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Age To Hit $100 K in Savings
Old 10-31-2004, 09:55 AM   #1
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Age To Hit $100 K in Savings

I'm trying to benchmark my performance to date? Any one have any info or internet sites that offer this type of comparison?

"If I can just figure out a way to make $150/day on the internet...."

TD
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Re: Age To Hit $100 K in Savings
Old 10-31-2004, 10:07 AM   #2
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Re: Age To Hit $100 K in Savings

Here's an article that shows levels of networth at different ages:

http://money.cnn.com/2004/08/10/pf/m...ckup/index.htm

I'm 25, and I've accumulated around $15,000 of net worth on my own. The other $150,000 came over 20 or so years from rich grandma.
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Re: Age To Hit $100 K in Savings
Old 10-31-2004, 10:13 AM   #3
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Re: Age To Hit $100 K in Savings

Thanks for the info. I wish they included the standard deviations for the data.

Looking at the data makes you wonder how the Joneses REALLY are doing.

Thanks again!
TD
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Re: Age To Hit $100 K in Savings
Old 10-31-2004, 11:04 AM   #4
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Re: Age To Hit $100 K in Savings

For what its worth...

These "net worth" calcs are many and all over the place.

What I've determined from reading a lot of them, discarding the obviously bogus and bad data, and connecting the dots...

- Most people have zero or negative "real" net worth
- Most peoples reported assets are home equity and cars
- Most positive equity is overstated
- Most debt is understated
- Few people under 55 have much, if anything, set aside for retirement
- Yet most people surveyed expect to enjoy a similar lifestyle after retirement that they experience during their working lives

In other words...if you're under 55 and you've started or are well on your way to putting together a realistic and reasonable retirement stash, you're way ahead of the crowd.

If may be worthwhile to consider installing some molten lead and hot boiling oil dispensers for the front of your house for when the people who didnt put anything away discover they have no money, cant eat air, and have their homes taken away when they cant afford to pay their triple mortgages out of the social security that isnt there anymore when they retire... :P
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Re: Age To Hit $100 K in Savings
Old 10-31-2004, 03:24 PM   #5
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Re: Age To Hit $100 K in Savings

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For what its worth...



If may be worthwhile to consider installing some molten lead and hot boiling oil dispensers for the front of your house for when the people who didnt put anything away discover they have no money, cant eat air, and have their homes taken away when they cant afford to pay their triple mortgages out of the social security that isnt there anymore when they retire... :P
Don't be suprised if I show up at your doorstep with adoption papers in hand if that happens to me
Will also bring a couple cases of revolution, so your "previous dad" doesn't feel totally left out
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Re: Age To Hit $100 K in Savings
Old 10-31-2004, 05:32 PM   #6
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Re: Age To Hit $100 K in Savings

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Re: Age To Hit $100 K in Savings
Old 10-31-2004, 08:25 PM   #7
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Re: Age To Hit $100 K in Savings

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Don't be suprised if I show up at your doorstep with adoption papers in hand if that happens to me
Will also bring a couple cases of revolution, so your "previous dad" doesn't feel totally left out
Aww..you remembered!
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Re: Age To Hit $100 K in Savings
Old 10-31-2004, 09:50 PM   #8
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Re: Age To Hit $100 K in Savings

There were some ego-boosting affluence stats in the article. * There are on the order of 100M households in the US, so according to the little table in the article, here's how you rank.

Net Worth excluding primary residence:

>$500K: *top 10%
>$1M: top 6%
>$5M: top 0.5%
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Re: Age To Hit $100 K in Savings
Old 11-01-2004, 04:25 AM   #9
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Re: Age To Hit $100 K in Savings

Quote:
There were some ego-boosting affluence stats in the article. * There are on the order of 100M households in the US, so according to the little table in the article, here's how you rank.

Net Worth excluding primary residence:

>$500K: *top 10%
>$1M: top 6%
>$5M: top 0.5%
The CNN site has a breakdown of household by networth in piegraph form in the "what are you worth" calculator.

Their breakdown is:

30.6% Under $25K
19.2% $25K - $99K
21.6% $100K - $249K
17.2% $250K - $499K
8.7% $500K - $999K
2.7% $1 mil and up
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Re: Age To Hit $100 K in Savings
Old 11-01-2004, 05:09 AM   #10
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Re: Age To Hit $100 K in Savings

Quote:
There were some ego-boosting affluence stats in the article. * There are on the order of 100M households in the US, so according to the little table in the article, here's how you rank.

Net Worth excluding primary residence:

>$500K: *top 10%
>$1M: top 6%
>$5M: top 0.5%
Thats a confusing way to do it, imo...why exclude residence? Does someone with $500K in the bank plus a $500K mortgage on a $600K house better off than someone with $600K in the bank w/no house?

