How Much Money Is Considered "Wealthy" In The USA
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- Опубліковано 30 вер 2024
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The decisions on how to invest, when to retire, and other financial planning topics are some of the most important financial decisions you will make in your life. I urge you to seek professional financial advice as you make this decision. Ideally, from a financial adviser, AND a CPA AND an attorney. Having the perspective of all three professions will help you make the right decision for you and your family.
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099(A){TN}[NE] How Much Money To Be Considered "Wealthy" In The USA
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing...
Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.
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 or you could hire a financial expert.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. 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. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.
Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
When we hit $1 Million last 2 years it felt good but was kind of anti climatic. You still keep working, saving and making good choices in an unstable economic environment. However, despite market gains, our portfolio has seeing great decline. Seeking to improve it and maximize returns.
Everyone should have a safety cushion in their portfolio. While I can’t give specific advice, it’s important to talk to a fiduciary advisor for help with restructuring your portfolio.
De-risk your portfolios, shore up your core holdings, and take some profits while balancing your portfolio allocations. I have been investing for 11 years, 5 with a financial advisor, I've achieved a 10x return compared to DIY efforts, totaling nearly $2m ROI. My best yet.
Hello, I'm interested in trying this out. Who is your advisor, and how can I contact them?
She's known as "Melissa Elise Robinson". One of the finest portfolio managers in the field also widely recognized. Just research the name. You’d find necessary details to work with and set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Brooke Miller for helping me achieve this
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I'm new at this, please how can I reach her?
she's mostly on Instagrams, using the user name
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
I make $48k
I’m retired 63.
I have no debt at all.
I feel wealthy
I used to practice medicine, and then I got sick and needed to retire. (at age 46). Now my definition of wealth has changed drastically. Wealth in my world is defined as GOOD HEALTH. Money can't even come close to define most who aren't able to use money......
Amen Steven...part of what prompted my 'early retirement' (I'm 55) is having multiple people close to me in my age category and in some instances younger pass away unexpectedly. I want to do as Azul says and "enjoy the youth of my senior years" :) while still healthy
Well said Steve! I would say that for every 10 financially successful retirees I meet, 2 are in excellent health and 8 are in various stages of physical decline due to poor lifestyle habits (overeating and eating junk, overmedicating, underexercising). Money isn’t the real challenge, health is!!
Post of the day! So right.
Steven, I’m a 35 year old physician and 6 months ago I cut my hours at work back to 80%. Everyone thought I was crazy for doing so this early into my career but I’d rather be healthy and practice at 80% for another 35 years than burn out in my 40s. I’m spending more time with my wife and daughter and exercising every day for the first time since residency (believe it or not I became so much busier after graduating because of my personal life). I hope more of my peers will take your advice because I see colleagues in their 50s and 60s who are totally burned out and it shows in their practice.
Some people may say Health, Family and God!!! Wealth is just a extra benefit
58, just retired from corporate life. 1.4m retirement, 8 rental units. Residence is paid off, low debt, perform handyman services when it suits my schedule. We live modestly but not stressed.
The way to wealth is being content. Stop chasing and wanting more.
One lesson I've learned from millionaires is to always put your money to work, no matter how small. Even investing $100 per month can compound to tremendous wealth over decades. The key is to keep going!
My advice for who wants to grow financially this year, invest. Saving is good, but investing elevates your finances. Thanks to my financial advisor, my portfolio is thriving, and I'm proud of last year's decisions.
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
She’s a registered Broker from FINRA ❤️ you can also verify her on broker check
Wow that's nice She makes you that much!! Thanks 🙏 I will try to reach her services, I work 3 jobs and trying to pay off my debts for a while now!!Thanks for the help .
My advise to anyone holding cryptocurrency right now is to invest it and earn upto 70 times of the initial capitals. Holding cryptocurrency will make it reduce because once the price goes down it will definitely go down as well but when you invest it, you won’t have to worry about anything
Yes I agree with you on that. I was once a holder with about 3BTC, 7ETH and $8000 worth of lite coin but now after investing I have about 17BTC and 21 ETH.
Honestly, I'm surprised that this mrs Ann Marie strunk is mentioned here, came across a testimony about her from one of the beneficiaries on the CNBC news, she seems to be doing extremely well....
You could have 3 million in investments and still feel poor. Annual expenses are equally as important as net worth.
