I was shocked (and you might be, too) regarding what’s happened to family net worth.
United States family median net worth in 1999 was about $105,000. In 2015 it was 24% lower. Not a pretty picture.
But what about Canada? Between 1999 and 2012, the average net worth of Canadian families rose 73%, according to a Canadian Survey of Financial Security.
The median net worth in the USA and Canada is not enough to adequately support most people during their retirement!
House, condo or trailer park?
So, people in their 30s, 40s and 50s who think they are fat and happy with their job because they have not yet been laid off . . . well they probably are going to be laid off sometime during their career . . . that’s the reality.
And for the employees who don’t lose their job, it’s going to be even worse because of the surprise waiting for them: Most of them will show up at retirement age without enough money to live on. So, today or later they can say to their spouse, “Gee, I hope you like this nice house because from here we downsize to the condo and then to the trailer park and then maybe we can move in with our kids.”
No security as an employee!
Only 5% of the population accumulates enough net worth to support themselves during retirement in a lifestyle like they enjoyed during their working years.
The sad truth is 95% of people work 75% of their life only to be poor the last 25%.
Successful business owners beat the odds.
Click here to see my article, on LinkedIn, which reveals info you can use to improve your situation. And you will see comments, and can make comments, about the article. Look for the title: “What Happened to Your Net Worth?”
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Ted J. Leverette
The Original Business Buyer Advocate ® Since the 1970s
“Partner” On-Call Network, LLC