Study finds blacks and Latinos were hit much harder by the recession than whites

[mawilson 2,133]

You've got to laugh a little at this chart....How is that even possible...Net worth of a household at $6,000...

Why is that funny? 40 million Americans have a zero or negative net worth. $6,000 is actually pretty good if you're in the bottom 50 percent.

What's your net worth, LI?

Net worth = total assets minus total liabilities.

Take your home value, subtract your mortgage debt, student loans, auto loans and credit card debt, then add your liquid cash.

Do you get a positive number?

[Bad_Daddy 2,209]

Why is that funny? 40 million Americans have a zero or negative net worth. $6,000 is actually pretty good if you're in the bottom 50 percent.

What's your net worth, LI?

Net worth = total assets minus total liabilities.

Take your home value, subtract your mortgage debt, student loans, auto loans and credit card debt, then add your liquid cash.

Do you get a positive number?

[웃 910]

Why is that funny? 40 million Americans have a zero or negative net worth. $6,000 is actually pretty good if you're in the bottom 50 percent.

What's your net worth, LI?

Net worth = total assets minus total liabilities.

Take your home value, subtract your mortgage debt, student loans, auto loans and credit card debt, then add your liquid cash.

Do you get a positive number?

I'm a multi-millionaire

Zimbabwe's 10 million dollar madness. A new 10 million dollar note is worth just $4 US dollars

What is your net worth?

Edited July 27, 2011 by Lord Infamous

[mawilson 2,133]

What is your net worth?

I'm not asking what the actual number is, only whether it's positive or negative.

Right now I have no debt, so my net worth is positive.

When I was your age (fresh out of college), I had some loans and credit card debt and no savings, so my net worth was definitely negative.

[웃 910]

I'm not asking what the actual number is, only whether it's positive or negative.

Right now I have no debt, so my net worth is positive.

When I was your age (fresh out of college), I had some loans and credit card debt and no savings, so my net worth was definitely negative.

I think you are only a few years older than me...well maybe 6 or 7?

But, I currently have student loan debt, 2 rentals (1 fully paid, other with 20k mortgage), and a just getting by week to week bank account...

I don't want to look at my total SL debt right now...Let's just call it $60,000...$20,000 mortgage...$15,000 CC debt

Let's say $100,000 in debts

I'm not gonna say my net worth is 0 or slightly positive because I have 2 houses that could probably sell for $50,000 a piece....I'm gonna be realistic and say I have a tenth of a million dollars in debt.

:crying: :crying: :crying:

But if things go as planned I should be ok in another 1 to 5 years

[slim 1,514]

I find these polls somewhat misleading since most of those households with only $6,000 of net worth have a whole lot more potential earning power in the near future. Since most of them have a kid (or twelve) they're positioned to build a lot more wealth in the next few decades than those with fewer children and non-working or retirement aged parents - not to mention all that free money they get from the government.

[BishopM 114]

I think you are only a few years older than me...well maybe 6 or 7?

But, I currently have student loan debt, 2 rentals (1 fully paid, other with 20k mortgage), and a just getting by week to week bank account...

I don't want to look at my total SL debt right now...Let's just call it $60,000...$20,000 mortgage...$15,000 CC debt

Let's say $100,000 in debts

I'm not gonna say my net worth is 0 or slightly positive because I have 2 houses that could probably sell for $50,000 a piece....I'm gonna be realistic and say I have a tenth of a million dollars in debt.

:crying: :crying: :crying:

But if things go as planned I should be ok in another 1 to 5 years

You're not in bad shape LI. Like MW said, I too was in about your same position when I was first out of college. It gets better. The main point is that you're working to improve your situation...its risky and I'm sure you feel that risk...but yet you take it

How will you feel when you're rich?

Edited July 27, 2011 by BishopM

[slim 1,514]

How will you feel when you're rich?

What is rich?

[BishopM 114]

What is rich?

Good question! I, personally, would consider it the point when one no longer is fearful/worried about money concerns. So, that could obviously be a different $ threshold for different people. I suspect that I will have to work for the rest of my life, so I'm not 'independently wealthy'...but I don't worry about $ much...

[mawilson 2,133]

Good question! I, personally, would consider it the point when one no longer is fearful/worried about money concerns.

That's a good definition.

[Bad_Daddy 2,209]

That's a good definition.

A person could be on life support for the rest of their life getting fed through a tube. No worry's about food, housing, etc... But are they rich?

[BishopM 114]

A person could be on life support for the rest of their life getting fed through a tube. No worry's about food, housing, etc... But are they rich?

I was speaking only in terms of $...not overall quality of life.

As a contrast, I'm not 'independently wealthy' from a financial aspect, but I have almost no money concerns so I consider myself to be close to rich......but, spiritually, I way rich

[mawilson 2,133]

A person could be on life support for the rest of their life getting fed through a tube. No worry's about food, housing, etc... But are they rich?

If they don't have to worry about food and housing, yes.

[^_^ 5,021]

I think you are only a few years older than me...well maybe 6 or 7?

But, I currently have student loan debt, 2 rentals (1 fully paid, other with 20k mortgage), and a just getting by week to week bank account...

I don't want to look at my total SL debt right now...Let's just call it $60,000...$20,000 mortgage...$15,000 CC debt

Let's say $100,000 in debts

I'm not gonna say my net worth is 0 or slightly positive because I have 2 houses that could probably sell for $50,000 a piece....I'm gonna be realistic and say I have a tenth of a million dollars in debt.

:crying: :crying: :crying:

But if things go as planned I should be ok in another 1 to 5 years

My net worth was negative day 1 out of college too. That slowly changed, by the end of year 1 I was at zero (I saved like you wouldn't believe). Then in the middle of year 5 I bought a house and went back to being negative again. Assuming one does not count the estimated market value of my home and only the actual mortgage balance, I remain negative to this day. We're in year 13 now.

[Sofiyya 1,687]

A lot of South Asians are Muslim/non-Christian.

I think this is from 1997..

The South Asian Community is a wealthy, educated, and progressive, ethnic group. Recent statistics, given below, indicate the salient characterestics that point toward its preeminent status among all ethnic communities in the USA. Besides, these statistics showcase a commercial landscape that show us vibrant, growing, and robust.

• Total population of South Asians over 3.5 million; out of this Asian-Indians - the biggest chunk - are estimated at about 2.2 million;
• Approximately 1/3rd South Asians reside in the NY/NJ/CT tri-state are;
• Highest per capita income; combined household income of Asian Indians is in excess of $88 billion;
• highest per capital among ethnic groups;
• 1 out of every 10 Asian-Indians is a millionaire.

House Hold Income In Dollars

Like any other immigrant community South-Asians tend to concentrate in pockets in certain areas. This makes it easier to target the community. The top cities that are South-Asian population intensive:

• New York, NY/New Jersey, NJ
• San Francisco/Oakland/San Jose, CA
• Los Angeles, CA
• Houston/Dallas/Austin, TX
• Chicago, IL
• Virginia, VA/Baltimore, MD