[scollins]

Originally Posted by samwoo2go

I think $750K is pretty good estimate (maybe because I live in California) but 750K would just be a 500K primary residence, 50K in vacation timeshare or property. 100K in vehicles. 150K in savings, 401K and market.

But how many people actually OWN their $500k residence vs. having a huge mortgage on it? You can't count the entire value of the house, you have to subtract any liabilities. Same with the vehicles, vacation properties, etc.

Doesn't really matter though, none of us are dropping $35,000 on wine for a dinner for 6 any time soon, whether we have $500k or $750k in net worth....

[Citizen Z]

http://www.bargaineering.com/article...an-family.html

Across all groups, the 2007 median net worth was $120,300 and the mean was $556,300 (guys like Bill Gates and Warren Buffett really mess things up).

Here are a few of the more interesting ones (2007 median data, 2007 dollars):
Current work status of head:

■Working for someone else: $350,100
■Self-employed: $1,961,300
■Retired: $543,100
■Other not working: $124,100
Race or ethnicity of respondent:

■White non-Hispanic: $692,200
■Nonwhite or Hispanic: $228,500
Housing status:

■Owner: $778,200
■Renter or other: $70,600

[samwoo2go]

Originally Posted by scollins

But how many people actually OWN their $500k residence vs. having a huge mortgage on it? You can't count the entire value of the house, you have to subtract any liabilities. Same with the vehicles, vacation properties, etc.

Doesn't really matter though, none of us are dropping $35,000 on wine for a dinner for 6 any time soon, whether we have $500k or $750k in net worth....

Originally Posted by Citizen Z

http://www.bargaineering.com/article...an-family.html

Across all groups, the 2007 median net worth was $120,300 and the mean was $556,300 (guys like Bill Gates and Warren Buffett really mess things up).

Here are a few of the more interesting ones (2007 median data, 2007 dollars):
Current work status of head:

■Working for someone else: $350,100
■Self-employed: $1,961,300
■Retired: $543,100
■Other not working: $124,100
Race or ethnicity of respondent:

■White non-Hispanic: $692,200
■Nonwhite or Hispanic: $228,500
Housing status:

■Owner: $778,200
■Renter or other: $70,600

very well I stand corrected, I assumed a paid off mortgage for a 50 year old HOH. if given the median net worh of 120K that is 16% of my original assumption of 750K.

and 16% of $2.76 is...

44 cents...