If you ask people two questions, you will be surprised at how divergent their answers are–basically contradicting themselves.
In a recent survey for Charles Schwab, people were asked if they felt wealthy. For those who answered ‘Yes’, their average net worth was $560,000.
However, if you asked people what net worth one would needed to be wealthy, they answer $2.2 million.
This of course proves that people are complicated, and that one size never fits all. It could also be when people are asked about themselves, they have a calmer view of themselves as opposed to when they compare themselves to others.
Net Worth
The difference between mean and median takes center stage when looking at net worth. Mean is the average. Median is the exact middle of a set of values.
The mean (average) household net worth in the U.S. in 2023 was $1,059,470. (It was $746,821 in 2020.)
The median household net worth in the United States in 2023 was $192,084. (It was $121,411 in 2020).
Where Do You Fit?
You can determine your situation with the Net Worth Calculator.
Where To Find It All
The U.S. Federal Reserve publishes a boatload of economic data. One could spend an endless amount of time scrolling through this data, if so inclined. Find it all here and here.
Comfort?
Looking at statistics sometimes is of minor comfort. “Well, I’m in not too bad a shape,” might be a common response. But since everyone is different, has different lives, has different circumstances, then comparisons are not particularly useful. Especially about money. Abraham Lincoln’s quote comes to mind: “Most folks are as happy as they make up their minds to be.”
Are people as rich as they make up their minds to be? In attitude, yes. As it is said, comparison is the thief of joy.
Your comments? Let me know here.
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