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Who Here Has a Net Worth of Over One Million USD

Do you have a net worth (net of debt you owe) of over $1 million USD

  • Yes

    Votes: 22 19.3%

  • No

    Votes: 92 80.7%
  • Total voters
    114
  • Poll closed .
Liquid Karma said:
I am a resounding NO.

I don't think 95% of the people on this board could tell you their net worth anyway, but it's fairly safe to say that it's nowhere near $1M.

Given how the housing market has seen significant equity wiped out, the only real net worth most people have any more is in investments or savings, and if you're under age 40 and have children chances are those numbers are way lower than you think. If you have a mortgage and student loan debt there is a decent chance you have negative net worth.

The average net worth for Americans age 35-44 is roughly 50k.
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I find it hard to believe 95% of people on this board can't calculate their net worth.

Also, folks on this board are more likely to be better than average than the general population. The fact we have 5 out of almost 40 claiming a net worth of over a million is demonstrative of this I guess.

Perhaps a poll where people answer whether they have a net worth of less than 50K is in order as well.
 
DeacMan said:
Because on a fairly anonymous message board you expect having your screen name associated with your answer will prompt the truth about something you can't confirm anyway? Whose to say some folks wouldn't lie because their names were associated with their answer?
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Because there's no point in asking the question without trying to get some truth.
 
PhDeac said:
Because there's no point in asking the question without trying to get some truth.
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I guess you simply assume everyone will be truthful if their name is associated with the answer. I presume they are more likely to be truthful if it isn't. You can't prove I'm wrong and I can't prove you're wrong. Run your own damn poll if you don't trust this one.
 
DeacMan said:
I find it hard to believe 95% of people on this board can't calculate their net worth.
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Part of the reason I think most can't tell you their net worth is that part of it is tied up in an asset (a house) that likely isn't worth what they think it is.

Also, a vast majority of people are blissfully unaware of how much credit card debt they really have. Most understate their liabilities and overstate their assets.
 
It's very difficult to get there by 40. If you save and invest well, most wake forest grads should get there by 50. That's a big if though. Considering the average age around here is about 28 and less than 10% of posters are > 40, the poll results are about what I expected.
 
Liquid Karma said:
Part of the reason I think most can't tell you their net worth is that part of it is tied up in an asset (a house) that likely isn't worth what they think it is.

Also, a vast majority of people are blissfully unaware of how much credit card debt they really have. Most understate their liabilities and overstate their assets.
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I think for a house you can go to zillow and use the estimate. For the most part that estimate is usually just a bit low but in the general ballpark.

Can't speak to credit card debt. I've always treated a credit card like cash. If I couldn't pay in cash I won't buy with credit - save if you find yourself in an emergency that creates an unavoidable expense.
 
OliveGardenDeac said:
It's very difficult to get there by 40. If you save and invest well, most wake forest grads should get there by 50. That's a big if though. Considering the average age around here is about 28 and less than 10% of posters are > 40, the poll results are about what I expected.
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Most? I doubt it. The average net worth of people age 45-54 in this country is less than 100k.
 
Liquid Karma said:
I am a resounding NO.

I don't think 95% of the people on this board could tell you their net worth anyway, but it's fairly safe to say that it's nowhere near $1M.

Given how the housing market has seen significant equity wiped out, the only real net worth most people have any more is in investments or savings, and if you're under age 40 and have children chances are those numbers are way lower than you think. If you have a mortgage and student loan debt there is a decent chance you have negative net worth.
The average net worth for Americans age 35-44 is roughly 50k.
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This. I have fair amount of "investable assets," but will probably have a negative net worth for quite a while.
 
Liquid Karma said:
Most? I doubt it. The average net worth of people age 45-54 in this country is less than 100k.
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Most Wake grads I suspect will end up well north of 100K by the time they are 50. Whether most get to 1 MM by that time is beyond my ability to guess. Suffice to say Wake grads are not typically "average" just by the fact they've gone to an expensive private school with a very solid reputation. They're much more equipped than the average bear to get a good job, navigate corporate environments, etc., etc.
 
Liquid Karma said:
Most? I doubt it. The average net worth of people age 45-54 in this country is less than 100k.
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Wake Forest graduates should be and are well above average though. Your average person went to 2 years of community college and works in middle management making 35k at age 40. By 40, most wake forest grads should easily be making 100k, maybe more. I know several people my age (23) right now in entry level jobs making 70k - 90k. Then again I do know a lot who are making 40k - 50k. Even still they should be making more than 100k by 35 to 40. If you make 100k, you can save 30k/year with ease if you prioritize. Invest at 8% for 15 years and you'll get there.
 
DeacMan said:
I guess you simply assume everyone will be truthful if their name is associated with the answer. I presume they are more likely to be truthful if it isn't. You can't prove I'm wrong and I can't prove you're wrong. Run your own damn poll if you don't trust this one.
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No. I don't assume that at all. I presume it gives you a better shot than otherwise.
 
OliveGardenDeac said:
Wake Forest graduates should be and are well above average though. Your average person went to 2 years of community college and works in middle management making 35k at age 40. By 40, most wake forest grads should easily be making 100k, maybe more. I know several people my age (23) right now in entry level jobs making 70k - 90k. Then again I do know a lot who are making 40k - 50k. Even still they should be making more than 100k by 35 to 40. If you make 100k, you can save 30k/year with ease if you prioritize. Invest at 8% for 15 years and you'll get there.
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Getting 8% a year is not easy - although you aren't necessarily claiming it is. Otherwise concur with what you say here.
 
http://www.freemoneyfinance.com/2006/11/median_net_wort.html

I don't think it's outrageous at all to say that most Wake Forest grads should be in the top 10% category for their age groups. This board just has a young population overall. You can see that from the "how old are you thread" a few months ago.

Wake Forest is easily a top 10% university, and only what like 28%, http://wiki.answers.com/Q/What_percentage_of_the_US_adult_population_holds_a_bachelor's_degree, even have any bachelor's degree.

I realize that education level does not 100% correlate with wealth, but statistically it is very relevant as you can see by the chart at the bottom of the page, http://en.wikipedia.org/wiki/Household_income_in_the_United_States

Not to mention that overall Wake Forest grads come from generally wealthy families so many will inherit decent sums over their lifetimes.
 
I was nowhere near the top 10% for my age group a decade ago, but I am pretty close now.
 
I'm pretty negative at the moment.

If I could sell kitty for a few hundred thousand, I'd be a little bit closer :)
 
DeacMan said:
Getting 8% a year is not easy - although you aren't necessarily claiming it is. Otherwise concur with what you say here.
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Agree that 8% is not easy. I'm still down about 20% from 2008 lol from my large stake in Wachovia that tanked 90%. However, I've been making a comeback as of late and am up 25% this year so far.

4% is a given, but I think 8% or even 10% (maybe 12% if you are incredibly good and have lots of time to invest) is realistically achievable.

Also, there are some Wake Forest grads who will go on to be hotshot lawyers, doctors, investment bankers, and entrepreneurs who will make $500k/year or more by age 40.
 
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