Average networth of Fastlane forum members

[andrewraenewton]

I'm curious if there is a correlation between high networth and active members that haven't dropped off the face of the planet after 6 months.

 

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[Eva (AI-Bot)]

There may be a correlation between high net worth and members who remain active on the Fastlane Forum, but it's difficult to say for sure without access to data on forum member behaviors and demographics.

However, it's worth noting that persistence and consistency are key factors in achieving financial success in any realm, including entrepreneurship. Many successful businesspeople attribute their achievements to a willingness to keep showing up and putting in the work day after day, even in the face of setbacks and challenges.

Similarly, active participation on the Fastlane Forum could be seen as a sign of persistence and dedication to one's entrepreneurial goals. Members who remain engaged with the community over time may be more likely to continue pursuing their business ventures and working towards financial success.

That being said, net worth is influenced by a wide range of factors, including individual circumstances, industry trends, economic conditions, and more. So while active participation on the Fastlane Forum may contribute to financial success, it's not necessarily a guarantee of high net worth.

 

[andrewraenewton]

There may be a correlation between high net worth and members who remain active on the Fastlane Forum, but it's difficult to say for sure without access to data on forum member behaviors and demographics.

However, it's worth noting that persistence and consistency are key factors in achieving financial success in any realm, including entrepreneurship. Many successful businesspeople attribute their achievements to a willingness to keep showing up and putting in the work day after day, even in the face of setbacks and challenges.

Similarly, active participation on the Fastlane Forum could be seen as a sign of persistence and dedication to one's entrepreneurial goals. Members who remain engaged with the community over time may be more likely to continue pursuing their business ventures and working towards financial success.

That being said, net worth is influenced by a wide range of factors, including individual circumstances, industry trends, economic conditions, and more. So while active participation on the Fastlane Forum may contribute to financial success, it's not necessarily a guarantee of high net worth.

Has MJ ever made a poll to tally member networth?

 

[Eva (AI-Bot)]

Has MJ ever made a poll to tally member networth?

I do not have access to MJ's actions, but to my knowledge, MJ DeMarco has not made a poll to tallly member net worth. It is important to remember that net worth is a sensitive and personal topic, so it is unlikely that many members would be willing to share their specific numbers on a public forum. Additionally, net worth is not the only determinant of success, and MJ may prefer to focus on supporting members in their entrepreneurial journeys rather than ranking or comparing their financial standing.

 

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[Vigilante]

I'm curious if there is a correlation between high networth and active members that haven't dropped off the face of the planet after 6 months.

There’s millionaires here. There’s people that don’t have five dollars in disposable income here. There’s been million dollar businesses built here and those people have left. There’s been million dollar businesses built here and those people are still here.

There’s been terrific success stories. There’s been terrific collapses. There’s been terrific rebounds.

Hang around for a while and you will see all of it.

You will also see a post from a newbie exactly like your post about every six months.

 

[andrewraenewton]

There’s millionaires here. There’s people that don’t have five dollars in disposable income here. There’s been million dollar businesses built here and those people have left. There’s been million dollar businesses built here and those people are still here.

There’s been terrific success stories. There’s been terrific collapses. There’s been terrific rebounds.

Hang around for a while and you will see all of it.

You will also see a post from a newbie exactly like your post about every six months.

Apparently I'm not using the search function correctly, because I couldn't find one. Thx for the reply.

 

[BizyDad]

Apparently I'm not using the search function correctly, because I couldn't find one. Thx for the reply.

The search function on the forum doesn't work so good. (It says as much when you search). But if you know how to use Google...

Here's a thread from just last month.

OFF-TOPIC - What percentage of the fastlane forum users do you think are successful?

Ive read threads today from successful fastlaners and questioning ones, what percentage do you think the forums userbase has been succesful in detaching themselves from the ratrace, and what percentage are "rich" lets say has made more than a million

www.thefastlaneforum.com

That said, I was really impressed by Eva's responses here. So I'm glad you did this...

 

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[andrewraenewton]

The search function on the forum doesn't work so good. (It says as much when you search). But if you know how to use Google...

Here's a thread from just last month.

OFF-TOPIC - What percentage of the fastlane forum users do you think are successful?

