Please think about your net worth or your total assets including any real estate equity minus your debts. Compared to 12 months ago, is your net worth:
|Only 19 percent of Americans say their net worth is higher today than it was a year ago -- down from 26 percent in July and an all-time low.|
|Those with a high school education or less are twice as likely to report lower net worth (30 percent) than higher net worth (15 percent) compared to the year before.|
|Thirty-four percent of those making $75,000 or more say they're worth more this year than last compared to 15 percent of those earning less than $30,000.|
"In this age of pessimism and negative news, (about) 70 percent of respondents are actually in a better position or in about the same position as 12 months ago."The majority of Americans don't actually go around daily computing their net worth. Most peoples' net worth calculation is usually based on how they feel at the moment due to many variables such as job, family, news and current events or how they feel as compared to someone else. All things being equal, net worth is accumulated over time, and over time, personal life events occur that will affect your actual net worth. It's during those moments that one will either feel better, worse or indifferent about their true net worth. In this age of pessimism and negative news, (about) 70 percent of respondents are actually in a better position or in about the same position as 12 months ago, and that has been an average range for as long as I can remember. So going by what people are saying, the reality is that things feel different but are really not as bad as the media portrays.
- Richard E. Reyes, CFP, The Financial Quarterback and managing member of the Wealth and Business Planning Group in Maitland, Fla.