I doubt there is an official definition of the above average person, but the following seems like a good place to start. What do you think? My one concern is that this is a definition for above average rather than average.😰 What is your point of view?
From the FinancialSamuri
The Above Average Person is loosely defined as:
1) Someone who went to college and believes grades and a good work ethic do matter.
2) Does not irrationally spend more than they make.
3) Saves for the future because they realize at some point they no longer are willing or able to work.
4) Takes responsibility for their own actions when things go wrong and learns from the situation to make things better.
5) Takes action by leveraging free tools on the internet to track their net worth, minimize investment fees, manage their budget, and stay on top of their finances in general. Once you know where all your money is, it becomes much easier to optimize your wealth and make it grow.
6) Welcomes constructive criticism and is not overly sensitive from friends, loved ones, and strangers in order to keep improving. Keeping an open mind is critical.
7) Has a healthy amount of self-esteem to be able to lead change and believe in themselves.
8) Enjoys empowering themselves through learning, whether it be through books, personal finance blogs, magazines, seminars, continuing education and so forth.
9) Has little-to-no student loan debt due to scholarships, part-time work, or help from their parents. Our parents have saved and invested through the largest bull market in history. It’s understandable that parents want to help their children out.
– See more at: http://www.financialsamurai.com/the-average-net-worth-for-the-above-average-person/#sthash.bz1fDsWf.dpuf
QUINNSCOMMENTARY 
Thank you BenefitJack. The information is V E L L Y interesting.
No. 50 is a deadly succinct summation of another deadly succinct summation: We have met the enemy, and he is us.
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No. Average does not mean “median”. So, starting with the 1st comment, I believe it is still less than 50% of Americans who went to college – but if you include anyone who ever took a college course, maybe not. I doubt that is what those who offered that “standard” or “average” meant. I suspect they meant those who have a degree. Today, 50%) live paycheck to paycheck – where even a 1 week delay in a paycheck would cause some/significant concern. However, over half of adult Americans are, in fact, saving for something they want to buy/enjoy in the future. That said, most Americans do not save enough for retirement – primarily because they have debts, and current financial priorities.
Most Americans end up accountable for the decisions they make – it is only the minority of Americans who are able to foist off their mistakes onto others. And, luckily for us, it is still the minority of Americans who believe that others control their lives, that they should be held harmless for the results they achieve/decisions they make.
Once you know where your money is? Are you kidding? This would be atypical for Americans – to have money in so many places they would not know where it is.
Most criticism is not “constructive” – so, this may be true, but, it is unimportant. How does the Average American respond to criticism that is not constructive, that is biting, critical, painful?
I’ll stop here.
Here is the data from “New Strategist” whoever that is (with sources):
There is no single source of information on the average American. To know him (or her), you have to follow the demographics. To that end, here is a sampling of just a few of the characteristics of the average American (adult) or household.
1. The average American makes $735/week.
Current Population Survey
2. The average American has $34 in his/her wallet.
Survey of Consumer Payment Choice
3. The average American spends $69 a day.
Gallup
4. The average American has a job (58%).
Bureau of Labor Statistics
5. The average American thinks hard work is the way to get ahead (70%).
General Social Survey
6. The average American thinks the government’s number-one priority should be to help keep and create jobs in America (51%).