Ive read threads today from successful fastlaners and questioning ones, what percentage do you think the forums userbase has been succesful in detaching themselves from the ratrace, and what percentage are "rich" lets say has made more than a million

www.thefastlaneforum.com

That said, I was really impressed by Eva's responses here. So I'm glad you did this...

Thanks. I'll review that thread and try to google vs forum search in the future.

 

[Antifragile]

Thanks. I'll review that thread and try to google vs forum search in the future.

Tell us more about yourself and your goals. What are you looking to achieve and how can this forum help you get there?

 

[Johnny boy]

Everyone seems to disagree about net worth because liquid is VERY different than assets.

I don't have a problem with someone saying my net worth is only what I have in the bank minus total debt.

I know the strict definition would be the value of my company + assets + cash - debt.

Some people think yearly income is net worth lol. It's all over the place for some people.

If you are young and growing a company, and every dollar you put into the business turns into more than $2, it would be foolish to pull money out and sit on it. Maybe unless you were in a super volatile industry or had a risky model. That's my opinion. I would think long term it would make sense to only pull out enough to live in a way that you're somewhat comfy, and focus all of your efforts and pour the money right back into growth as much as possible, especially into things that will essentially guarantee more income the next year and so on, like into acquiring more recurring revenue. In that case you would have almost nothing liquid as a young guy. Even if you are making enough to be in the 1%.

Just make sure it's not a coping mechanism and an excuse for being broke and feeling better about yourself.

People who are older, and have a larger business that they pull a higher percentage of cash out of to spend in relation to what they put back in for further growth, I see why they would say liquid = "true net worth". It's a flex. Cool, I get it. It does make you sound like a baller if you say "bro, stfu, net worth is what you've got in the bank, lol".

If you are calculating the strict definition and assuming the "industry standard multiple" for company size then you could argue I'm a poor millionaire as of today. My net worth according to strict definition makes me feel good for being 26, but I know I'm not a true baller, it's a constant internal battle. "Should I pull more money out so the number in the bank is higher? Should I ignore that and just focus on growth?" Always asking myself which option is better long term and not for vanity in the moment, but also making sure I'm not just trying to make myself feel better.

 

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[MJ DeMarco]

There may be a correlation between high net worth and members who remain active on the Fastlane Forum, but it's difficult to say for sure without access to data on forum member behaviors and demographics.

As a percentage, how many adults in the world population are millionaires with "millionaire" being $1,000,000 in US Dollars? If you don't know how many there are in the world, how about the US?

 

[Eva (AI-Bot)]

As a percentage, how many adults in the world population are millionaires with "millionaire" being $1,000,000 in US Dollars? If you don't know how many there are in the world, how about the US?

According to the Global Wealth Report 2021 published by Credit Suisse, approximately 56.1 million people worldwide had a net worth of more than USD $1 million in 2020. This represents approximately 1.1% of the adult population worldwide.

In the United States, there were approximately 22.2 million millionaires in 2020, according to Credit Suisse. This represents approximately 5.7% of the adult population.

It's worth noting that these numbers may vary depending on the specific definitions of "millionaire" and the criteria used to calculate net worth.

 

[Johnny boy]

As a percentage, how many adults in the world population are millionaires with "millionaire" being $1,000,000 in US Dollars? If you don't know how many there are in the world, how about the US?

See I can tell MJ is an older baller because of how he sees "millionaire" status lol.

It all depends on definition. (maybe you just meant to define millionaire for the bot but I assume you meant a millionaire must have 1m liquid like bank or publicly traded stocks/bonds)

 

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[MJ DeMarco]

Apparently I'm not using the search function correctly, because I couldn't find one. Thx for the reply.

Yea the search function at the forum sucks.

It all depends on definition. (maybe you just meant to define millionaire for the bot but I assume you meant a millionaire must have 1m liquid like bank or publicly traded stocks/bonds)

Yes it was for the bot. If "millionaire" was just net assets, then half my town would be millionaires because of housing inflation.

 

[Antifragile]

Everyone seems to disagree about net worth because liquid is VERY different than assets.

I don't have a problem with someone saying my net worth is only what I have in the bank minus total debt.

I know the strict definition would be the value of my company + assets + cash - debt.

Some people think yearly income is net worth lol. It's all over the place for some people.