Depends on where you live. $1m in the Midwest is a lot more than $1m on the coasts.
You can move. Most of it is due to the price of land and the demand for it.
nah… went to houston, kentucky and all… Costco, walmart l, CVS and even restaurant prices are generally comparable to California… not like going abroad like Portugal or Bali indonesia
When you can fill your car with petrol and not worry about the price, you are rich.
What about an EV?😅
When you plug in your lucid (that you lease because of tax deduction) during the peak hours and don’t care about the TOU rate because your roof on your paid off house has an abundance of solar, you are also wealthy.
Including the value of your home in net worth is stupid. It’s not useable money. You are not going to sell your home and live in your car in retirement. Your home is also a huge liability - taxes, upkeep/ repairs, utilities etc. so you need your retirement money outside of the value of your home. You are not going to have a nice house and retire to a crappy one. You can’t borrow against it without having a payment. If you are using it as a rental it’s not your home and that is different. I prefer “functional net worth” - the money you can actually spend.
Preach, Seth!
I retired when I turned 54. I am not rich, but I am comfortable. Having good health is so much more important than money. I've seen people die from chasing the dollar and ignoring their health. Get off the hamster wheel as soon as you can, while you still have some youth left. I went to a nice park yesterday and hiked 13 miles. Ask yourself, what did you do for fitness yesterday?
It's sad to think the median net worth is barely above $250k so close to your retirement age. This is especially saddening when you think most of that net worth is their primary residence.
yet, most people piss money away on all kind of unnecessary crap, short term gratification and vices.. Maybe those folks live richer lives than us savers. Maybe better to live fully and die young like a high school friend who ate too much, drank too much and smoked too much and is now dead, leaving behind a wife and kids. Everybody makes choices and pays the price.
Yes, under 400K net worth at retirement age is really concerning. And to think half are less than that.
i really dont understand how people are getting by
Being wealthy is having zero debt!
Nah. Its net worth. 😊
It’s a lot more relaxed
@@iceman812 Net worth at beginning of each year and so many years more.
Yes you are correct. No debt = flexibility
Nah. Leverage to the hilt. Force multiplier $$$$
Health is wealth. 😅
Interesting that a single and couple are the same. A single person with $1 million seems richer than a couple with $1 million!!
the real trick is to start investing long before you ever start earning six figures. great scenery, Azul!
Azul... great advice... especially: One House and One Spouse. This is where I have seen so many retirees screw up.
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or real estate to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.
bravo! i'm 56, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in view of retirement, can your advisor be of help please?
I work with Jessica Lee Horst as my licensed advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thank you for sharing, I must say, Jessica appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call
Easiest way to build your net worth (other than have a high paying job) is to live within your means. Try to avoid going into debt in order to buy a depreciating asset as much as you can. That new car can't be sold for nearly as much as you paid for it. Credit card debt, unless you pay it off every month, is a killer. If you have a 20,000 income, don't have a 25,000 lifestyle.
Early 40's and we are approaching $300k net worth. We will have over $2.5m in 20 years before we retire. I'm sure the goalpost will be moved quite a bit by then.
It varies with geography. Whereas an income of $100K in a large city on the East or West Coast might not go very far, it could go very far in a small town in a rural area.
We live in Chicago, but my wife's company is headquartered in Florida. Co-workers who have transfered to HQ have bought much larger houses, usually with a in-ground pools.
Florida has no income tax and much lower property taxes.
I need at least $2m today to be considered 'wealthy' 20 years ago, the definition of wealth was nowhere near $2m, and in 20 years time, this amount may not be enough, however I do agree that one has to start somewhere, hence I now look to the stock market to fuel my goal.
wise observation, for many years equities and some fixed-income assets have produced yields needed to provide solid income for financial needs, the importance of mitigating risks could be why investors are turning towards advisors for guidance
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
@@chadgriffith1969 bravo! mind sharing info of your invt- advisor please? tried learning few strategies to profit in this current market, but all of that flew right over my head
thanks for sharing, I must say Katherine appears to be quite knowledgeable.. just copied and pasted her full name on the web and at once came across her consulting page, no bs!
I’ve found that the answer is always more than someone has. Ha
2 million is like 80k a year. Comfortable but not wealthy
you are born into this world penniless & you will go out penniless....enjoy the time & cherish the memories with loved ones while you are alive...pursuit of money is such a fleeting human greed/goal.
