posted April 25, 2013 09:24 AM            

Now, it's obviously coming from a particular perspective (note the dissident piano notes), but the information presented is pretty straightforward.

For the record, my little family's solidly within the top 20 percent nationwide and I certainly don't *feel* well-to-do, but I also live in an area with a median household income closer to three times that of the national median than to twice..

posted April 25, 2013 09:25 AM            

quote:

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Originally posted by MoonWitch:
A net worth of 500,000 is considered wealthy??

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For me and my area, yes indeed it would be. I would have a lot of purchase power and ability to create jobs here. It can be as little as where one chooses to reside that makes the dif. in "how much" makes one wealthy.
Of course, we know $$ isn`t the only wealth we hold.

posted April 25, 2013 09:31 AM            

quote:

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Originally posted by MoonWitch:
That is a link for income which is different than net worth.

I realize that someone with an income of half a million dollars a year would be considered reasonably wealthy.

I'm surprised that someone with a net worth of half a million would automatically be considered wealthy since they are completely different scenarios.

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Ah, sorry - I misread (phone, baby happily destroying the living room ).

Visit www.stackmeup.com/net-worth/average-net-worth.php for your answer.

(The answer is still "yes" if looking at national stats.)

posted April 25, 2013 12:25 PM            

quote:

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This is when sociology comes into play, in Spain and places in Europe that are the hardest hit. Its okay to move back with family members and families take care of each other.

In N. America I don't see the same family closeness and lack of people taking care of each other.

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quote:

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Again, people don't consider long term they look at short term.

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That's great about your parents, SpooL. I'm glad you have their example. My dad has been a good earner, but not always wise with money.
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quote:

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I have never gone for the mortgage thing, when i had the money the market was inflated and vice verse...but i would rather payit off fast thsn do what so many i know have done, getting trapped in the refinance circle-maze..

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There are interesting arguments both for and against mortgages. Houses are expensive to maintain. It can be a lot less hassle to rent somewhere, and have someone else deal with landscaping and household maintenance concerns.

posted April 25, 2013 01:40 PM            

net worth means if you lose your highpaying (or not!) job tomorrow you will not be in trouble. that is wealth.

if you have a mortgage you have a liability, not an asset. until your equity exceeds the bank's that remains so. even if your equity is the greater portion, in a bursting bubble such as we just experienced, that can all go south and your house become a super liability. if you then lose your job, cannot sell the house for what you invested in it, and have nothing set aside, you are no longer "wealthy" or even solvent.

i have watched so many people who were living the high life straining every muscle trying to keep their heads above water and their mortgage paid lately. even those who were NOT caught in the house-as-credit-card scenario.