i was having a discussion with some friends and we can't decide...i know there's no dictionary definition, but what is the accepted answer? cash in the bank? net worth? (and does anyone know a simple way to calculate net worth?) and then another question we were pondering--where can you find a chart of the united states' wealth percentiles...in other words, what percentage of the population earns $50,000/yr, $100,000/yr, $250,000/yr and so on. sorry i know that's a lot of little questions here but any information will be appreciated! thanks!
2006-07-28 13:54:09 · 6 answers · asked by eliz 2 in Business & Finance ➔ Personal Finance
well first off..net worth is the total of all furniture & possesion minus what you owe on them. So you own a house worth $750,000 (I live in CA..its common! lol) and you own say three cars totalling $100,000 net worth, you own outright two of them, but still owe $15,000 on the newest one. Ok, you still owe $425,000 on your home also....and lets say you have $50,000 in 401K and IRA's.....and all your worldly possestions (jewelry, furniture, etc) are worth $75,000...and you own them all outright also. Now...we add and subtract.....
Ok....after adding up total worth and subtracting what is still owed, in the above scenerio, your net worth would total $535,000
Now as far as figuring out percentiles of who makes what....Google it..I've seen them before..I know at www.greatschools.com you can find out what the percentile of incomes for school area's....
2006-07-28 14:30:36 · answer #1 · answered by Sharlala 5 · 1⤊ 0⤋
My own, personal definition is total asset base (net worth) without consideration of principal residence....after all, everyone has to live somewhere. If all assets minus all liabilities (excluding your principal residence) equals seven figures, consider yourself a millionaire. Re-do the math annually because asset values fluctuate. Go get your mill, it's a worthy goal. Censu Bureau stats will give you income brackets.
2006-07-28 15:49:44 · answer #2 · answered by homerunhitter 4 · 0⤊ 0⤋
Net worth is the way to define true worth anyone can go buy a new house worth a lot of money and pay crazy interest if they have bad credit and pay for a new luxury car with other types of assets but when it comes down to it it's about what you OWN and have no debt to or very little debt.
2006-07-28 14:09:54 · answer #3 · answered by Jainboy00703 2 · 0⤊ 0⤋
I always accepted assets of $1mill+ would be enough. Regardless of liabilities. However net worth makes more sense.
Easy calc is nw = assets - liabilities.
Also check Census Bureau for demographics concerning incomes. Also the IRS publishes general data.
2006-07-28 13:58:09 · answer #4 · answered by jgcii 4 · 0⤊ 0⤋
Just ask Anna Nicole... oh, that's right... her conscious caught up with her and now she's gone !!! Nice way to use a hockey analogy !!
2016-03-16 08:01:35 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Net worth, I think.
2006-07-28 13:57:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
emm, let's just say, how much the one has if all of the posession one has is sold......
any economic calendar may provide the latest update of the roughly estimate of that?
2006-07-28 15:05:23 · answer #7 · answered by Henry W 7 · 0⤊ 0⤋