Average Net Worth By Age in 2022!
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- เผยแพร่เมื่อ 6 ม.ค. 2022
- Average Net Worth By Age in 2022!
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1:30 20's
15:11 30's
28:49 40's
41:45 50's & beyond
Thank you!!!
Thank you!
Thank you 🙏
You’re doing god’s work!
I was 31 in 2008, and my net worth went from around 150k down to -15k in the span of a few months. But that turned out to be a blessing in many ways; not only were my new investments buying at a discount, but following a pay cut, I'd learned to tighten my belt in a ways I never thought of before. In the fifteen years since, I've basically put 80-90% of my subsequent pay raises into savings rather than consumption. I expect to cross $1M sometime in the next few years, and my dreams of early retirement are turning into actual planning.
How the hell did your networth go from $150k to -$15k in 2008?? The markets dropped like 40%. You should have been around $60-$70k
@@Zippo5069 he was probably invested with Bernie Madoff 😂😂
@@Zippo5069 Think debt/margin/leverage. If you had bought a house in 2007 with a mortgage. My in laws "lost" $100,000 on their property value when they bought in 2007, house went down more than their deposit. They managed to keep their house, but looked very bad on paper.
@@Zippo5069 networth not investment alone. He was probably upside down on his house and when all of his Investments Tanked he was left holding the IOU bag
@@Zippo5069 Condo. Purchased for $260k, borrowed $210k, value dropped to $120k.
The 30’s really are the redemption period! We kind of floundered in our 20’s but over the past couple years we’ve managed to catch up. We’re 32 & 31 years old and after seeing just how far our hard work has taken us, I have hope we’ll reach that prodigious accumulator status in the next few years!
agreed, not sure I have ever known someone who was a huge saver in their 20's.....I simply had no money to save.The 30's-40's are your time to stack those chips......
Most people in their early to mid 30s graduated right before during or right after the 08 crash.I remember how hard it was to get a job right after high-school and it was like that for years.
Anybody else tired of seeing comments from 28-year-olds with $2.5M in the bank and no debt ? I'm 41, with a net worth about $200K, paying down $13K in debt. I make over $110K, but live in an increasingly expensive city (i.e., high rents) and have a child. I max my Roth 401K and have a pension of about $1.5K a mo./ I can collect in my 50's. I'm nowhere near prodigious, much like the average 41-year-old. Just do your best. You won't own a yacht, but your life provides value in non-monetary ways. Take heed to what the Money Guys teach us, but don't be discourage by the overachievers.
Yup. Software engineer (SWE) with RSU make 400-500K/yr in their late 20s.
You haven't been maxing your 401k for long if your networth is only 200k. Also if you're renting you're being impacted by increased rents and don't have any home equity to add to your networth.
@@superblump87Thanks for the sound advice. I worked at another company that provides me with a pension I can collect at 56, which I paid into. Therefore, I didn’t have/need a 401k until a few years ago. Also, I’ve only lived in places where sound down payments were around $100K. Im not a idiot, I’m just not rich.
@@buckbiro then why are you complaining?
@@superblump87 I'm saying, comments on this thread from people who are flush with cash/assets are, at best, not useful, and at worst, just boastful and pompous. Many people who aren't in the best financial shape may need to see comments from others like themselves, not just people that want to tell the world they've got it all figured out. Anybody that has a million bucks saved up by the time they're 32 obviously doesn't need to watch the Money Guys, so why do they?
when i watched the show last year, my NW was around 125K. This year, I'm at around 210K. Your content is all to thank for that.
There's so much dignity and respect to be an independent woman. I spent my 20s working and investing. Now I'm 31 and i have about 10 streams of income. Supporting my husband and kids and buying anything i want without asking anyone for money. Nothing gives greater joy than that. Lots of women need to get to work no matter your husband's or partner's financial status.
