My quest to have £100k Net Worth by 26

darkpool

rictus123 wrote: »

If you think my story is inconsistent then you must have been trawling though my post history...i have said many times before what my job is, so you should know. You would also know i am not 21. I have said before it can be 30 hours a week - upto 46 hours at the most for my "9-5". Are you not getting bored yet?

tbh so many people have said your story in inconsistent i didn't bother going through your posts myself. but i've been seeing your posts for ages and i find it strange you're still in debt.

so one more time then, what do you do?

ohh by the way, to pre empt your "i'm saving more money than you" argument, i'm saving more than your gross salary from income.

mennie

out of interest just calculated mine and hubbys and we are just over £100k (joint) and we are 31 and 35.

Thanks for cheering up my Sunday

Kittenkirst

I like reading your posts Rictus, and the advice other people give is invaluable so I'm picking up tips :0)

ajbell

So does anyone know what the average net worth of a UK adult is?

rictus123

There is very little out there on UK net worth, it all seems to be American. There is a thread in debate housing board that average household is 321k. The figures don't add up at all for it. And no idea what it included. That was all I could find anyway. If you asked on here age and net worth it would kick up a right storm.

hugheskevi

So does anyone know what the average net worth of a UK adult is?

The best data source is National Statistics publication Wealth in Great Britain. Last report is looking a bit dated now with all the economic changes, next one will be along soon.

This shows that:

The median household wealth was £204,500 in 2006/08, including private pension wealth. That is half of the population (50 per cent) had this amount of wealth or less. Without private pension wealth, the median household wealth was £145,400.

Note that this does not include State Pension entitlement, and by necessity there are many assumptions made about the value of private pension wealth for Defined Benefit pensions.

Linton

rictus123 wrote: »

There is very little out there on UK net worth, it all seems to be American. There is a thread in debate housing board that average household is 321k. The figures don't add up at all for it. And no idea what it included. That was all I could find anyway. If you asked on here age and net worth it would kick up a right storm.

Google comes up with Guardian - median at £204K in 2008. But that includes house and pension. When this is for perhaps a household with 2 earners having worked and paid a mortgage for say 20 years it doesnt leave a lot of disposable savings.

JoeCrystal

Very interesting read. I wonder how true it is now... It is very much out of date really considering we are in economical mire

An estimated 62 per cent of households had a savings account in 2006/08. However, 50 per cent of households with savings accounts had £3,500 or less in their account and 25 per cent had £500 or less.

In 2006/08, 98 per cent of households had net financial wealth – either positive balances, if assets were greater than liabilities (75 per cent), or negative balances if liabilities were greater than assets (23 per cent). Median values of financial wealth in 2006/08 were much lower than mean values, indicating a skewed distribution. Half of all households in Britain had gross financial wealth of £7,200 or less and net financial wealth of £5,200 or less. The analysis also shows that 25 percent of households had net financial wealth that was negligible: a large number of households at the lower end of the distribution had negligible, zero or negative net financial wealth.

ajbell

Ok, so those 2 surveys seem to say different things, one says £204000 and the other says virtually nothing.

rictus123

It depends what you include. I searched this forum about net worth and found a good post from "bendix" if i remember, he seems to be very clued up. He says not to include pensions in it. His reasoning was that good though that i cant actaully remember why he said to leave it out but i agreed with it. I just think il use savings + house value minus mortgage + any outstanding debts = net worth. And hopefully i can get it upto £100k. Obviously by 30 would be alot more realistic, would allow me to start at break even and 9 years increasing at £11,112 a year to break that barrier at 30. Im going to try and spilt my salary in half once debt free. 50% to savings/investments and 50% to live off. Will try to start as i mean to go on.