How Much Money You Should Have By Age (Average Net Worth)
- November 8, 2023
- Posted by: MainInstructor
- Category: BASIC Go Real Estate
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Video Title: How Much Money You Should Have By Age (Average Net Worth)
So they say that comparison is the thief of all joy comparing yourself to other people is the quickest way to unhappiness So today we’re going to look at how much money the average person has by age new economic data has just been released from the Federal Reserve which
If you haven’t heard is also now on social media including Instagram and threads hi I’m Jay Powell I’m the chair of the Federal Reserve and I want you to know that the Federal Reserve is now on Instagram and threads that’s right Papa Jerome pal Papa J is finally here he’s
Like all right no cap if this post gets 10,000 comments and half a million likes I’ll lower interest rates if it gets a million likes I’ll drop my latest coin cbdc what’s that my apologies looks like we got rug pull bust out the money printer so let’s start with the net
Worth remember your net worth is what you have minus what you owe and what you have can include everything like your cash liquid Investments stons 401ks IAS crypto Pokemon cards that counts too you know especially if it’s used in a video as a tax aible right
Off so after you add all that up you subtract what you owe which can include Mortgage Debt student loan debt auto loans credit cards things like that assets minus liabilities equals your net worth what you’ll notice is that the younger you are the less money it takes
To be considered in the top percentiles and as you get older it takes a lot more money so with that setup let me share with you this super interesting data so that you can do something no one should ever do compare yourself to other people
Let’s get into it my name is Andre J hope you’re doing well come for the finance and stay for the net worth breakdown now the way to think about this data is not how much money you need to have I’ll show you that later in the video but how much money the average
Person has how much you need to be in the top 50th percentile to be average or the median and then later in the video I’ll give you a breakdown of the actual assets and what people owe which is a lot more interesting but let’s start with the basic number first which is the
Richest Among Us first place is no surprise price it Coast to the age bracket of 65 to 74 with a median net worth of $410,000 now the second place the runner up is 55 to 64 with a median net worth of 364,000 to their name third place
Then goes to 75 and over with a median of $335,000 now these people are in full retirement they’ve been withdrawing from their assets to pay for their lifestyle which is why they’re in third place and not in first place even though they’re the oldest
Now fourth place goes to 45 to 54 with a median of $247,000 now fun fact this is the age bracket where you reach the max or the peak earnings potential this is where your income typically Plateau then we have second to last place which is
Anyone 35 to 44 with a median net worth of $135,000 and then last place is anyone ages 35 and younger so pretty much Millennials and there’s a huge drop off here because the median net worth is only $39,000 so far the data is pretty straightforward though the wealthier
Averages tend to be older and that makes perfect sense because people that are older bought into real estate a long time ago they’ve built in equity they paid down their debt their homes appreciated in value there was time for compound interest for their stons so their 401ks and IAS are also bigger so
So far what we can walk away from all of this is that time is the biggest indicator of wealth the longer you’ve been alive the wealthier you will probably be all right so now instead of just giving you a final net worth number I want to give you a detailed breakdown
Of what people own and how much debt they have because a huge portion of a person’s net worth can be attributed to their retirement accounts and stocks which you can find using the sponsor of today’s video Weeble Weeble is a commission free trading app that supports stocks options ETFs fractional
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The market section at the bottom of the app click that and then as you scroll down you’ll see something called Market Movers now here you can find all sorts of ideas from the most actively traded stocks the top gainers top losers 52 week highs dividend stock lists and more
And if you want to expand on it just click the Market Movers Tab and here you’ll find even more dividend stocks and it’ll show you everything from the dividend yield to the dividends per share when you’ll get paid with the X dividend date the market cap the PE
Ratio and the list goes on and on now after looking at the list if you like a specific stock you can just click it and it’ll tell you a lot more data so here are just some of the options like charts news feeds Sage tracker analysis tools
So for example if I click on Sage tracker it’ll tell me what percentage of this stock is held by institutions so if I want to follow the big money I can do that but if I’m not sure I can click on an analysis and it’ll tell me exactly
What analysts think of it in this case 46% of them say to hold the stock these are all super useful tools in helping you build your overall net worth and the best part is that Weeble is giving away 12 free fractional shares once you deposit any dollar amount Each of which
Can be valued up to $3,000 all you have to do is click the link below in the description of this video give it a try let me know how you like it and now let’s get back to the net worth breakdown let’s start with the richest
Demographic people ages 65 to 74 now fun fact that group of people also makes up about 4% of the people who watch my videos I don’t know why that’s relevant or why I brought that up but to the four out of 100 of you watching this video I
Want to thank you for spending your very valuable time with me so people ages 65 to 74 control $474,000 worth of assets and most of that money can be accounted for thanks to equity and their primary residence $320,000 which by the way is not how much much Equity they have instead it’s
