Average Net Worth by Age in 2024 (Are You Behind?)

What is the average and median net worth by age in 2024? Are you ahead or behind?

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⏰ Table of Contents ⏰
0:00 Introduction

#FIREPsyChat #FinancialIndependence #NetWorth

🎵 Music and Sound Effects Provided by Epidemic Sound 🎵

Disclaimer: This video is not in any form of personalized financial advice. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence or seek the advice of a licensed advisor if necessary.

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[kckuc]

Applauding channel like yours, 2 million club and counting 🎉

[concernedcitizen]

Just found your channel. Great information here. I'm retired ANG "grey area. I hope to have enough to retire at 60 years old. God bless, and thanks for the advice.

[elziemcmillion]

I get amazed at how individuals want to use there house to include net worth, spoiler alert a house is a liability, until you sell it. I sold my home with a huge gain, bought another one with cash and the rest in a HYS account and a networth with stock of million dollars with $0 debt.
Your house is not an asset until you sell it doesn't matter if the value doubles(your taxes go up).

[dshep]

I think Fidelity has some of the less expensive index funds to invest in.

[dash]

27:00 time mark: "So, just because the home you bought was $200K in 2020 and now it's worth $400K in 2024, it doesn't mean that your net worth is doing better than the average American if you have nothing in your savings accounts, retirement account, or the regular brokerage account."

If you bought that house and it's fully paid off, IT DOES MEAN that your net worth is more than the typical American in the age 55-64 age group. (After all, you just quoted the median net worth for this group as being $365K.)

It doesn't matter whether the source of your net worth is in property, cash, or bank accounts. Net worth is a snapshot of your financial position at that instant in time. And if your home value keeps doubling every four years, you'd be doing a helluva a lot better than the average American who puts his money into the stock market (which yields somewhere between 10% and 12% depending on your reference source of information).

I get your point about building an investment portfolio.

I just think you picked a particularly bad example to try to make that point.

[kckuc]

I’m doing conversions now without doing them, contributing all to Roth 401k TSP in last 5 years and according to right capitol doesn’t make sense to do actual conversions

[melrosejuannah]

Melrose here from New York ! Free course. I need it.

[adrianaph]

Correction: RMD is now 73 which started in 2023 for individuals born after 1951. Love your content :)

[bulldogfightingforfreedom]

My tech investment just crashed… I lost $50K… one day, was I worried ? I slept like a baby

[kckuc]

Tsp is loosing some of the cheapest when to compare to fidelity and vanguard

[goldstandardaviation]

Should be Median not Average. Average is skewed and misleading.