The Average American is a Millionaire

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:According to the Federal Reserve, the median net worth of the typical American family was $192,900 in 2022. This is in contrast to the average net worth, which was $1,063,700. The median net worth increased 37% between 2019 and 2022, while the average net worth increased 23%

So average net worth is still over one million?

Yes, but that is pointless. It is skewed higher by the ultra rich getting richer.

The median tells you why People cannot afford college or to retire. If I only had $192K saved for retirement, I wouldn't be paying $30K/year for college, I couldn't afford it

It depends on age. I was on a college tour recently in North Carolina and the local in state parents many I could not tell the daughter from the Mom. Their were plenty of Moms who looked 44-45 with husbands who were 45-47. $192 is a lot saved for retirement as these peoples were 20-25 years away from retirement. One Mom two daughters in front of me was not to one called one Mom I had no clue who the Mom was. The Mom looked in her 30s and kids were like 17,15. The Dad looked like he was at most 38.

BTW 30K for college even for instate is not doable anymore in most states.

The fact that you think this is notable, and that it must be North Carolina, is interesting to me.

I’m 44 and the parent of a senior. We’ve taken a bunch of college tours.

(Net worth is $4.5M.)

[Anonymous]

$500 a month into market for 30 years would be about a million now. I know why I don't have it, but I'm nearing it now after getting serious about it.
I have some idea why most of my friends, co-workers, relatives, and acquaintances don't have one million NW and why others do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:According to the Federal Reserve, the median net worth of the typical American family was $192,900 in 2022. This is in contrast to the average net worth, which was $1,063,700. The median net worth increased 37% between 2019 and 2022, while the average net worth increased 23%

So average net worth is still over one million?

Yes, but that is pointless. It is skewed higher by the ultra rich getting richer.

The median tells you why People cannot afford college or to retire. If I only had $192K saved for retirement, I wouldn't be paying $30K/year for college, I couldn't afford it

It depends on age. I was on a college tour recently in North Carolina and the local in state parents many I could not tell the daughter from the Mom. Their were plenty of Moms who looked 44-45 with husbands who were 45-47. $192 is a lot saved for retirement as these peoples were 20-25 years away from retirement. One Mom two daughters in front of me was not to one called one Mom I had no clue who the Mom was. The Mom looked in her 30s and kids were like 17,15. The Dad looked like he was at most 38.

BTW 30K for college even for instate is not doable anymore in most states.

The fact that you think this is notable, and that it must be North Carolina, is interesting to me.

I’m 44 and the parent of a senior. We’ve taken a bunch of college tours.

(Net worth is $4.5M.)

You must be a child bride. Just kidding. But seriously I lived in Manhattan when single and I was literally dating, going to clubs out in the Hamptons in my early 30s and all my friends single and I was dating girls my age. My youngest I turned 50 when she was in kindergarten. And in NY plenty of Dads were younger than me.

Weird to see moms so young, people born in 1980s with kids in college strange. They are like children to me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:According to the Federal Reserve, the median net worth of the typical American family was $192,900 in 2022. This is in contrast to the average net worth, which was $1,063,700. The median net worth increased 37% between 2019 and 2022, while the average net worth increased 23%

So average net worth is still over one million?

Yes, but that is pointless. It is skewed higher by the ultra rich getting richer.

The median tells you why People cannot afford college or to retire. If I only had $192K saved for retirement, I wouldn't be paying $30K/year for college, I couldn't afford it

It depends on age. I was on a college tour recently in North Carolina and the local in state parents many I could not tell the daughter from the Mom. Their were plenty of Moms who looked 44-45 with husbands who were 45-47. $192 is a lot saved for retirement as these peoples were 20-25 years away from retirement. One Mom two daughters in front of me was not to one called one Mom I had no clue who the Mom was. The Mom looked in her 30s and kids were like 17,15. The Dad looked like he was at most 38.

BTW 30K for college even for instate is not doable anymore in most states.

The fact that you think this is notable, and that it must be North Carolina, is interesting to me.

