Reply to The Average American is a Millionaire

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]According to the Federal Reserve, the median net worth of the typical American family was [b]$192,900[/b] 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%[/quote]

So average net worth is still over one million?

[/quote]

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
[/quote]

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.  
[/quote]

I live in a state where all except the Top Flagship are under $30K (all in for the year). And if you have decent grades/SAT, you can get $2-6K in merit at even the #2 and #3 (I know because my kids were offered that---didnt' take it but were offered it).

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Can you share what state?[/quote]

So all except Univ of Washington are under 30K---UW is about $33

WWU and WSU are under $30K and offer merit to decent students (my 1240/3.5UW got $4K at both---kids with much higher scores get more).  [/quote]

Washington State doesn’t have super competitive public schools. If someone is studying engineering, nursing, or accounting. Something with a well defined career path, that will work out fine. However, Washington state will not cut it for super competitive career pathways. Good luck even getting an interview at an investment banking firm or a big law firm. [/quote]

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