How Do YOU Measure Up to the "Average Wealthy American?"
If you are an average wealthy American, you would have $1,400,000 in assets, and $275,000 in debts, for an overall net worth of over $1.1 million. And your assets would be fairly evenly split between "financial" assets like stocks, bonds, mutual funds and/or ETFs and cash, and "non-financial" assets such as real estate, a personal business, and collectibles.
Of the $275,000 in debt, about 80% of it is on properties, and less than 1% of this debt would be on credit cards.
For a closer look at the assets of the average wealthy American, 15% of his assets are in individual stocks, 40% is in retirement accounts or mutual funds where somebody else is managing it. The remainder is spread among bonds, cash value life insurance, savings bonds, retirement accounts, and cash.
The median home mortgage of the average wealthy American is $135,000 and the median home value is $350,000. Car loans and credit cards - which are the usual killers of the middle class - don't even make a dent in the wealthy person's debt load. Wealthy people generally seem not to live above their means, and car loans and credit card balances are almost non-existant among the wealthy.
Some other interesting facts about the average wealthy American:
The self-employed are the wealthy folks of America. The average net worth of a family where the head of a household works for someone else is $65,000. When it comes to the self-employed, the average net worth is $352,000.
Another interesting wealth statistic: all the wealth in America is concentrated among homeowners. The average homeowner's net worth is $171,700, while the average renter's net worth is a measly $4.800. Quite a stunning difference!
And finally, education is also valuable. The net worth where the family head didn't graduate from high school is only $25,500, while the net worth where the family head has a college degree is $213,200.
So what - if anything - should you do with all the figures I've given you about the Average Wealthy American? Well, first, you should take a look at your own assets and see how you stack up. It can be either an eye-opening experience - or - you may be pleasantly surprised. In any event, it's never too late to roll up your sleeves and examine your own financial picture, or to make some difficult decisions, if that's what you need to do!
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Of the $275,000 in debt, about 80% of it is on properties, and less than 1% of this debt would be on credit cards.
For a closer look at the assets of the average wealthy American, 15% of his assets are in individual stocks, 40% is in retirement accounts or mutual funds where somebody else is managing it. The remainder is spread among bonds, cash value life insurance, savings bonds, retirement accounts, and cash.
The median home mortgage of the average wealthy American is $135,000 and the median home value is $350,000. Car loans and credit cards - which are the usual killers of the middle class - don't even make a dent in the wealthy person's debt load. Wealthy people generally seem not to live above their means, and car loans and credit card balances are almost non-existant among the wealthy.
Some other interesting facts about the average wealthy American:
The self-employed are the wealthy folks of America. The average net worth of a family where the head of a household works for someone else is $65,000. When it comes to the self-employed, the average net worth is $352,000.
Another interesting wealth statistic: all the wealth in America is concentrated among homeowners. The average homeowner's net worth is $171,700, while the average renter's net worth is a measly $4.800. Quite a stunning difference!
And finally, education is also valuable. The net worth where the family head didn't graduate from high school is only $25,500, while the net worth where the family head has a college degree is $213,200.
So what - if anything - should you do with all the figures I've given you about the Average Wealthy American? Well, first, you should take a look at your own assets and see how you stack up. It can be either an eye-opening experience - or - you may be pleasantly surprised. In any event, it's never too late to roll up your sleeves and examine your own financial picture, or to make some difficult decisions, if that's what you need to do!
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posted by Bob Moser at
8:38 PM
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