No Time Left for Calculating My Net Worth

Oh my, I’m beginning to think that some of the articles I find on the internet aren’t really news at all. Below is one I clicked on today. It reminds me of those free dinners that Mike Flack recently posted about. I also think it ties in well with Dave Lancaster’s post about calculating net worth. 

The article didn’t define how it calculated net worth. I assume it includes checking and savings, IRAs and similar accounts, it did mention that home equity is included. It probably did not include the monetized value of pensions and Social Security, though these factors can greatly impact financial security. For example, I know couples with meager savings, but close to $200k per year in pension and SS; I wouldn’t classify them as belonging in levels 1, 2, 3, or possibly 4.

The article ended by telling me that the level 6 people use advisors, and asking me if I used one, providing me with a link that could hook me up. I still have about $20 million to go before I hit level 6, so no need to click on that link yet. 

Here you go, enjoy.

Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid?

1. Financial vulnerable (Household net worth $69,500 and under)
2. Lower middle class (Household net worth between $69,500 and $394,300)
3. Solidly middle class (Household net worth between $394,300 and $1.16 million)
4. Upper middle class (Household net worth between $1.2 million and $2.9 million)
5. Affluent (Household net worth $2.9 million or more)
6. Top 1% (Household net worth $21.7 million or more)