Average Net Worth By Age (The Sad Truth)

The YouTube Creator Academy:

AVERAGE NET WORTH BY AGE IN 2023:

From Ages 18 to 24:
Median Net Worth: $8,216.04
Average Net Worth: $28,707.13
Top 1% Net Worth: $435,076

My Thoughts:
First, go and get yourself a credit card with no annual fee. 
Second, make sure you also open up a Roth IRA or contribute to a 401k.
Third, try to have 2-6 months worth of expenses saved up in cash.

From Ages 25-29:
Median Net Worth: $7,511.60
Average Net Worth: $49,387.83
Top 1% Net Worth: $606,188.36

My Thoughts: For most people, your priority should really be about finding a long term career, building to your strengths, and working as much as you can to maximize your income.

From Ages 30-34:
Median Net Worth: $35,111.76
Average Net Worth: $122,699.69
Top 1% Net Worth: $956,944.74

From Ages 35-39:
Median Net Worth: $55,519.42
Average Net Worth: $274,112.44
Top 1% Net Worth: $4,034,486.45

My Thoughts:
First, aim to COMPLETELY get rid of any bad debt, credit card debt, or high interest loans.
Second, you should try to save AT LEAST 20% of your income.
Third, your net worth should be 4x your annual expenses, or 2x your annual income.

From Ages 40-49:
Median Net Worth: $164,196.96
Average Net Worth: $761,560.21
Top 1% Net Worth: $10,494,100.10

First: You should consider buying a home.
Second: You should, if possible, max out your retirement accounts.
And Third: If possible, aim to have AT LEAST 5-7x your annual spending invested.

From Ages 50-59:
Median Net Worth: $171,320.07
Average Net Worth: $1,165,476.62
Top 1% Net Worth: $17,545,848.60

First, you’ll need to closely track your expenses.
This will give you the best understanding in terms of how much you’ll need in retirement, and how much more you’ll need to save to get there.

Second, depending on your situation, you should be about halfway through paying off the mortgage on your primary residence. 

From Ages 60-69:
Median Net Worth: $271,805.38
Average Net Worth: $1,250,768.99
Top 1% Net Worth: $16,439,046.11

First: You’ll most likely have already paid off your mortgage.

Second: Spending begins to DECLINE after the age of 65.
Even though it might sound depressing, research suggests that “worsening health associated with aging reduces the need or desire for some types of spending such as trips and vacations” - so at least the bright side is that you can save a little more, if you haven’t done that already.

Third: Now is the time where you can begin withdrawing from your retirement accounts without any penalties. 

All of this is meant to get you to realize that, at the end of the day - even though net worth is something to consider - a much more reliable indicator of “financial independence” is simply: How much you have invested, relative to how much you spend.

It’s all about starting this as soon as you can, even if you’re behind, and then working within your means to understand what you need to do to reach your future goals. 

My ENTIRE Camera and Recording Equipment:

[PInkW]

I retired at 60.
Me a high school drop out.
Laborer all my life.I made $34k last year
My home is paid off. No debt at all.
No car payments no credit cards
$42k in the bank.
Life is good.

[nicolasbenson]

Distinguishing between money management and wealth accumulation is crucial, and the absence of comprehensive investment education in educational institutions could contribute to the challenges individuals face in sustaining their financial progress. The instances you highlighted are indeed pertinent, and I have personally found value in navigating market downturns, appreciating their potential as opportunities. It's worth noting that my advisor shares this perspective as well, albeit in a lighthearted manner.

[yalicapkini]

Qardden token will make millionaires, after CEX listing it will blow up.

[dkd]

You may pay that mortgage off, but property taxes are forever.

[jonathanburtnick]

I know is best to invest in safe heaven assets cos profit level usually drops in these times, but I have been reading articles of people that were still able to gross heavy profit up to $580k during this what is the best strategy at this time

[donaldwayne]

I mean, I've heard of individuals who made hundreds of thousands of dollars during these periods, and someone I listened to on a podcast made over $250K in less than a month, so what's the strategy?

[Courtney-Alice-Gargani]

This is such great advice. My dad gave me this advice. He said people should start saving money, investing, and planning for your retirement in your 20's.

[AreilKeeize]

The recession is indeed upon us, the current slide in the economy could get worse, gas prices going up, skyrocketing! and inflation really starting to gain steam, who are we to blame and what are we to do as investors to keep money coming in?

[apollovizsla]

I wasn't born into a financially savvy family and was never a high wage earner. I wasn't able to save a lot at a young age and did not really start saving through my jobs 401K until I was 38 years old. I am now 60 years old and my net worth is about $400, 000.00 and I am debt free. I am not where I need to be, but thankful that I was able to save this amount for getting such a late start. I wish I knew then, what I know now about finances!

[bufuCS]

Tracking expenses is for sure the most important point. So many people have no idea how much money they spend and on what they use their hard earned money for

[thereignofthezero]

No way. Most 18-24 year olds have negative net worth.

[NateBee]

After watching you for a few years, my wife and I have started throwing a lot more money at retirement. We are currently putting 2k per month away, and it really feels good to know we are on track for our retirement goals in 35 years!

[spdog]

This made me feel a lot better about myself! Easy to always compare up, helps to look at the median/avg

[floridaman]

I work with individuals over 65 in one of my business dealings. Because of what type of work it it, we discuss financials. The amount of people 65 or older that have nothing or next to nothing is truly shocking. A lifetime of work and nothing to really show for it financially.

[Frizzable]

Graham, been watching for years, but i cant REALLLLY tell you're tired in this video. i came directly to this video from a video that is a couple years old and was surprised with the low energy here vs the video i came from. Remember to take care of yourself man!

[DonFronShow]

These videos are the best for reality checks and just plain realistic

[illicitcrypto]

Hi Graham, thanks for getting me more interested in finances and inspiring me to push myself!

[stevechan]

Hey Graham, I'm a long-time listener and subscriber! I think it's time for another "best credit card" video. I have my Amex Platinum renewal date on my calendar, so I can cancel it before it renews due to the crazy high annual fee. Thanks for always producing great content!

[tysone]

I appreciate you citing your sources, not that I don't beleive you/whoever writes your scripts but I like going more in depth.

[r.c.salyer]

Absolutely 100% correct - in what is the most important = "Difference between your expenses and what you have coming in for retirement". My wife asked a good friend we had years ago? What is it like to be a Billionaire? He answered - well anyone and everyone can have that same feeling. "Just live below your means = spend less than you have coming in". Terrific advice from 25 years ago and still true today.