What is the average net worth by age in America? This video is going to present to you the average net worth for different age groups and how to truly compare your net worth more accurately with people in your age group.
SHOW NOTES:
- Elon Musk 221.1 billion USD
- Jeff Bezos 163.3 billion USD
- Bill Gates net worth 128.8 billion USD
- Warren Buffett 116.7 billion USD
- The Federal Reserve Board’s Survey of Consumer Finances provides some information of the average net worth by age group and the median which means middle. This number is better to see how you compare, because compared to the mean, the median is not skewed by a small proportion of really big or really small values, which means you get a better representation of a “typical” value.
- HOW IS NET WORTH CALCULATED?
- Basically your net worth is what you own minus what you owe? Assets, which is what you own minus liabilities what you owe.
- Assets could be the value of your home, balance in your 401k or IRA, other savings and liabilities what you owe could be credit card debt, student loans, amount left on mortgage to pay off home.
- HOW CAN YOU INCREASE YOUR NET WORTH?
- Start saving and investing, low-cost broad based index funds or ETFs are generally a good foundation to start on, let compound interest do it’s magic.
- Pay off debt either with the debt snowball or debt avalanche strategy.