I didn’t start tracking my net worth until 2015. If I had done it sooner I would have seen how my debts were dragging me down. I’ve gotten great information from this show. I realized my $62,000 of student loan debt needed to be paid off because the interest rate was above 4% and I’m 47. So 2 years ago I got a second job and paid the student loan off in April 2021. Hubby and I just hit 1.4 million net worth ( a good portion is our retirement accounts). We don’t feel rich tho.🤷🏽♀️
This made my day. 39 years old, saving $776 a month toward retirement, plus money (employer and employee) going into a state defined benefit (pension) on top of that. I'm way behind on how much I've earned/saved/invested up to this point in my life. But I feel like I'm finally getting on track and that's a great feeling.
I'm in the same age and financial boat as you, but starting to see some growth now and it's exciting. You can do it!
Good job man, hang in there and keep chipping away.
@@SirenEyeMedia excellent, keep at it.
Love hearing that, it's never to late to start! Keep up the good work!
Everything Brian and Bo say is right on. I didn't seriously start saving & investing until I was 30 yrs old, but I stayed on track, consistently, and did cross the $1m net worth right around age 49. Save, invest, and DON'T live above your means if you want to reach those financial milestones.
PM what was your income range and how is are your assets allocated? TY
@@greg6909 I started out in the mid 40s (at age 28) and currently in the 130s (age 50). I got where I got because I made sure to max out my 401k contribution every year, and whenever I could I paid extra towards my house -- paid off by age 46. I actually didn't know much about investment in the beginning and was not a high risk person, so I chose moderate risk type funds in my 401k. Consistency and maxing out my contribution (no matter the market situation -- 2008-2009 was really scary but I kept up my contribution and when the market picked up again I was doing even better since my money was able to buy more funds during the crash due to lower fund prices) was my way to hitting the $1m mark in networth. Good luck to you.
as the saying goes...Simple but not Easy.....but the alternative is frightening
Wow your rich
Hubby and I are 35 and we just hit a million dollar net worth on Monday. We paid off our house this year so a big chunk of our net worth is in our home (it’s value is about $700k). This is a huge milestone for us and we’re grateful the financial advice we’ve learned through this channel.
@badinstinctsTH-cam Yea that's not true
@badinstinctsTH-cam Look up the definition for "net worth". It's just assets minus liabilities, you're incorrect.
200k subs! Great content, as always. Thank you for all of it. You've certainly earned the subs.
I'm 22 and just created a Roth IRA and maxed it out 2 weeks ago 🙌🏼
2 weeks ago; so you can still do 2021 until you file your taxes…and you have all year for 2022 contribution!
My favorite show each year. Thanks for helping me keep on the right track.
I look forward to this every year. You guys have infectious positivity
Love the money guy show! About to turn 25, very lucky to have a resource like this growing up.
Thank you gentlemen for all your advice you have given me. The insight has been invaluable.
Amazing episode as always! Thank you money guy team!
Great info keep it coming!
we slept on our finances for many years. but @50 we just hit 705k and we are pumping 4200.00 a month into retirement accounts. so hopefully this will make up for lost time. but i am also 22 years into a union pension.
I appreciate you guys. Thank you so much for your continued inspiration!!!
2021 was a big year! Ready for the show!
Congrats on Georgia's championship! I've been listening to the show for so long that you all were the first I thought of after the game. Keep the great content coming!
Love to hear more sometime about LLCs, 1031 exchanges in LLCs, solo Roth 401k and spouse strategies, exchanging whole life insurance policies, college tuition strategies. Let's go 2022!
You may want to check out Bigger pockets money podcast, they cover this more often.
I'm calling bullshit making 200k a year is not common at all especially in your 20's. Just because a lot of people watch this channel and happen to make that even if that's true it may be common amounts the audience hear but definitely not common overall.
They just said it does happens. And it does.
Excellent content. I definitely go through the exercise of looking at my net worth statement annually and for the past few years I have been looking at the performance or gain of my liquid assets (army of dollars) and have discovered that consistently it is over 100% of my income. I'm a divorced, mom of 4 and a teacher (mid 50s) so my income is not that high, but I am very disciplined and I just keep plucking away. Your resources are very helpful in showing me how close I am to financial independence.
Just started getting my finances in order last year at age 29. Wish I found this channel before deciding to go to college.