Thank you Azul! Scenery is very beautiful.
Why do all these folks assume you have a spouse or partner? Lost 1/2 my crap in my 20s and didn't do that again.
There is many different "calculations" to forecast how much money one needs at retirement. Many different ideas and influences of where one lives as well.... For my Financial Planner, she simply stated at retirement (at xx age), one should have all debts (mortgage, vehicle, Credit Cards, etc etc.) paid off, have a newer age vehicle, completed and paid off bucket list house repairs/upgrades and other future high cost future demands.. In other words, "one starts with their head is above water" line. For income at retirement years, one needs 120% of their current "take home" pay. One can be at 100% or even 110% number but 120% is good future inflation proof. For 40+ years we always saved 25% of our income each year. Yes. 25% each year via car pooling to work, bring my brown bag lunch to work, NO costly yearly vacations, did my own home renovations, always bought stuff "on sale", do my own vehicle engine oil/filter changes, replace my own vehicle brakes. etc. etc. And, I'm an average single income person supporting family of 5 - who also paid my kids future collage years. This worked for us!
I have a NW of about 3 million at 56. No mortgage, good health. I can retire now with a pension of about 120 K a year from my employer. But I just can’t make the jump. Don’t feel ready and I’ve been so disciplined in saving and investing, I struggle with stopping and starting to spend.
Azul, I enjoy your videos. Where was this one filmed? Looks like a nice place.
I reached $2.5 million in investments, no debt and always considered myself poor working class, built investments by living on 50% income and saving 50% income for investment, shop @ Walmart, Ebay, & Amazon, no restaurants, drive a 20yr old pickup & old Harley. Wouldn't consider myself wealthy until I reach $500k a year income from investments, so $500,000 / .04 = $12,500,000. Even if I became wealthy I lived poor all my life so I don't know any other way to live, I prefer life living as a pauper.
Be careful chasing the dollar. I've seen people attain millions then finally retire, but they retired too late and have no youth left. I'd rather have 2 million at age 45 than to have 12 million at age 70.
@@toomanymodz Money doesn't buy happiness, they did a study and found out that people with $10 million dollars were no happier than someone with only $9 million.
@miken7629 because 9 million turns in 10 million the next year. Sounds like a dumb survey
My dad had what was considered a good net worth when he retired at 63 because of health issues in the late 80s. Like most of his generation he was not a “savvy investor” with fancy investment tools and such; just CDs and annuities and careful spending habits. He transitioned into those when he felt his cognitive abilities begin to get less sharp. But he then watched the interest rates tank, the 2008 meltdown, and inflation. He and mom have passed but had enough-with almost NO spending on anything but emergencies their last 20 years. The degeneration of our wealth after earning potent Is gone is what scares me most. I hope I am smart enough to stay ahead of the changes as they come. Didn’t want to have to be a financial specialist to do so.
Thanks for sharing!
Unfortunately, most of the surveys and studies on wealth are of limited value to me because they're either based on subjective information (what people *think* about wealth vs. hard data) or they don't provide enough granular detail besides age group to isolate the information based upon my peer group.
Mean and median net worth data isn't very helpful unless you can isolate by education level, location, salary, household size, etc.
Numbers seem low for the upper 10%. What would be an ideal mix between investible assets vs personal home(s) and other personal assets? Also, the networth information amounts don't consider pretax (IRA, pension, cap-gain assets) vs aftertax investments included in networth.
Being wealthy is having more than what you need. When you feel you have enough, when you stop chasing more wealth.
How much ever you have but still want more, then you are poor.
Haha. One wife! Yes you are quite right! Two divorces have made quite a difference. Financially. Dont even want to think about it :-). Last one took me ten years working 24/7 to get back on track. But now in retirement im fine. Probably half of the net worth could have been but id be worse of with the gals now left behind.
So Im Happy enjoying retirement. My advice( beside dont marry the sexy but ”strange” birds, 😊): 90/10 rule.
90% Bonds 10% Equities.
Keeps up with inflation and let you sleep at night without worries.
And of corse: a one hour brisk walk every day and a nice hobby that keps you busy whatever you like. Golf, Classic cars, flying, books.
Pete
1.6 m how are we doing? I think fine
You can avoid the divorce risk by either not getting married or having a well crafted prenup that both parties sign off on represented by an attorney
Seems that the perception of “being wealthy” is changing.