I’m 44 and the parent of a senior. We’ve taken a bunch of college tours.

(Net worth is $4.5M.)

You must be a child bride. Just kidding. But seriously I lived in Manhattan when single and I was literally dating, going to clubs out in the Hamptons in my early 30s and all my friends single and I was dating girls my age. My youngest I turned 50 when she was in kindergarten. And in NY plenty of Dads were younger than me.

Weird to see moms so young, people born in 1980s with kids in college strange. They are like children to me.

Manhattan is literally #2 for the oldest average age of first time mothers in the US. The average age for first time fathers is around 3 years older. So the average mother with a college degree has her first child at 33 in Manhattan and the average age of a first time father (with a college degree) in Manhattan is probably around 36. https://www.nytimes.com/interactive/2018/08/04/upshot/up-birth-age-gap.html

[Anonymous]

Anonymous wrote:$500 a month into market for 30 years would be about a million now. I know why I don't have it, but I'm nearing it now after getting serious about it.
I have some idea why most of my friends, co-workers, relatives, and acquaintances don't have one million NW and why others do.

Simple---most Americans do not value saving. There is always something they "need" (and 95%+ of the time it's a want, not a need). they run up credit card debt and pay high interest for "wants" and then it's a hard hole to dig yourself out of. Also a mindset that is difficult to change---you have to stop keeping up with the joneses and live within your means.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$500 a month into market for 30 years would be about a million now. I know why I don't have it, but I'm nearing it now after getting serious about it.
I have some idea why most of my friends, co-workers, relatives, and acquaintances don't have one million NW and why others do.

Simple---most Americans do not value saving. There is always something they "need" (and 95%+ of the time it's a want, not a need). they run up credit card debt and pay high interest for "wants" and then it's a hard hole to dig yourself out of. Also a mindset that is difficult to change---you have to stop keeping up with the joneses and live within your means.

For me it's not lack of saving, it's lack of investing. I always saved. I came as an immigrant with no financial sense other than "don't spend unless you have to" and my dh comes from low income big spender parents so is completely risk averse. Didn't start investing more seriously (beyond 401k) until a few years ago. If I could go back and invest in my 20s, I'd be a millionaire easily.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$500 a month into market for 30 years would be about a million now. I know why I don't have it, but I'm nearing it now after getting serious about it.
I have some idea why most of my friends, co-workers, relatives, and acquaintances don't have one million NW and why others do.

Simple---most Americans do not value saving. There is always something they "need" (and 95%+ of the time it's a want, not a need). they run up credit card debt and pay high interest for "wants" and then it's a hard hole to dig yourself out of. Also a mindset that is difficult to change---you have to stop keeping up with the joneses and live within your means.

For me it's not lack of saving, it's lack of investing. I always saved. I came as an immigrant with no financial sense other than "don't spend unless you have to" and my dh comes from low income big spender parents so is completely risk averse. Didn't start investing more seriously (beyond 401k) until a few years ago. If I could go back and invest in my 20s, I'd be a millionaire easily.

Same. First generation here and my parents worked so hard but I don’t think I ever heard the word investing once in my house. Trying to catch up and I’m teaching my kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$500 a month into market for 30 years would be about a million now. I know why I don't have it, but I'm nearing it now after getting serious about it.
I have some idea why most of my friends, co-workers, relatives, and acquaintances don't have one million NW and why others do.

Simple---most Americans do not value saving. There is always something they "need" (and 95%+ of the time it's a want, not a need). they run up credit card debt and pay high interest for "wants" and then it's a hard hole to dig yourself out of. Also a mindset that is difficult to change---you have to stop keeping up with the joneses and live within your means.

For me it's not lack of saving, it's lack of investing. I always saved. I came as an immigrant with no financial sense other than "don't spend unless you have to" and my dh comes from low income big spender parents so is completely risk averse. Didn't start investing more seriously (beyond 401k) until a few years ago. If I could go back and invest in my 20s, I'd be a millionaire easily.

That too! We need to educate MS/HS kids so they realize this.