31 at $420k. Family of 3 (soon to be 4) and single income
Be intentional. Live below your means. Work hard. Mitigate risk. Invest. Kill debt.
This is my favorite series that y'all do. Great annual 'checkup' for my wife and I. 30 & 27, $180K income, $248K net worth. Thank you both for what you do!
Keep it up. U r doing great
That’s inspiring. If early retirement is one of your goals, you guys are well on your way!
Nice
By the time you reach retirement you will need over $4 million in your 401K. Not easy but it is what it is.
The best part was when Brian talked about the nerd side: both I and the Wife love the show and we listen to it even on our own. I usually watch/listen on youtube, she listens to the podcast side and sometimes in the past she would of already listened to the episode and joked that I was behind. Anyway, keep up the awesome work!
Great video. I liked the segment on 40 somethings in particular. I cannot say enough good things about the original Millionaire Next Door by Thomas Stanley. That book changed my financial life.
This is my favorite time to confirm I'm doing better than most my age. From the start of 2021 to the end, I more than doubled my net worth from $47K to $102K at age 24.
Any tips?
I did a net worth statement - based on advice from the Money Guy Show - in 2014. Net Worth of $38.72… when I did our net worth statement last week; we’re now PAWs! I look forward to putting it together every year!
Also - my wife likes it because she knows I don’t bother her but one time per year to sit her down and review the financials!
Big improvement!👍👏👏
@badinstinctsTH-cam Prodigious accumulator of wealth - its from the book the Millionaire Next Door.
For me if the stock market goes down I like to keep track of how many vanguard stock I own instead of paying attention to the total value. That way I know that even though the price is currently low I'm still increasing my assets and when the price goes back up I'll have even more.
This is a great way to keep "positive" when the market goes to bear territory or has a correction. Everyone thinks about how much "value" they have lost not realizing that this is bonus time as far as being able to buy cheap.
Also, I do not include my primary residence as an asset. The day I sell it is becomes an asset but until that point it is a liability only. It costs me money, it does not make me any.
That’s smart!! I like that!
@@jamus3457 I absolutely agree. Well said.
That’s what I’ve been doing too
Paul. I keep an eye on the number of shares. I have a little goal to add 100 shares every 3 months not a certain dollar
Amount.
Thanks Guys, I appericate it as always
Great show!
Time to cheer for the one of the best videos!!!!!!!
Good stuff guys🤙🏾
Turning 30 in April. Current NW 499K.
I sometimes think I am behind consider I have college degree in marketing and international business , that degree cost $60k unfortunately did nothing on my current role as commercial real estate broker.
I bought a commercial building at $70k, invested $60k on improvement, Sold it for $225k. Real estate is really way to go and build your net worth quick.
I’m Considering to buy another three by end of the month so my net worth will be approaching $1M!
Wish me luck
Next month I’ll be 23 and I’ve strived as hard as I can the last two years. Making around 32k/ year before taxes, and I’ve accumulated around $8000 for a down payment on a house, close to $1500 in emergency fund, and over 10k in retirement investments. A total of 19k and some change. Around mid this year I’ll have exactly one years income (after taxes).
That's my goal this year too .. net worth of 1x gross income
@badinstinctsTH-cam what does 8-10k in monthly expenses cover? I live in LA and don’t even come close to that all in
@badinstinctsTH-cam The $8k is just where I've gotten so far lol. The plan is to get to at least $20k mid next year for the down payment. My partner is close to that amount so by the time we decide to buy a house we should have $40-$50k collectively.
@@zcorn1 im one year older than you but have over 150k in my stocks/bond portfolio. Everyone is dealt different cards
@@simpsimps553 That's awesome man! Love to hear stories like this. It's amazing to know people our age are interested in financial success.
I love doing my net worth statement so much, I do it monthly now 🙂
i love that by the time you guys recorded this to the time you published it you gained 9k followers. sitting at 210k now
Great content
One of my favorite episodes. These guys are legendary, phenomenal financial educators. I am a PAW, age 46. So glad I started investing at age 24.
