What should an avg 40 year old guy have ??? Ie. house. car, bank acct. what is avg net worth of avg man this?

Question

I'm trying to figure out about what an avg man should have accomplished and have as net worth.

Answer 1

It truly depends on lifestyle, location, etc. It depends on their credit score, too, because those with poor credit end up having to pay more in interest and lose opportunities to invest that money and the time spent looking for someone to accept them for a loan or even an apartment.

Those living in a large city will end up paying more in rent for a small apartment than some people do on a mortgage. The cost of living can be outrageous in certain areas.

Also, a 40-year-old male is more likely to have a home if he's married with children, but is less likely to have a large disposable income.

Some men will have a "mid-life crisis" and go out and buy a motorcycle or an expensive new sports car. It truly depends on the individual and his circumstances.

Answer 2

I personally think that a 40 year old guy should have a 401K and max out annual IRA contributions and have a taxable investment account as well as a substantial cash account to cover any un planned expenses. As for a dollar amount, what I think is average and what you think is average could be 2 completely different things.The main thing a 40 year old guy should have is happiness and no regrets. Good luck, be thankful that your thinking about this question, I work in the financial industry and can't tell you how many people have no net worth and live day to day.

Answer 3

It is my theory that your question is pointed most towards - Am I on track to be retired and live the rest of my life without having to play the "catch-up" game? Is this correct?

If it is, it is great that you are clearly evaluating your situation to find out how to get on track. But I am going to point you in another direction.

Go to the following URL and read "Maximum Prosperity." This broadly outlines the different areas of financial due diligence to clearly see areas which need to be focused on with regard to your financial plan.
http://www.moneyandfreedom.org/definitivefinancialfreedom.html

While you may not vote this as the best answer- I hope it helps. You still have many years to accomplish your family and lifetime goals i.e. home ownership, college fund for jr., ideal wedding, climb Mount Everest, etc, etc...

Regarding the distant future, only you can set your monetary goal for retirement. There is a free MS Excel calculator at the URL below. It allows you to enter age, current investment level, ROI, and an inflation rate to see what kind of spending power you will have in the future.
http://www.moneyandfreedom.org/resources-worksheetsanddownloads.html

If you find you are behind where you would like to be, do not feel bad. Feel good that you can equip yourself now to be financially fit with a set goal in mind.

It may also be of interest to you to talk to a financial planner. I recommend fee-only planners for giving the best overall financial advice. Their recommendations to you should be based on your life goals, not just numbers.

Be blessed,

Answer 4

The median net worth of a 35-45 year old in America is $77,500, according to Money Magazine (cnnmoney.com). A 45 year old should have 4.1 times his income saved for retirement (again according to Money Magazine).

Personally, though, I think a 40 year old should own his home (and preferably have at least 20% equity in it), own a decent car outright (unless he lives in a large urban city like NY or Chicago), and have at least $100,000 in the bank. Plus he should be earning at least $65,000/yr.

Answer 5

Isn't this a value judgment?

Answer 6

My advice is if your feeling inadequate about some part of your body, don't compair it to others.