I tend to think of “wealthy” as having a net worth well into 7 figures. “Very wealthy” would be 8 figures.
Wealth is a state of mind. I am 59 and in the top 5% and I worry about not having enough money. I grew up in a lower income family and the fear of being poor outweighs everything. I will be working and generating as much money as I can till I am at least 65 if not 70.
I am on the same boat.
Just turned 50, in the top 3% networth. Majority (80%) comes from my rental portfolio. Still worried about not having enough $.
Reverse calculation with these current pricing:
-last 5 years of life medical co-pay expenses $250k (not covered by insurance)
-senior home care service $100k per year
Factor in the cost of these services inflation 5% per year and I have 20yers to go before I need these services. I can barley afford being alive😂
lol.. same. I make about 3x more a year in investments than my salary and can't seem to give up work especially at the peak of my earnings. Even if I got divorced and lost half, I'd still have more than enough, but its hard to outgrown your origins.
Same here. I wish I could relax. Will work until I cant, but not sure why.
wisdom shared. how about some info on these beautifull places you are.
Azul, I’m glad you’re back to good, common sense advice, instead of market scaring. Although, I clicked on this video because it was you, not the clickbait title. I still practice time in the market rather than timing the market. Take care, and thanks for your videos!
Good point! I actually stopped viewing his videos recently. I avoid all “dire warning” posts like the plague!!!
Health is wealth!
I’m 65 and at about $3.5M. I don’t feel wealthy.
I am with you. 53 will have a 2000/month pension 3.5M total asset. 0 debt. And live frugally. But I can’t image not having a paycheck coming in. Just afraid of not having a paycheck coming in
It really depends on your debt, monthly expenses and where you live. Being afraid to spend is a problem a lot of retirees have because they’re used to a certain amount of income coming in each month.
The fact you don’t fell wealthy is good. You won’t piss that money away on dumb purchases.
@@JBoy340amemento mori
I think people both put to much emphasis on being wealthy and think that crossing that "wealthy" boundary means more than it does. Being wealthy at the ~2M net worth level, or even $3M still means living a largely middle class lifestyle. Yes, you have more financial freedom but you're likely still driving a Subaru and living in a middle class neighborhood. We were fortunate, I worked in a good paying field, my job didn't require me to dress up (blue jeans and tshirts) and we live in a low cost of living part of the country. So we could invest a nice chunk of our income. But whether we're wealthy or not isn't that important. We live our lives so that we have enough and are content. We're richer than friends that have more money but want to live a lifestyle beyond even what they have, and we're poorer than friends that have less money but that never fail to find wonder and joy in everything they do.
Where do you live if you think having $3M is still driving a Subaru? 🤣
@@roburb73 How else does a common working Joe get to $3M? But it is a nice Subaru, only 10 years old ;) Of course you do have some freedom, once in awhile, to spend a little extra on things important to you. For me, cars aren't. Plus I like my Subaru.
@@xlerb2286 I think you're downplaying your success if you're at $3M and say you have to drive a Subaru. At that point you can take $100k and but a car and it won't make s dent. I get that while you're building you're portfolio, but not once it's built.
Is there such thing as a "nice Subaru"? 🤣. I'm just messing! I'm a car guy, or I should say luxury car guy. However, my car DVD mortgage combined only account for 12% of our income.
IMO, the average Joe doesn't get there. If you've built a $3M portfolio, you left average decades ago. Sure, there are rare cases where it happens but it's definitely not common.
@@roburb73 I grew up driving cars like a 15 year old rusty Datsun station wagon (I wish I still had it) so a high end Legacy is a very nice car to me. I've got some interests that I spend a little money on but cars, at least daily drivers, just don't interest me :) I know I've been fortunate, but I am an average Joe. I just worked in a field that pays well enough to let me invest starting from an early age, and both the S&P and the company stock were nice to me over 30 years. Pretty much all the people I worked with those early days are doing as well or better than I am. I'm almost the underachiever of that group.
We are considered the top 1% - with 8 figure in investable assets (not including the house which is paid for and no other debts). I am still driving a 2007 car bought new with cash, while my husband driving a 2018 Subaru (bought new as well) ... We don't care about cars, but do splurge a bit on "experience" consumption - we just love to travel around the world. Our annual travel budget is around $150k.