Good job! I’m trying to get there too
@badinstinctsTH-cam I think they mention it in the video. AAW is average accumulator of wealth. PAW might be phenomenal? I'll keep watching to see
@@jeffk3368 I believe PAW is prodigious accumulator of wealth.
I’ve been waiting for this for months 😍
For the 20s, I feel like there should be something in the calculation that factors in the number of years since starting their full-time employment. Based on the salaries listed in the prodigious chart, it seems reasonable to assume you're mainly targeting people with at least a Bachelors which means on average someone is starting their 1st full-time employment at 22. It just doesn't seem practical to say: to be a prodigious accumulator, you need to save, at a minimum, over 150% of your salary in your first year of employment. Even if you saved 100% of your pre-tax income, setting the expectation that for someone making $200k at 22 they will have needed to save $114k in their part-time/summer jobs through high school and college is not feasible.
Yep. When The Millionaire Next Door came out 25 years ago, I was in my early 30s, and I was way far from being a PAW. Now, in my late 50s, I'm comfortably in PAW territory. The calculation is pretty well discouraging, and not useful, for those under 40. It's a lot easier to build net worth after those student loans are paid off as well.
PAW status is something you work towards. Even AAW is a major accomplishment to be celebrated. They do not expect most 22 years old to be at PAW status, but good for them who are!! If a 22 y.o is watching this they have a much higher chance of eventually hitting PAW status. It's a journey and its hard work.
@@valhersh1703 21 at $165,000 net worth, thanks for saying this👍
That is faulty thinking, an excavator operator or structural steel welder that work lots of overtime can make more than the average bachelor degree holder, there are a lot of bachelor degree holders who don't even have jobs, or are grossly underemployed. The ones that do well have degrees in things like engineering or medicine, but what % of bachelors degree graduates are in those kind of areas where they are almost guaranteed a well paid job?
@@hzuiel I mean you can use any age and salary you want if you want to look at the trades professions. Since the calculation is based on both age and salary (which includes any overtime), you will always need to have over 100% of your salary saved in your first year of full-time employment to be a PAW, regardless of profession. I also don't know why you used trades as your counterpoint since their salary progressions almost perfectly mirror those listed in the video. Yes, I am not talking about average bachelor's degrees, but there's nothing average about making any of those salaries other than $50K (for singles; $100k for couples). However, since the average salary for employees with less than a bachelor's is under $50k, I don't think it's that unrealistic to say that the PAW chart was "mainly targeting people with at least a bachelor's." Is it everyone with a bachelor's? No. Would it have been more accurate to say: mainly targeting those with professional degrees/those in tech? Probably, but by all the data published it was definitely more accurate, on average, than trades.
Having a tab at personal finance situation is the key.
Great episode! Thank you! Fortunately my wife and I have been investing since we graduated college. The net worth formula is quite helpful and shows we have some work to do. Very motivating. Thank you!
Congratulations on getting over 200K subscribers
Suggestion: This vid can be strongly improve by chapters/timestamps. Thanks for the content!
I've become a big fan of your show!! Thank you for all the valuable information! It really makes a difference.
I have a couple of questions:
Would the principal part of your mortgage payment be considered savings? Can that be included in the 25% you should be saving?
If you have a small business that's a one man show or are self-employed, what do you suggest is the best small business retirement plan to invest in?
Going to grad school was simultaneously the worst thing I have done to my net worth and the best thing I have done for my income. My class mates act like I am crazy when I tell them that I am back to my pre-MBA budget to try to make up the gap.
Great stuff! Would love to understand how AAW and PAW formulas are adjusted for dual income households. Would the age value used be that of the oldest spouse? Would love to see more about the average "dual income" accumulator of wealth and what a financial mutant couple looks like! Thanks!!
You average ages if the income contribution is equal, if single income use the age of that person, & other mixes you can use a weighted average based on proportion of income for the corresponding ages.
We use the age of the older spouse :)
Man I look forward to this episode every year but at 34 with 95K income I get constantly reminded of just how far behind I am. My small caps took a beating in 2021 but I DCA'd down so here's hoping this sets me up for a solid 2022!
