at $11,099,166.
Frightening numbers! 😮
Are these figures from 1981?
Yeah, numbers ware way off.
I really don't think you can retire with $600,000. If you do, you are going to barely get by.
Skip Ahead Here!
0:00 - Net Worth To Be In America's Upper, Middle & Lower Class
0:26 - What is net worth?
1:12 - Average vs median vs top 1%
1:52 - Median net worth vs median net income
2:35 - The numbers
2:45 - Lowest 20%: Poverty class
3:38 - Next 20%: Lower middle class
4:28 - Middle 20%: Middle class
5:03 - Next 20%: Upper middle class
5:31 - Top 20%: Wealthy
5:53 - The power of compound interest
6:47 - 5 tips to increase your net worth
Where is this woman's accent from?
I grew up in New Zealand :)
Very cute. Good day to you!
@@Lionheart7190 You too!
Sorry, but this video was almost worthless. To be meaningful, it also should be broken down by age. There's a big difference between the net worth of an upper middle class 40 year old and a 60 year old on the verge of retirement. It doesn't speak well of the group putting the presentation together to not realize that.
Promo SM 🙏
This video is not on point. Because boomers would simply have more because of real estate. And young professionals would not.
This is complete BS