Submitted by CupNegative5967 t3_10paina in Futurology
bodydamage t1_j6jo5be wrote
Reply to comment by Wilmanutsfitnurmouth in I need financial assistance by CupNegative5967
Debt is not the sole metric used for measuring net worth.
Net worth = assets - liabilities
Could have $150k worth of debt but if you have $400k worth of assets your net worth would be $250k
Wilmanutsfitnurmouth t1_j6jpgef wrote
Facts but the number I gave you is not including mortgage that’s just debt.
It would be a lot more if I added mortgage debt, but that’s debt that can create money so I didn’t include it.
bodydamage t1_j6jplxp wrote
A mortgage is a type of debt.
You can have tons of debt and still have positive net worth.
Wilmanutsfitnurmouth t1_j6jvgpm wrote
No doubt. But I think it’s about 68% of Americans live paycheck to paycheck, so not many people have a positive net worth even in debt.
bodydamage t1_j6jwj40 wrote
Even the 25th percentile for net worth in the US was $12,000 as of 2020
Meaning 75% of households have a net worth in excess of $12,000
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