The estimate of how much people think they could sell their house for at the time of conducting the survey so what’s actually added to their net worth can be calculated by taking that primary residence number and subtracting home secured debt from it so let me show you $320,000 which is their primary
Residence minus home secured debt of 110,000 and you get $210,000 so $210,000 is the real Equity that gets counted towards how much money they are worth but remember this is not factual data this was a survey where people were asked how much their house is worth and
Most people think their house is worth more than what they could probably get for it so it’s skewed towards the higher end now their second biggest contributor to wealth is their retirement accounts which account for $200,000 of which stock Holdings make up 160,000 now their cars are also worth an average of about
$27,000 but now let’s talk about their debt they owe about $110,000 for their house $6,000 for their car and on average they have a $3500 credit card debt so overall it was real estate that made them richer than all the other age brackets now moving on to the second
Wealthiest age bracket 55 to 64 they typically control $473,000 worth of assets which is very close to the last age bracket and the biggest contributor is once again real estate their primary residence is worth $350,000 and they have $185,000 in their retirement account of which stock made up
$111,000 and they typically Drive nicer cars than the last age bracket because their cars are worth about $32,000 which kind of makes sense the younger you are the more you care about what car you drive and as you get older the less you care about pretty much
Everything I can come for by the only thing I care about nowadays is catching my breath and uh smashing the like button on onra videos now as far as their debt goes they owe $125,000 for their house so slightly more than the previous age $7,000 for
Their car and the exact same average of $3500 of credit card debt they also represent about 6.6% of the people that watch my videos now the next age bracket is 45 to 54 and this is where it gets a little more interesting this demographic controls $427,000 worth of assets which is a
Slightly bigger drop than the last but they have the biggest representation of real estate making up $38,000 so people in this age bracket tend to own the nicer things including the nicer houses they also have 115,000 in retirement accounts of which stocks made up 68,000 and they also Drive the
Nicest cars slightly higher than the previous bracket at $32,400 and this makes perfect sense because in your 40s and 50s you’ve hit your Peak earnings years so you’re going to make more money in that part of your life than any other so it makes sense why you drive the
Nicest cars and live in the nicest houses because lifestyle inflation got impress those fellow executive friends life makes sense again now their biggest debt though is also their their house at $190,000 $166,000 for their car loans which is in line with everyone else and a slightly lower credit card balance of
$3,000 now I’m going to skip the next age bracket of 75 and over because I think I covered it with 65 to 74 but I will say that they have the third highest net worth and the lowest levels of debt across all the other ages especially as it relates to housing now
Let’s get down to some core demo Graphics 35 to 44 this age bracket makes up about a third of the people who watch my videos and I’m also pretty much in this age range as well now what you’ll notice here that’s interesting is that even though the median net worth of this
Age bracket is $135,000 they control $310,000 worth of assets which kind of shows you that it’s skewed so much lower just because when you’re younger you haven’t had the time to pay off your debt just yet now of those numbers the primary residence is worth a median of
350,000 their retirement accounts are at 45,000 of which stock Holdings made up the the majority at $30,000 the leftover 14,999 is CDS bonds and crypto and the leftover dollars nfts they also drive a car that’s on average worth $29,800 so also kind of on the higher end but as far as their debt
Goes it’s also kind of no surprise primary residences make up most of their debt at $190,000 their car loans are in line with everyone else at 16,000 but installment loans or student loans are surprisingly not the highest $25,000 and credit card debt is about in line with everyone else at
$2,900 now the last age bracket is $ 35 and younger which is the one that most people have probably been waiting for because altogether that’s about 46% of the people that watch my videos so here’s where most people are at so the median 35-year-old or younger controls $71,000 worth of assets their primary
Residence is worth roughly $250,000 the median retirement account size is about $199,000 with the average car value at 24,000 which is the second lowest out of all the age groups right behind 75 and over now here is how all their debt compares the median debt level is
$177,000 for a house 14,000 for their cars $18,000 for student loans which is the lowest of all the age brackets and 1,700 in credit card debt same as 75 and over so that’s a lot of numbers that I just threw at you but hopefully it gives
You a generic idea of where people are at today but now let me sort of tie it all together so there’s two main things that made people richer and that was time and real estate but there was also a third one that kind of surprised me which is a college degree for example
They found that a family with at least a college degree is going to make roughly two times more than those with just some college experience in almost four times more than those without a high school diploma now I think we could have all probably guessed that sure if you have a
College degree you’ll probably have a higher income but if you make that same assumption about their net worth you’d be wrong because the Gap is so much bigger a family with a college degree for example versus no high school diploma has a higher net worth by a
Factor of over 10 times and over three times higher than people with some college experience so even though the income side can be twice as big when it comes to the net worth it can be 10 times higher which is kind of crazy to think about so now that you’ve seen how