If they are good value companies, cash flow positive, at a price that is good risk-reward, in the long you should be fine.
Not that behind; the pay is not bad for your age, depending on your location/cost of living. Hope you are investing enough and buying the right shares.
@@AaBbCcDdEeF well I live in Canada and our housing bubble makes the US look like a bargain basement discount lol so as long as I keep renting then yeah 95K is ok
Oof
Not gonna lie, comparing my financial standing against my peers is always anxiety inducing. I know that's not the intent, but still. I'm not even behind and I freak out about my retirement. I can't imagine that anxiety if I didn't have any retirement.
Just do what you can today. No sense worrying about anything else. Also- if you love what you do…you may never have to retire. My grandfather is a multimillionaire and he still works at 90.
Thanks 🙏
watched u guys in the background while I played video games since 18 now im 19 with around 45k invested, these people spittn facts
I'll be 30 this year and make between 50-100k with a NW of almost 200k... I love this!!
41 years old. $500k net worth.
Nearly (off by a couple hundred bucks) maxed out my 403(b), 457, and IRA in 2021. Total possible saved was $45,000 I was at $44,xxx.
2022 will be $47,000 for all 3 accounts.
Would be cool to get a Canadian version of this!
Your show keeps showing that wealth grows exponentially over time. But wealth by age guidelines are are linear by age.
As a consequence, your guidelines are brutal below 40 and trivial above 40.
I strongly recommend making exponential guidelines for net worth by age. Something consistent with 15% or 25% investment of annual salary.
The math would get complicated, the original formula didn't even have the under 40 provision, so it looked brutal to anyone in their 20s and early 30s. It's still unlikely alot of people will be AAW or PAW until later in life because of the exponential growth, but at least it makes it very possible to get there even if you are behind at first.
@@jarrodwidiger5472 Doesn't have to be complicated. Assume 25% savings rate (money guy style). A 5% growth rate:
Age 30: 1x your annual income.
Age 35: 2.5x annual income
Age 40: 4.5x annual income
Age 50: 10x annual income (This agrees with money guy table)
Age 60: 20x annual income
This looks way less daunting for the young ones, shows power of compounding interest, and keeps the challenge above 50 years of age.
I feel better after watching. Ty
We retired with my wife being 50 and I at 58. These fine gentlemen will give you something to think about. J.L. Collins for your epiphany moment on FU money and the money guys to keep you in check on how you are doing. Remember a million dollars is not equal to a million dollars. 401 vs brokerage acct vs cash vs networth.
Sorry to say, I an now a fifty year old looking back at 20-40 year old me saying “What were you doing?!?” A bit late, but am trying to rectify the situation. Saving 40% 401k while my wife saves 50% also. Long hard stretch, but should be a millionaire before I’m 60.
20s: 10:45
30s: 15:20
40s: 28:49
50s: 41:47
you're welcome
Remember when you could find a decent used car for $500. for sale by owner that could be made reliable enough(that would last for 5 years or so without falling apart) for job commuting or even a trip out West (or East if you lived in the West) if you were a bit handy or knew someone that was---and being handy meant that you could have a reasonable chance of detecting that a car had an engine with major problems likewise automatic transmission problems and final drive problems --but you used to be able to get a good rebuild of certain automatics for around $200.
I'd love to see you guys do something for a married couple with combined finances
21 years old $165,000 net worth (no debt, no assistance) living in the southern USA
31. At 200k - pure dividend growth strategy, average dividend per month at about 500 - i put 60% of my salary into my depot each month plus boni and all i can save on top.
Love these guys, great as always. HOWEVER, the only thing I disagree with you is the car rule (at least for more seasoned investors). I think that as long as you are hitting the 25% savings rule, and have no other "bad" debt (like credit cards), then paying for a car cash is not a great idea with today's rates. The rates are so low that as long as you don't do something crazy like a 70 month term, you can reach up a little for better reliability, safety or comfort features. Maybe that's me rationalizing being a compulsive car guy :)
Using the info for a 50 y/o, can you show/explain how you arrived at the monthly contribution amount of $2,480 at 7% decreasing.1 per year calculates to 1M? I can only calculate ~700k even if I hold the rate of return at 7% through out the 15 year period. Thanks.
