UnThreaded | Threaded | Whole Thread (28) | Ignore Thread Prev | Next
Author: jmcjls Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 35468  
Subject: Re: The Net Worth of American Households Date: 1/7/2007 8:08 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 4
I'm 30 years old and have a net worth just over $100,000. My highest income over the last 10 years was $51,000 and that was just once. Mostly it has been low 40s or high 30s. My wife and I managed to save money in ROTHs while giving over 10% of our gross wages every year. We also have 2 kids and no insurance for the second birth which we paid $11,000 for in cash.

My point is that poverty for most people is a choice and as Americans we have chosen poorly. The most important thing my family has done that others haven't can be summed up with one word: Discipline.

And where do you live? Comparing a $51,000/year salary in San Francisco or NYC is much different than comparing a $51,000/year salary in Mississippi or North Dakota. It's an apples to oranges comparison rather than an apples to apples one. (Plus you say nothing of what your wife earns, if she works for an income. So is $51,000 even your household income?)

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (28) | Ignore Thread Prev | Next


Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Berkshire Hathaway

Munger and Buffett Wisdom
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.