Much money people have let’s talk about how much you should save and this is according to Fidelity and let me know what your thoughts are on this because I think this is really really hard to do especially considering all the inflation that we’ve been through but let me know
Your thoughts and this makes a couple assumptions first it assumes that you start at age 25 and you start saving 15% of your income and you invest it towards the stock market so by the age of 30 they say that you should have saved at least one times your annual salary so if
You make 50k a year by year 30 you should have at least $50,000 in some retirement account that that’s hopefully tax efficient and then every 5 years after it increases by one so by 35 twice your income by age 40 three times your annual income and so on and so forth
Until 67 where it jumps to 10 times your annual income so that’s apparently what you’re supposed to have according to Fidelity I’m skeptical I think it’s really hard for the middle class to do after all the government spending and all the stimulus but hopefully if you’re watching videos like these about
Investing you’re doing better than the average now if you feel like you’re behind after watching this entire video please remember it is never too late to start investing especially if you want to get started with lowcost broad market index funds the slow and steady way to
Get rich remember you can grab your free stocks links are down below but more importantly I’d love to know how this data that I shared with you compares to your personal situation and I realize most people are not going to leave a comment in the YouTube section but if
You do and you want to share with me your age range and maybe your net worth maybe we can figure this out together because remember this data is not fact it was just a Sur Sur and they could have had sample size that wasn’t representative of the average but I’d
Love to know either way I hope you have a wonderful rest of your day smash the like button subscribe if you haven’t already remember once again you can grab your free stocks links are down below go track them automatically with the spreadsheet link Down Below in my
Patreon love you thank you so much for watching this video we love to see you back here on Monday Friday sometimes a Wednesday see you soon bye-bye
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these values all seem FAR too low. but i suppose they are averages so that makes sense?
Im staying in JOBFLIPUSA till after ETFs being approved and will move into alts after that…
institutional buying into JOBFLIPUSA could totally break the cycle and the peak expectation of end of 2025 will likely spectacularly fail to appear. If the last double peak was odd, the next one will catch most people out again.
JOBFLIPUSA return policy is hassle-free. When I needed to return an item, the process was straightforward, and their team was understanding and accommodating. It's great to know they prioritize customer satisfaction.
?I really appreciate the dedication in each video you post. Despite the dip in crypto, I still thank you for the level-headed financial advice. I started crypto investment with $4,345 and since following you for few weeks now, I’ve gotten $18,539 in my portfolio. Thanks so much JOBFLIPUSA
My heart goes to the entire community for JOBFLIPUSA building up something even my grandpa can understand. This is so smart by them to launch it to shatter the doubts and fears of the common folk which is not even correct to begin with. Everyone knows the state of inflation and recession now and the way out is already in progress. Now it's just about catching the big fish
Gen x here. I am slightly ahead of benchmark as I was pretty frugal in my 20s and generally live below my means. I also upskilled and got a few promotions which means more income.
Lived with parents off and on which helped reduce housing costs.
Slow and steady is the way to go. If you can’t save 15% start lower the key is to start
23 and net worth 30k, and I live at home, been watching your videos for a year now. 🙂 I invest a lot of my savings and taking advantage of the Robinhood APY rn
Saving is not real you should focus your time on making more money instead of saving money
Would be cool if you made the same kind of video with spending habits, for each agegroup.
I think if anyone who uses these as goals, which I almost did, should take Ayahuasca.
So in reality most people are in debt… the real richest are those who go by the role cash is king 💸
For example once we finally do what 1st world countries like Japan do real Estate isn't really worth that much and their homes are super not expensive and attainable like it was once in the USA.
AND TO TOP THINGS OFF IN JAPAN AND OTHER 1ST WORLD COUNTRIES MEDICAL SERVICES AND FOOD MARKET IS NOT OVERLY INFLATED 😑 & COST OF LIVING IS VERY AFFORDABLE 😊
I live in the UK I am at age 29- Net Worth is £50k , i live in the UK i know it is not ideal But i am trying hard ! started with nothing so Not giving up though . 🔥
I'm 16, with about €7k of which €2k in investments (plan to move more money there as soon as possible). I save my full paycheck since I still live with my parents, on top of that I save 75% of my allowance. Right now I don't get paid enough so by January I am going to get a new weekend job.
It seems that people just live with huge credits all their lives. I knew it was bad but not that bad. Is it the same in the UK? I'd love Andrei to make a comparisson video about US and Western European countries, including the UK, Germany, France and at least one Scandinavian country. I know it's a hard work, though. Andrei, what do you think?
Money is an illusion. It’s all just energy. Be positive as all energy has a charge. I hope you all manifest your reality in this financial matrix!
19 with a networth of 20k, still in college though
Great video, thank you Andrei, age 48 and net worth is 1.5M. Fortunate with real-estate, paid off rental property and investing at early age. Only debt is the mortgage on my primary home at 190k. Never made a lot of money just always tried to save and live below my means.