If they are exluding the residence, are they excluding the mortgage on the residence?
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Re: Age To Hit $100 K in Savings
Old 11-01-2004, 06:51 AM   #11
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Re: Age To Hit $100 K in Savings

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Does someone with $500K in the bank plus a $500K mortgage on a $600K house better off than someone with $600K in the bank w/no house?
Yes, if they lose their job. :-/
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Re: Age To Hit $100 K in Savings
Old 11-01-2004, 06:57 AM   #12
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Re: Age To Hit $100 K in Savings

Quote:

Thats a confusing way to do it, imo...why exclude residence? Does someone with $500K in the bank plus a $500K mortgage on a $600K house better off than someone with $600K in the bank w/no house?

If they are exluding the residence, are they excluding the mortgage on the residence?
From an accounting definition of net worth, there is no difference. *But there is a cash flow difference in that the $100K net worth in your home is not throwing off cash to you (unless you sell it or do a reverse mortgage), but the $100K in the bank is generating interest income to you.

Of course there is the cash outflow side of this equation too that says if you don't own a home you might be spending more in rent as compared to the increase (or decrease) in value to your home less the cost of maintaining your home.

The key is to look at NET cash inflow and outflow.
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Re: Age To Hit $100 K in Savings
Old 11-01-2004, 07:37 AM   #13
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Re: Age To Hit $100 K in Savings

I reached 100K in savings when I was 28 before I purchased my condo (excluding my car - which is really not worth much). At that time I have been working full time for about 4 years but I was still living in a cheap student-housing like accomodation in an effort to pay off some student loan (not much) and save for a condo. I cashed half of my savings for my condo downpayment.

35 was supposed to be a sweet spot for me (I am 30) with a maxed out RRSP/defined contribution pension and paid-off condo but now that I am about to get married and probably having kid(s), all bets are off - not that I am complaining, I heard many times on this board that getting married and having kid(s), though expensive, is worth every cent

Back to the numbers, one thing that crossed my mind is that I would like to see the total savings as percentage as household income (instead of just dollar numbers). Because having a 100K savings when you are earning 100K annually is not as impressive as having a 40K savings when you are earning only 20K per year. It's really relative. It's hard to provide an objective benchmark when you don't know important stuff like: earning, cost of living in specific areas and such.

Jane
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Re: Age To Hit $100 K in Savings
Old 11-01-2004, 07:52 AM   #14
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Re: Age To Hit $100 K in Savings

Jane,

If I understand you correctly, the chart of net worth by income is in that cnn article.
http://money.cnn.com/2004/08/10/pf/m...ckup/index.htm

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Re: Age To Hit $100 K in Savings
Old 11-01-2004, 09:09 AM   #15
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Re: Age To Hit $100 K in Savings

Ah yes, thanks. This will teach me to click on all links before responding next time.

Jane
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Re: Age To Hit $100 K in Savings
Old 11-01-2004, 01:09 PM   #16
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Re: Age To Hit $100 K in Savings

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I reached 100K in savings when I was 28
Jane, I was really impressed for a second. Then I realized that you're talking about Canadian dollars
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Re: Age To Hit $100 K in Savings
Old 11-01-2004, 01:18 PM   #17
 
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Re: Age To Hit $100 K in Savings

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I reached 100K in savings when I was 28
Jane,

I am still impressed, even though it may have been in Canada Dollars! - Maybe more so, if you don't have to pay for health care!

- I was in debt big time when I was 30 and vowed to climb out the hole.
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Re: Age To Hit $100 K in Savings
Old 11-02-2004, 04:27 AM   #18
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Re: Age To Hit $100 K in Savings

Well Cdn$ is gaining on US$. What is it now? .82 or something? Yeah I don't have to pay for health care which was a big bonus and my employer provided 5% match for my pension contribution. I also have good (though not great) starting salary. I was not heavily invested in small cap technology stocks which wiped out savings for some of my peers.

But the most important thing was where and how I lived. I lived in a student's housing area where everything was pretty cheap. My share of rent for example was only $300! Food was $25/week and utilities was around $40 for every 2 months. The only thing that was different between me and the students was I had better clothes *

Looking back now I am not sure how I can live like that anymore. I am now getting pretty used to my comfy condo in "grown-up" area where rent for my size of condo is about $1000 and up, and grocery can easily cost you around $300 for 2 (and this is if you are careful). Needless to say, eventhough I make more now, % wise I am not saving as much as before. But I am okay with that since I am enjoying my life as it is.

Jane
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Re: Age To Hit $100 K in Savings
Old 11-02-2004, 10:43 AM   #19
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Re: Age To Hit $100 K in Savings

Jane:

Where do you live? I'm in Calgary.
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Re: Age To Hit $100 K in Savings
Old 11-02-2004, 12:54 PM   #20
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Re: Age To Hit $100 K in Savings

I live in Oakville, Ontario.

Jane
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