Economic Mobility Project
7. The average American has employer-provided health insurance (56%).
Current Population Survey
8. The average American household spends $3,126 a year out-of-pocket on health care.
Consumer Expenditure Survey
9. The average American has a landline telephone (70%).
National Health Interview Survey
10. The average American has a cell phone (87%), but does not own a smart phone (only 35% own one).
National Health Interview Survey, Pew Research Center
11. The average American says the economy/jobs will be the top issue in the 2012 election (60%).
Kaiser Polls
12. The average American has less than $100,000 in savings (54%).
AARP
13. The average American does not directly own any stock. (Only 19% of households own stock directly.)
Survey of Consumer Finances
14. The average American household is $75,600 in debt (including the mortgage).
Survey of Consumer Finances
15. The average American has been to college (56%), but does not have a college degree.
Current Population Survey
16. The average American owns a desktop (59%) and/or laptop computer (52%).
Pew Internet & American Life Project
17. The average American used the Internet today (59%).
Pew Internet & American Life Project
18. The average American says he/she is in very good or excellent health (56%).
Behavioral Risk Factor Surveillance System
19. The average American is overweight (63%).
National Health Interview Survey
20. The average American eats at least two snacks a day (65%).
USDA
21. The average American drinks alcohol regularly (52%).
National Health Interview Survey
22. The average American goes to the doctor at least twice a year (65%).
National Health Interview Survey
23. The average American is taking at least one prescription drug.
Health, United States
24. The average American sometimes or often has trouble sleeping (55%).
General Social Survey
25. The average American is currently married (51%).
Families and Living Arrangements
26. The average American has never divorced (only 21% have ever divorced).
Survey of Income and Program Participation
27. The average American lives in one of the top 50 metropolitan areas (54%).
2010 census
28. The average American is a homeowner (65%).
2010 census
29. The average American lives in an 1,800 square foot house.
American Housing Survey
30. The average American lives in a house built before 1975.
American Housing Survey
31. The average American believes the effects of global warming have already begun or soon will (53%).
Gallup
32. The average American household is air-conditioned (87%).
American Housing Survey
33. The average American watches 2 hours and 49 minutes of television a day.
American Time Use Survey
34. The average American has two or more children (57%).
General Social Survey
35. The average American favors spanking children, if necessary (69%).
General Social Survey
36. The average American was born in-state (52%).
American Community Survey
37. The average American’s parents were born in the United States (78%)
General Social Survey
38. The average American’s grandparents (all four) were born in the United States (59%).
General Social Survey
39. The average American household owns two vehicles.
Consumer Expenditure Survey
40. The average American household owns at least one pet (62%).
American Pet Products Association
41. The average American pays his/her credit card bill in full each month (54%).
National Bureau of Economic Research
42. The average American household has a net worth of $96,000.
Survey of Consumer Finances
43. The average American believes in God without a doubt (59%).
General Social Survey
44. The average American believes in evolution (56%).
General Social Survey
45. The average American favors the death penalty (68%).
General Social Survey
46. The average American often or always recycles (64%).
General Social Survey
47. The average American wants the government to spend more on education (74%), health care (60%), and the environment (60%).
National Opinion Research Center
48. The average American is worried about being able to maintain his/her standard of living (58%).
Gallup
49. The average American believes the honesty and ethical standards of Congress are low (57%).
Sourcebook of Criminal Justice Statistics
50. The average American does not know which political party controls the House of Representatives (62%).
Pew Research Center
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That living paycheck to paycheck has me baffled or maybe it’s regional. How can so many people be I that state and yet spending on non necessities goes merrily along? Businesses that should be closed if there is money to spend on their goods and services are thriving.
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Thank you for your post. It was were interesting. I noted that in most surveys questions it was what the average American thinks or wants which is often different from reality. The one stat that caught my attention was that 78% of the average Americans were born in the USA. Are there non-average Americans not born in the USA too? This means that the current make-up of the US is 22% immigrants and could be the overall average going back 4 or 5 generations. How important is that to the make-up of the United States and the labor force? Certainly makes you wonder about the current levels or need of a cheap immigrant labor force if we depend on it as a nation. I do not know if the current rate of immigrant is higher or lower because this fact is never debated.
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I remember living paycheck to paycheck 30 years ago. It is easy to do because the government and the advertisers have convinced you that you need that coffee or spend to save the economy. Even 10 years ago the fluctuations of high gasoline prices drove me nuts at the pump with my budget. Fresh out of high school, my transportation costs were about 50% of my income. I needed a vehicle and insurance to get to work because my job was not on any bus route. The other 50% to food, rent, work clothes and everything else. Good thing back then you could get a two cases of beer (or what they called beer) for the price of IPA six-pack today. Losing a weeks pay would have been disastrous.
I probably live more paycheck to paycheck today then I did back then in the sense that I will not do something until I have the cash saved up to do it. I can take a 3 to 6 month hit with out any financial pain because of the money I have saved. But if I do not have the money to go out to dinner then I do not go. I’ll wait until next the paycheck. I will not charge the dinner and withdraw the money from my savings account, I’ll do without. If I get a little overtime, after some of that money is saved, lookout, I am going out to dinner. As I like to tell my wife, it is a cash flow problem and if I rob the savings without knowing when the cash will be replaced, it will never happen.
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