I understand your advice about a second home but here’s what my wife and I did. When the world housing and financial markets collapsed we looked at the cost of the materials and the subcontractors looking for work and made the decision to build. I did some of the work myself and we’ve been rewarded by a large increase in the value of the house since then. It’s a two hour drive away and we escape the city frequently to the quiet of the mountains. It’s also become a gathering place for the whole clan across the country.
Semantics, wealthy vs rich?
I don't know how most people manage to retire at all with such low net worths.
Wealthy or rich? 🤔
Looks like you're in Boise on the greenbelt.
All good information to know where we are. I also wonder about the 1% and the dollar amount attached to that percentage of the top wealthy people/households.
The problem we face is our net worth is inflated due to the fact that our house value has almost doubled in the 16 years we have owned it, or have been paying it down. We are thrifty, and do put a lot in our401k, I am hoping we will be ok in the future and can weather the situation now with little impact. Thankfully we aren’t brand name shoppers and we can still get relatively good deals on the necessities in life.
Home prices artificially high so state government collects higher property taxes. Easy money.
So glad you are back to the old format of walk and talk!! No distracting music or images!
Agree. So glad to see the walk and talk is back. Also, does anyone know what the river is that he is walking along?
Thanks for ensuring the numbers are medians and not skewed by a few high incomes.
Before clearing $100mm you should consider yourself broke.
"Wealth" is being the government... collecting hoards of $ from citizens, giving it away, yet actually being broke 😂
A lot of Americans are Money rich but ⏰⏱️Time Poor. they're wealthy but they're to old that money does not matter much ⏳⏳⏳⏳ money is not Life and Life is not money😘
A financial advisor giving early retirement advice? In the real world; on the ground floor; there’s no affordable insurance for workers who’d like to retire before age 65. Boredom? Our time is spent on things like acquiring health insurance! A dose of reality 0:39 for the common American worker is what’s missing in this otherwise very inspirational clip.
0:39
Azul. That bridge and bike path are gorgeous. where the hell are you walking today?.....love the video.😎
I’m curious how the numbers change based on location? Meaning what percentile are you in if you live in the NYC area as compared to central Wisconsin as an example.
It depends so much on where you live. I totally agree with those that emphasize low stress. To me it is not needing to work to pay the bills. For Coastal CA or HI that means is somewhere around $2M after taxes and housing.
Being wealthly means if you suffer from a catastrophic illness, you have enough resources and tine to recover without fear of becoming destitute or homeless.
The rule was 10%. That's not enough. 20% means living like a cheap skate. 15% makes a lot more sense.
You should talk about incorporating annuities into retirement planning. Income annuities are considered a private pension
What is I have no debt other than a mortgage of 2k but I have a lifetime residual of 10k after taxes?
Good advice on two cars Azul !. A lot of how much you need depends on lifestyle and area of country. Ikept my origonal house and paid it off in 8 years. Saved routinely And planned 30+ years ago what I needed to do and hit target early before retirement...and should have left them...
One thing that is tricky about net worth is home ownership. It's great and really important to own a home if you can. But, if you don't intend on selling it while you are alive, it's less of a net worth value and more of a "I don't have to pay for rent" type of value...
In no way is it a bad thing... Just saying that it might make someone feel better about their net worth than maybe they should...
Beautiful area. Where is this walking path? Thanks and keep putting out great content.
You neglected medical debt. That’s a killer for lots of people out there 😮
We're about $5-$6M net worth, haven't done a proper total in a long time. We live in an extremely expensive area of the country although we work at keeping expenses down. I'd say about 2/3 of our wealth is in commercial and residential real estate. We don't feel wealthy.
There’s also another scam going on recently.. someone saying you’re not registered to vote, and to click on a link to give your personal information.
It would be interesting to see what these figures are for a few other countries such as Australia, Spain, etc. it's apples to oranges a bit but would love to see what they consider wealthy
Anyone knows what camera is Azul using in this video?
Love the walk and I enjoyed the info. I appreciate the statistics.
Hey Azul, did you get a new camera? The Rez looks sharper
Ahhh, I know where you are. No wonder you are happy! Wife and I just spent several weeks there to see how it fit us and we LOVED it, especially the river walks. Planning to sell here in AZ and move there sometime next year. Cheers. Now, if we could only be in the top 1% it sure would make things easier...but can't complain. Cheers.
