Net Worth By Age (Are You On Track?)
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In this video I am going to talk about the net worth by age. Are you on track? People often ask me what is the average net worth? What is the rich net worth? The data from this video addresses the net worth of America, specifically the us net worth in 2022. This video will help you learn what is net worth, what is the average net worth of americans, how to build wealth in your 20’s, the magic of compound interest and saving money tips. Does my Roth, IRA, or dividends count towards my net worth? This information is important for retirement planning, retirement investing, building wealth on any income. Just like in all my videos, I will also talk about personal finance, how to save money, money saving tips, dividend investing and much more.
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In today’s video we’re going to talk about the average net worth by age. We’ll learn how to calculate your net worth and why this is important. We will also talk about some strategies that you can use to help increase your own personal net worth. If you would like a free net worth printable worksheet and or a net worth spreadsheet to calculate your own net worth, then I have a link to one I created in the show notes below. So, let’s jump right in.
Curious to know what is the average American’s net worth? The Federal Reserve Board issues the Survey of Consumer Finances every three years to share information about family incomes, net worth and more. The latest report was issued in September of 2020 using data collected from 2019. According to the average net worth or mean of American households is $748,800. This seems pretty unbelievable right?? Well, this is because the numbers are skewed by the large number of wealthy individuals in the US. The numbers include the households of people like Elon Musk, Bill Gates, Warren Buffet along with all of the celebrities and movie stars in America. Just one more side note to blow your mind, Mark Zuckerberg, with an estimated net worth of $97 billion at the time the report came out, owns 2% of all Millennial wealth. So to put things into better perspective, we have to look at the median household net worth to get a more accurate picture of things because the median can be used to take out the outliers. So if we look at the median net worth to give ourselves a better picture, we can see that the median net worth of households in the U.S. is $121,700. A question that many of you might be asking is “Why is it important to know my net worth?”. Well, there are several reasons why this can be important. The first reason why knowing your net worth is important is to get clear picture of your financial health and to monitor if you are on track to achieve your financial goals. For example, if you are trying to achieve financial independence, understanding your net worth can help you better understand where you are in that journey. Another reason for knowing your net worth, is in comparison to your peers. Now, not in the sense of “keeping up with the Jones’s” but to see if perhaps you are falling behind and need to catch up in order to hit those retirement goals. The average net worth usually goes up as we grow older. A number of dynamics influence the increase of average net worth. For example, inheritances, salary, what part of the country you live in, education and so many more. There are also many ways to increase your net worth. We’ll talk about some of those at the end of the video. For now, let’s take a look at the net worth by age.
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As I said before, when we talk about the average net worth by age in this video, we are going to stick with the median number in order to eliminate the outliers. So, let’s begin by looking at early adulthood. You are just starting out and entering the work force at this age. If you are in the 18-24 age group the median net worth is $8,216. For the age group of 25-29 the median net worth is $7,512. You have probably noticed that the net worth for this age group declined. We can speculate that this is probably due to student loan debt upon completion of education. In the 30-34 age group the net worth increases to $35,112 as people are becoming more comfortable in their jobs and careers. In the 35-39 age group the median net worth increases to $55,519.
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