Average Net Worth by Age (How Do You Compare?)
Description
Are you beating the average American in personal finances? Today, we’re sharing the average net worth by age to see where exactly you stack up. Whether you’re in your twenties, thirties, forties, or fifties, we have the data showing whether you’re behind (or ahead of) the norm. What do you do if you feel like you’re falling behind? Don’t worry; we’re also giving tips on how every age bracket can improve its net worth.
Don’t know how to calculate your net worth? It’s easy, and you can do it in minutes after (or even during) this episode. Once you know your net worth, it’s time to decide your next move. Do you need to make more money so you can invest faster? Are you close enough to FIRE that you can let your foot off the gas a bit? Should you buy that new boat? No! Don’t ever buy a boat.
We’re also sharing our own net worth journeys and the money moves we made that skyrocketed our wealth to millionaire status. You can’t go back in time and copy everything we did, but you CAN copy some of our same strategies to boost your net worth!
In This Episode We Cover
The average net worth for Americans in their twenties, thirties, forties, and fifties
How the rich invest differently than most of us (and what they’re buying)
How to calculate your net worth and whether primary residence equity is included or not
What everyone in their twenties should be doing with their money to secure a comfortable retirement
Why you DON’T need to be a mega-high income earner to become a millionaire
The reason Scott thinks YOU should be starting a business to FIRE faster
And So Much More!
Links
BiggerPockets Money 35 - Hacking Your Life to Live for (Almost) Free with Craig Curelop
BiggerPockets Money 416 - Codie Sanchez: These “Boring Businesses” Will Make You Rich
Visual Capitalist Composition of Wealth
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-586
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