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Is this true? The few net worth government statistics I can find from a quick google search point at median net worth, excluding house equity, to be significant
by deanmoriarty 2y ago
Is this true? The few net worth government statistics I can find from a quick google search point at median net worth, excluding house equity, to be significantly higher than $1k, so I wonder what I am missing. Is the implication that a person with $100k in their 401k still cannot cash flow $1k in an emergency? Totally happy to be educated.
Would love to see some data, as anecdotally, living in the Bay Area, I cannot at all relate to your comment given the massive amount of wealth virtually anyone I know has. People routinely drop $1k on a couple of mid-tier restaurant dinners around here (restaurant prices show that a drink these days is $25, crazy, good thing I stopped consuming alcohol), which I do understand is an outlier. Thanks.
- myffical 2y agohttps://www.federalreserve.gov/publications/2024-economic-well-being-of-us-households-in-2023-expenses.htm#xunexpectedexpensesandemergencysavin-e41f3c67 https://www.federalreserve.gov/publications/2024-economic-we... > When faced with a hypothetical expense of $400, 63 percent of all adults in 2023 said they would have covered it exclusively using cash, savings, or a credit card paid off at the next statement [...] 37 percent of adults [...] would not have covered a $400 expense completely with cash or its equivalent
- deanmoriarty 2y agoThanks, very helpful! I am still puzzled how this data reconciles with the median net worth figures that are also produced by the federal government (too lazy to google again).