Peeking on our bank account – how much is not much :)

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Out of curiosity and not having guts to ask in plain view I have resorted to seeking advice in this awesome forum. May I ask, what is the median net worth of an average John or Jane Doe from our diaspora who share the following arbitrary scenario, although not exact? For example, s/he came to US as a Student. Graduated from College. Got a job (probably in IT or similar higher paying fields). Company sponsored for h1b and eventually GC. Got married. Had a child. Bought a house. Long story short – saved some, spent others, started a savings account, probably an investment account, has 401K or an IRA, paid up the car etc. Is somewhere between 30 years to 40 years of age. What does the median bank balance look like? I am curious. I know it is highly personal question. Probably stupid to ask. But I thought let’s give it a shot. May we share some personal financial story, although discreetly. I hope this won’t be taken negatively. I am trying to exclude friends who own businesses, are entrepreneurs, came to US via Green Card, are highly specialized professionals like Doctors or Scientists. Because my desire was to get an understanding of average financial net worth of folks who share similar backgrounds like one above.  Last edited: 19-Oct-14 09:29 PM

kalidasbhaisaab · Oct 19, 2014 9:27 PM · 12,969 views

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" s/he came to US as a Student. Graduated from College. Got a job (probably in IT or similar higher paying fields). Company sponsored for h1b and eventually GC. Got married. Had a child. Bought a house. Long story short – saved some, spent others, started a savings account, probably an investment account, has 401K or an IRA, paid up the car etc. Is somewhere between 30 years to 40 years of age." - All match What does the median bank balance look like?-> ~50k

van_st_ls_us · Oct 20, 2014 2:51 AM

^Ditto in liquid asset. Much of my net worth is in the fixed asset though.

Kiddo · Oct 20, 2014 7:30 AM

So the savings of 50k is combined saving of couple or just her. this is just for married people. not for a singles. Single person came here around 2001 as a student. The person saved around 10-12 lakhs after a year or two that time and bought a property back home. The person spent around 50 lakhs for house. The current market value of property is 3 karod ~ $300,000 fully paid up. Married now, got a condo, liquid asset $40,000. Warren buffet - living frugal

mno · Oct 20, 2014 1:24 PM

Mno, Are you high? or drunk?

riddle · Oct 20, 2014 1:44 PM

why you think I am high or drunk? Please explain. People have different ways of earning and saving and investing. Warren Buffet taught me to invest early before I finished my undergraduate.  Last edited: 20-Oct-14 02:27 PM

mno · Oct 20, 2014 2:24 PM

I have 35k in banks. I was trying to get a median figure. There are obviously higher and lower half of the data sample. The intention was to find out median bank balance of married couple where at least one person shared the background that I described above. On average, it seems safe to say that this demography keeps a median bank balance of 30k-50k.

kalidasbhaisaab · Oct 20, 2014 7:01 PM

A similar profile as OP: early 30s, married, 2 kids, homeowner, in IT/software, and travelled the same journey from a grad student to a resident. Savings include ~55K cash and ~120K in investments (401K, Roth IRA, 529, stocks, bonds etc). Cars paid off, and a remaining mortgage of ~200K.

vader · Oct 20, 2014 11:14 PM

Self made karodpatis before the age of 40 feeling Proud.       Last edited: 21-Oct-14 06:45 AM

mno · Oct 21, 2014 6:39 AM

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Peeking on our bank account – how much is not much :)

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