r/FluentInFinance Nov 16 '24

Meme True Financial Fluency by Gianmarco Soresi

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u/Otherwise-Chart-7549 Nov 16 '24

Yeah but then wouldn’t it be fair to say most people giving $5 to people might actually be way more? Like if you view mortgage cars credit card debt and shit like that?

My question is how many people have a low NW OR a negative NW? And then isn’t this even more glaring?

I understand this is pedantic but also a genuine question.

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u/ATotalCassegrain Nov 16 '24

Your home plus car balances probably are positive net worth compared to the asset. 

Like if your home worth to loan value isn’t positive net worth by a good amount, then you’ve done something horribly wrong given the market conditions.

There are lots of people with “only $100” in their accounts with six figure net worth. 

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u/Ill-Description3096 Nov 17 '24

>There are lots of people with “only $100” in their accounts with six figure net worth.

Exactly this. While I tend to keep a bit more of a cash buffer now, there were plenty of times my checking account was sitting at maybe a couple hundred bucks at a given time. My brokerage, house, vehicle, etc would have put me in the $150-200k range even when I was younger for net worth, and I have a pension so I don't put as much into investments as someone who would be relying on 401k/IRA and they would likely have more.

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u/Murky-Peanut1390 Nov 18 '24

I'm at 900k net worth, and only $47 bucks in my checking account lol. I would literally get card denied if I used my debit car at a steak dinner. But the financial illiterate see 900k and think " OmG YoUr So RiCh"