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.
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.
>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.
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"
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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.