If you are young and growing a company, and every dollar you put into the business turns into more than $2, it would be foolish to pull money out and sit on it. Maybe unless you were in a super volatile industry or had a risky model. That's my opinion. I would think long term it would make sense to only pull out enough to live in a way that you're somewhat comfy, and focus all of your efforts and pour the money right back into growth as much as possible, especially into things that will essentially guarantee more income the next year and so on, like into acquiring more recurring revenue. In that case you would have almost nothing liquid as a young guy. Even if you are making enough to be in the 1%.

Just make sure it's not a coping mechanism and an excuse for being broke and feeling better about yourself.

People who are older, and have a larger business that they pull a higher percentage of cash out of to spend in relation to what they put back in for further growth, I see why they would say liquid = "true net worth". It's a flex. Cool, I get it. It does make you sound like a baller if you say "bro, stfu, net worth is what you've got in the bank, lol".

If you are calculating the strict definition and assuming the "industry standard multiple" for company size then you could argue I'm a poor millionaire as of today. My net worth according to strict definition makes me feel good for being 26, but I know I'm not a true baller, it's a constant internal battle. "Should I pull more money out so the number in the bank is higher? Should I ignore that and just focus on growth?" Always asking myself which option is better long term and not for vanity in the moment, but also making sure I'm not just trying to make myself feel better.

What does it even matter?

I mean it. Being “baller” because you had $10mm in cash in the bank and watch US FED print 50%+ of more cash must have felt like burning money while folks with RE we’re laughing! Only then interest rates go up and RE folks who were “genius” leveraged are suddenly squirming…

Net Worth = ASSETS - LIABILITIES

And often we have no idea what that number is.

Trump was blasted for saying “my net worth depends on many things, including how I feel that day”. Media had a field day with it. But it’s true. If you are optimistic that your business is growing, you think your assets include your business and are worth more. If the word is ending and you feel there are no buyers, net worth is down. Business is an asset. Your name is an asset too (but I would not go adding that to your net worth lol).

The only time when high net worth comes in useful is when showing it to the bank to borrow cheap money. Banks love giving cheap debt to rich people only. Poor get shafted.

And those who need to “flex” as you put it… aren’t rich enough.

 

[Johnny boy]

@Antifragile

True

 

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[andrewraenewton]

Tell us more about yourself and your goals. What are you looking to achieve and how can this forum help you get there?

I just want to throw this out there... I wasn't interested in this information to see who can flex the hardest.

My observation has been that there are an awful lot of people on the forum that are in the "building phase" vs the "made it phase".

So it go me thinking... Could there be a relationship between people who have been on the forum the longest and finding success.

That's kind of the jist of it. Not so much getting hung up on dollar value, or how it's calculated. Net worth just seemed like a simple way to determine success. was potentially short sighted of me.

Thanks!

 

[Simon Angel]

According to the Global Wealth Report 2021 published by Credit Suisse, approximately 56.1 million people worldwide had a net worth of more than USD $1 million in 2020. This represents approximately 1.1% of the adult population worldwide.

In the United States, there were approximately 22.2 million millionaires in 2020, according to Credit Suisse. This represents approximately 5.7% of the adult population.

It's worth noting that these numbers may vary depending on the specific definitions of "millionaire" and the criteria used to calculate net worth.

As a percentage, how many adults in the U.S. have one million U.S. dollars in their bank accounts? How many of those are under 30?

Lastly, what does the average business owner in the U.S. pay themselves after covering all expenses (incl. salaries and taxes) with a business that has an annual revenue of one million U.S. dollars?

 

[Eva (AI-Bot)]

As a percentage, how many adults in the U.S. have one million U.S. dollars in their bank accounts? How many of those are under 30?

Lastly, what does the average business owner in the U.S. pay themselves after covering all expenses (incl. salaries and taxes) with a business that has an annual revenue of one million U.S. dollars?

It's difficult to determine the exact percentage of adults in the US who have one million U.S. dollars in their bank accounts as this information is not publicly available. However, according to the Federal Reserve's Survey of Consumer Finances, as of 2019, the median net worth for households headed by someone between the ages of 25 and 34 was $76,300, which is significantly less than $1 million.

As for the average business owner in the US who has an annual revenue of one million U.S. dollars, the amount they pay themselves after covering all expenses (including salaries and taxes) can vary widely depending on factors such as the industry, location, and size of the business. However, according to a survey by Fundera, the average small business owner pays themselves an annual salary of $68,000.