Hah. We have exactly a net worth of 2.2 million.
If i.have no debt(which I don't) and my portfolio reads $10 mil, then my net worth is $10 mil, I guess??
If market goes down (markets go up n down) and 2009 repeats itself, then my $10 mil is $5 mil
So this net worth at any given time is kinda pie n the sky.
Also, in example above whether it's $10 mil or $5 mil or whatever number, it's not "net" cuz if you want to cash it out and fly away, all those taxes have to be paid, which reduces it 30 to 40%
In a "nut sac" whatever one's net worth is, divide by 2, that's a more accurate net worth 😂🎉
You always give solid advice! An addendum to the one spouse rule is that you and your spouse follow similar policies of working and earning money, spending less than you earn, not buying extravagant things, one home, investing intelligently, and most importantly being humble and grateful for each and every moment alive and with your loved ones.
My net worth is over 4.5 million and I don't feel wealthy. It's all relative.
We have a bit more, I posted the same sentiment.
Same and we still use coupons and we consider every purchase. Our newest car is 2011.
@@whatsitlike6392 we are well north of that, and I was thrilled to get a great deal on a 2000 Lexus lol....
@@philc.9280 I always remove my home value from net worth calculations since you have to live some place.
At 4.5 million you’re in the top 4%, you must live pretty extravagantly to feel that way.
Where is this Riverwalk Azul?
I’m single. Just think if I times that by two.
It frustrates me that some presenters only use the median numbers while others will only use the mean, or average, numbers. Still others will jump back and forth from one to the other and I sometimes wonder if they truly understand the difference. You can only start to get a feel for the character of a given dataset if you are given both numbers.
Median is better because you know that 50% of the people have less than what the median is and the other 50% have more than what the median is. Averages are skewed by outliers so I feel like it gives a falsely high or low representation of everything. But yes, you’re correct. Both are.
Depends on who is doing the considering. From my perspective of me or your perspective of me?
very very beautiful river walk ..azul you are so so blessed
Not a one size fits all question.
Not sure who thinks 1000000 is a mark to retire, that's 40k-50ka year . Not trying to be a bad guy here but reality is what it is. If you have 1 million in savings in your house is paid for and you have no bills other than food and utilities $1 million will get you by without you having to eat nine lives cat food but it's not going to catapult you into some luxurious life. You're going to survive I wouldn't call Living though
True but hopefully if you have this much saved you are also adding to it with your Social Security and hopefully a small pension. That should catapult you into a nice lifestyle.
@@jimmatteo4592that is why primary home equity should not be included in net wealth calculations. You have to live some where. Only include investments and other assets you can sell quickly without major lifestyle changes.
Yeah, you're ignoring SS.
NOT true. My husband and I live on far less that 50k a year ( we are both still working and putting most of our income toward retirement, so we live on a fraction of what we earn.) We have a good life. Not "luxurious", but definitely "living."
That’s ridiculous
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Wealthy? Over 5 million.
That’s less than 3% of Americans, those are extremely wealthy folks.
To be in the top 1% in the world in a median household WORLD net worth is $1.1 million and top 1% WORLD Median household net income is $66k
Azul, what is the proper way of calculating a pension into net worth?
I'm not Azul, but I can tell you that Pension income itself doesn't play a role in net worth because it's not an asset or liability (until you deposit the pension into an account that is an asset - like a cash account or a CD or something in the short term or an investment for the longer term)
@Julia-b9x Thanks for your reply. I appreciate your input! I understand the concept, but if a pension was an annuity, it would have a cash value. I'm 51 and get a pension payment of about $5200 a month, with annual COL. Upon death, my wife gets a little more than 50%. That has to have an impact on net worth. I'm trying to get an estimate on that value.
Than you for your great common sense delivery.
Wealthy is when you travel by small (or large) private jet.
No, that’s called foolish
That is my definition of wealth.
$20 mil is wealthy
$10 mil u can retire okay not worrying too much and planning for catastrophes
Just my take
BTW there is an excellent article in financial samurai
Average net worth of the above average
That is relevant to take a look at by young professional to aspire for
Wealthy to me is being able to fully fund your desired standard of living indefinitely off of accumulated assets. That is probably around $7 million for us now… but it would drop to around $5.5 million once my kids get through college.
I have my fare, and a trifle to spare.