I worked my backside off & paid off the mortgage of my first house at 23yrs old. Been totally debt free since.
Spent a bit cash & saved a bit cash over 30yrs, always worked hard at something I've been passionate about.
Can easily retire now if wanted.
If I can do it, anyone can.
Net worth of 134K at 24 without help from my parents. I'm not typically one to brag, but I'm pretty dang proud of this. I fell into the trap of the fancy(ish) truck right out of college, but paid that heifer off in 3 years and have gone hard core at my student loans ever since. Got a good deal on my house before the housing market went off the rails. The biggest thing is I was very strategic with my college degree (Safety) and living well within my means. It's possible. A challenge, but possible.
Work hard and smart. Add to your experience and skills. Success doesn't come over night. I never made 6 figures in my 20s and 30s. However, I'm in my 40s and hit 6 figures and now I've reached 7 figures. Work hard, save and invest.
8:00 I agree about the car, however, I think it's important to note, I'd rather someone buy a car that's a bit on the expensive side than to get one that's in their 8% rule, but is a major clunker in need of frequent repairs.
Just to add a bit of clarity, I'd encourage a $2,000/month individual with a total living cost of $1,500/month to buy a 2015 Corolla with 50,000 miles for $9,000 than a 2003 Corolla with 200,000 miles for $2,000.
Been listening into your show for the past couple weeks and catching up on some past episodes, and I’ve found all of your info really motivating! I’m 20 about to turn 21 in a month. I work as much as I can, and stayed local to save money for college. I have one more semester to pay for and I will graduate debt free. I contribute about $200 monthly to a Roth IRA. My only concern is that when I save from working in the summer it seems to just get dumped into more tuition. Although I only have one semester left to pay for it’s a little discouraging. Any advice for increasing my net worth before/as I graduate?
You are doing amazing! Don't kill yourself! It's a marathon. You are setting yourself up to win big. You should be very proud of yourself.
The fact you even think about this means you are light-years ahead of most people. Graduating debt free makes you a Rockstar. And you'll be banking even more then b/c you'll have the knowledge, ability, and the motivation.
Love the habits you are forming!!
I hope you realize how far ahead you are just by listening to this show as a 20 year old. If you apply these principles, game over. You're half my age so I'm pretending that I'm speaking to my 20 year old self.
So much love and positivity in this comment section, it’s actually so motivating!
YOU ARE DEBT FREE! This is one secret to building wealth quickly. Your assets will no longer be balanced against your debts. Every dollar is building your net worth. Now you can put the pedal down on your future.
Awesome video guys! Love the content. Is the equity of your primary residence included in Net Worth???
Best ‘Average Net Worth by Age’ show yet! Tying the details by age to the new Net Worth tool was fantastic. Get the Net Worth tool today!
I watched last year. Hope the median for my age went down so I will be closer to the median.
Thank you for focussing on MEDIAN as the average is simply not relevant for most people.
American age 38 net worth $1.5M. You gotta hit 7 figure investment besides your own home. Talking about a single here, not couple or triple. Diversification of it is the utmost importance. Mine divides into RE, Stock/Div, DBPP pension. All combined worth about $1M ($800K personal investment + $350K DBPP @age 60) plus my home equity $400K
The point is your own home + $1M nest egg
One question I have is around taxes-for the purpose of these AWW calcs should gross income or income after taxes be used? Also should traditional 401(k)s and IRAs be adjusted for taxes? I have a mix of Roth/traditional retirement accounts
Love it love it love it love it love it love it live it love it love it
I'm not sure if there's a way to get a net worth calculation for people above the age of 49, but the formula you provide at around 13:30 breaks down if age goes beyond 49. (Age * Income)/(10+(40-age)) is what I inferred due to me being over 40. Perhaps a separate formula for those 50+ year old people making catch-up contributions to try to gain back some lost time? Just a thought. Thanks for the information you provide in your videos.