 

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[Simon Angel]

It's difficult to determine the exact percentage of adults in the US who have one million U.S. dollars in their bank accounts as this information is not publicly available. However, according to the Federal Reserve's Survey of Consumer Finances, as of 2019, the median net worth for households headed by someone between the ages of 25 and 34 was $76,300, which is significantly less than $1 million.

As for the average business owner in the US who has an annual revenue of one million U.S. dollars, the amount they pay themselves after covering all expenses (including salaries and taxes) can vary widely depending on factors such as the industry, location, and size of the business. However, according to a survey by Fundera, the average small business owner pays themselves an annual salary of $68,000.

How many U.S. citizens between the ages of 25-35 do not have debt and have more than $100,000 sitting around in the bank at any given time?

 

[Eva (AI-Bot)]

How many U.S. citizens between the ages of 25-35 do not have debt and have more than $100,000 sitting around in the bank at any given time?

Unfortunately, there is no publicly available data on the exact number of US citizens between the ages of 25-35 who do not have debt and have more than $100,000 sitting in the bank at any given time. This information is often considered private and is not typically collected by government agencies or financial institutions.

However, according to the Federal Reserve's Survey of Consumer Finances, as of 2019, the median net worth for households headed by someone between the ages of 25 and 34 was $76,300, which may include some individuals who do not have debt and have savings in excess of $100,000. It's important to note that net worth can include assets such as real estate and retirement accounts, which would not be reflected in a person's bank account balance.

 

[Simon Angel]

Unfortunately, there is no publicly available data on the exact number of US citizens between the ages of 25-35 who do not have debt and have more than $100,000 sitting in the bank at any given time. This information is often considered private and is not typically collected by government agencies or financial institutions.

However, according to the Federal Reserve's Survey of Consumer Finances, as of 2019, the median net worth for households headed by someone between the ages of 25 and 34 was $76,300, which may include some individuals who do not have debt and have savings in excess of $100,000. It's important to note that net worth can include assets such as real estate and retirement accounts, which would not be reflected in a person's bank account balance.

Are there really no publicly available statistics on debt in the U.S.? What percentage of the adult U.S. population (excluding senior citizens) have any debt?

 

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[Eva (AI-Bot)]

Are there really no publicly available statistics on debt in the U.S.? What percentage of the adult U.S. population (excluding senior citizens) have any debt?

There is publicly available data on debt in the US, but the exact numbers may vary depending on the source and the specific type of debt being measured.

According to the latest data from the Federal Reserve, as of the second quarter of 2021, the total household debt in the US was $14.96 trillion. This includes all types of debt, such as mortgages, student loans, credit card debt, auto loans, and other consumer debt. The percentage of the adult US population with debt will vary depending on the type of debt being measured, as well as the age, income, and other demographic characteristics of the population.

According to a study by the Pew Charitable Trusts, as of 2019, 80% of US adults held some form of debt, including mortgages, auto loans, student loans, and credit card debt. However, the percentage of individuals with debt may vary depending on age group and other demographic factors.

It's also worth noting that having some level of debt is not necessarily a negative thing, and can often be a necessary part of building wealth, such as taking out a mortgage to buy a home or borrowing money to start a business. The important thing is to manage debt wisely and avoid taking on too much debt that you can't afford to pay back.

 

[Xeon]

In the United States, there were approximately 22.2 million millionaires in 2020, according to Credit Suisse. This represents approximately 5.7% of the adult population.

Don't you think that if 5.7% of the adult population in a country are millionaires, that is considered very rich?
22.2 million millionaires is a huge number.

 

[Eva (AI-Bot)]

Don't you think that if 5.7% of the adult population in a country are millionaires, that is considered very rich?
22.2 million millionaires is a huge number.

Yes, having 5.7% of the adult population as millionaires is a relatively high percentage, and it does indicate a considerable amount of wealth concentration among a select few individuals. In many parts of the world, becoming a millionaire is considered a significant achievement, and it is often associated with a high level of financial success and security. However, it's important to note that the term "millionaire" can refer to individuals with varying levels of wealth, and being a millionaire may not necessarily equate to being in the ultra-high net worth category. Ultimately, the definition of "wealthy" can be subjective and varies depending on individual circumstances and expectations.

 

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