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Old 10-13-2013, 07:41 AM   #21
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Ha, and those tables are for individuals, not couples, clicking thru to the couples article, we are deadbeats.
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Old 10-13-2013, 07:46 AM   #22
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His criteria matches a lot of the engineers I work with. Just replace his description with "well employed nerd" I guess. I'm within a few thousand dollars of his net worth at age 55. I graduated college at 24 instead of 22, and never maxed my 401K. So I can assure you, his numbers are achievable.

My company entered bankruptcy once for a brief time. It was rumored we might not get a pay check for one monthly cycle because of that. I was surprised how many of my fellow engineers were panicked at the thought of having to miss one paycheck.

I think we're divided into two groups at work. Some LBYM and save a lot, some live paycheck to paycheck about. I remember being surprised when people early in their career talked about borrowing from their 401K. I guess it's spending habits you develop growing up.
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Old 10-13-2013, 08:10 AM   #23
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Pre Tax savings look high. Post tax savings look low.

I would expect many "above average" people to be in school most of their 20s and hence they may have nearly nothing saved up at age of 30.
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Old 10-13-2013, 08:27 AM   #24
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And BTW if above average person buys a $250,000-$500,000 piece of property at 27. So couple buys 500 to 1 Milion dollar house (as article writes) IMO that person/couple will pay huge mortgage, insurance, taxes and most likely will fail building large income producing assets (stocks, Bonds, CDs)
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Old 10-13-2013, 09:27 AM   #25
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I would have been more impressed if the author would have tied "financial success" back to individual spending. He alludes to the importance of this in his early comments but does not follow-up IMHO. Afterall, a person who has determined they are happy on a $10K/yr spending rate and has $500K savings is more "successful" than the person who has determined they need $500k/yr spending and has $5,000K in savings.
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Old 10-13-2013, 10:06 AM   #26
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I was surprised that the average net worth numbers were so low. Perhaps I should click through to 'Couples' as mentioned.

The article pushes a site called 'Personal Capital.' They are similar to Mint, and I gave them a try, setting up a basic account without any brokerage or bank info. Within 2-3 days I received a sales call from someone there offering a 'personal consultation' from my 'advisor.'

I was surprised that the article pushed that site and not just more general consolidation tools.
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Old 10-13-2013, 10:17 AM   #27
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I thought the loosely defined definitions were loosely accurate. LBYM and No student loans.

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Old 10-13-2013, 10:40 AM   #28
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I found his 'real estate is the key to net worth' arguments overly simplistic, not practical and generally misleading. He assumes that people would never need/want to move. Also he implies that owning a house=free living without considering maintenance or taxes.
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Old 10-13-2013, 10:54 AM   #29
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Originally Posted by hs2inparadise View Post
I found his 'real estate is the key to net worth' arguments overly simplistic, not practical and generally misleading. He assumes that people would never need/want to move. Also he implies that owning a house=free living without considering maintenance or taxes.
"Most of us (97 percent) are homeowners. We live in homes currently valued at an average of $320,000. About half of us have occupied the same home for more than twenty years. Thus, we have enjoyed significant increases in the value of our homes."

Thomas J. Stanley "The millionaire next door"

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Old 10-13-2013, 11:12 AM   #30
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I was surprised that the average net worth numbers were so low. Perhaps I should click through to 'Couples' as mentioned.

The article pushes a site called 'Personal Capital.' They are similar to Mint, and I gave them a try, setting up a basic account without any brokerage or bank info. Within 2-3 days I received a sales call from someone there offering a 'personal consultation' from my 'advisor.'

I was surprised that the article pushed that site and not just more general consolidation tools.
The article may have pushed the Personal Capital because the author of the article likely gets compensated in some way.

The following disclaimer is on the about page.

"Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. Any references to third party products, rates, or websites are subject to change without notice. Please do the appropriate research before participating in any third party offers."

Regarding Personal Capital - I also got a soft sell contact from my "advisor" to use their advisory services. Without even accepting advisor services, the advisor gets access to the information you put in the account - at least the balances.

It's a sad world we live in, but I now go by the assumption, that EVERYONE is trying to make a buck off me unless they can demonstrate otherwise.
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Old 10-13-2013, 11:43 AM   #31
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What a funny definition of what an above average person is, in that article. I am not only sure that DH and I are not that person, I am more sure I never want to meet one.

Hmm...I thought the "above-average person" sounded like most all of the people who post here.
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Old 10-13-2013, 11:47 AM   #32
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The article for couples makes me chuckle. I doubt the blogger is married with kids, since they seem to think it marriage means being able to nearly double savings.
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Old 10-13-2013, 12:28 PM   #33
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Averages are completely meaningless to me. I can't spend averages.

We only care about what financial resources we have and what we require in order to live and do the things that we want to do.
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Old 10-13-2013, 04:07 PM   #34
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It's a sad world we live in, but I now go by the assumption, that EVERYONE is trying to make a buck off me unless they can demonstrate otherwise.
+1 All too true! In the same vein (as I have found out from personal experience), any 'news' media our talk show is also only interested in 1 thing: ratings. Truth be damned - just broadcast whatever sells (ratings) and grabs viewers' attention - and ultimately, increases advertising revenue - irregardless if it's a partial or outright lie.
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Old 10-13-2013, 04:13 PM   #35
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I may have to review my FI status. Maybe I'm not as well off as I thought.
However, just like Lake Wobegon, I feel all of us here are above average.
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Old 10-13-2013, 04:27 PM   #36
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Hmm...I thought the "above-average person" sounded like most all of the people who post here.
Well, this is the Lake Wobegon of the Interwebs.......
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