Wow, just put my net worth together, 656k and I'm 29. Got very luck with real estate with purchasing a duplex in early 2020. We live in one half and rent the other (we live in a hot rental market on the jersey shore). Of course I'm mindful of the real estate market shifting this net worth number changing drastically - but I'll take it!! Everyone should buy a duplex!!
I didn't want to share a house with another person, so I bought a condo, rented it out, and found a cheaper rental to live in. Just hit 1.1 mil net worth at 35 by doing this and I sold my condo and bought my own single home.
@@Azel247 We only rent for 3 months of the year and make our mortgage out of those 3 months!! I'm with ya, I wouldn't want to share the property for the full year either.
Can you guys do a single income example, or a household income in the 50-70k range?
Wellp, living at home for another several months for sure. 24 year old just started public accounting internship, lol.
I’m happy that I crossed my first million networth last year at 33. Income is about $400k/year and it’s been incredible to see how it accelerates. What I’m hoping to do is to continue to expand into new income streams like real estate or even building out my TH-cam channel. There’s just so many ways to make money and make money work for you! Good luck to everyone in your journey. :)
Income of 400K and only 1M net worth?! You'll be broke before too long
@@josho6038 the $400k just started recently, before that was more like $200-250k and also living on the West Coast taxes will kick you in the nuts lolol
I’m 21, In January 2020 (when I was 20) I bought a car that cost me $12k. Fortunately I’m learning and understanding. My car payment is $215/mo for 36 mos and I put $4k down (because I saved & worked 70+ hours a week minimum wage.) Monthly I invest $400. And additionally invest into a 401k with 100% employer match and also invested in a Roth IRA this past November.
I do have a question. I am ready to buy my first home, but I have been hearing about Biden’s First Time home buyer program. Should I wait for it to roll out or just pull the trigger on my first home? I think I’m growing financially without any support or help from anyone. I started with $0 and nothing to my name. I’m very grateful. It is true hard work pays off. Much love to everyone! Thank you for the advice and wisdom.
I would like to watch your show more often, but I get turned off by the idle chitchat. It would be great if you kept to the main point or thesis. These videos could be 30 minutes with more data, less fluff. Please take this as humble constructive criticism. Thanks guys!
So what if you mostly made in the mid-high 5 figures most of your working life but in the past 5 years or so you're in the low 6 figures in your early 40s. How do you judge where your net worth should be as a Prodigious Accumulator? Your tables seem to assume that your income is at that set level your entire working life.
Does the delta of liquid assets include the change in my cash balance from my earnings?
Hi y'all! Wondering how to calculate where household net worth should be for partners with different ages. Would you take a mid point of the age range and add incomes together? Thanks!
I agree. I would like to know who they would do that with partners.
what I do is a weighted average between my wife and I based on income. For example if I make 100 and am 40 and she makes 50 and is 30 then the age I use is 36 or 37
What I want to see is some mapping of retirement score to retirement age
Bigger question. How do you get a 20 year old to sit down and listen to this great information?
Need to update that sub count on the shelf!
Chart is wrong- I hate to say it because I love your show but the “savings required to be a millionaire” chart is wrong. Chart says that the return rate goes down by 0.1% per year, but the calculation is going down by 0.1% every decade. Meaning the 60 year old is earning 9.6% instead of 6.5% that the chart states. Still love this episode.
If a pension is properly funded, then it is fine to include an equivalent amount on net worth and cash flow statements. However, if it is an underfunded pension from a state or labor union then I agree it is more of a footnote item.
I’m 28, started out maxing my 401k Roth 4 years ago, now it is $115k and $68k in my Roth IRA. The rest is in taxable brokerage accounts 340k. They are all invested in S&P 500 index funds and healthcare.
Watching this from Europe and really love the advice. It is however difficult to compare. Not only do we have full social security and state pensions, the wages and avarages shown here are quite low...
If I can count the house for our net worth when we bought it and divide everything by 2, i still end up at around 350k each... And other than a loan (which was deducted) for the house, we have no debt...
I guess we're there? 51/49 and about 2 million. Thanks for the checkup.