Net Worth In America
Posted on December 14, 2010 in Political Cartoons
Some staggering statistics: Total U.S. household debt, including mortgage loan and consumer debt, was $11.4 trillion in 2005. The United States public debt is in excess of $13 trillion and continues to grow at a rate of about $5.48 billion each day by direct calculation between Jan 31,2010 and August 31,2010. Total public and private debt was $50.2 trillion at the end of the first quarter of 2010, or 3.5 times GDP.
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Actually, if the kid has a bank account or savings bonds, she might be the winner in this particular frame…
… though it should be noted that there ARE still Americans whose net worth is positive. Some of it is luck in still having decent-paying jobs, of course. But a lot of it is simply being willing to delay gratification. Money grows much faster if you aren’t paying interest.
The real crime is that the folks who can least afford to pay interest are the ones who are most often forced to rely on loans to bridge genuine cashflow gaps. It’s hard to delay gratification for heating and eating.
So, I guess, the net worth of the person with the car loan doesn’t count the value of the car which he could sell to more than cover the cost of the loan?
I guess I’m just a simple-minded person for thinking that possessions have value toward net worth, and that makes most Americans have rather high net worths.
Are you implying that ALL cars APPRECIATE instead of DEPRECIATE? If so you’re FLAT WRONG.
Over the life of a loan for $20,000 car, at 3.99% interest and for 6 years, you will ended up paying $2,522.50 in interest. At the end of the day you will end up paying $22,522.50. YOU CANNOT SELL A 6 YEAR OLD USED CAR FOR THE ORIGINAL SALES PRICE. Let alone hope to make a profit.
Most cars lose anywhere between1/3 and 1/2 of their value over 6 years. I’ll be conservative and assume it has lost 1/3. This means that you’ll be looking at a $13,333 sales price for something you spent $22,522.50 and lost close to $10,000. You haven’t covered the cost of the loan, by a long shot.
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