Episode #586

Episode Show Notes: https://www.biggerpockets.com/podcasts/money?utm_source=youtube&utm_medium=description&utm_campaign=none

See how your net worth compares:
https://dqydj.com/net-worth-percentiles-by-age/

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Visual Capitalist Wealth Composition Chart:
https://www.visualcapitalist.com/composition-of-wealth/

What Belongs in Your Net Worth (& What Doesn’t):
https://www.biggerpockets.com/blog/what-belongs-net-worth-what-doesnt?utm_source=youtube&utm_medium=description&utm_campaign=none

Connect with Scott and Mindy:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none

Are you beating the average American in personal finances? Today, we’re sharing the average net worth by age to see where exactly you stack up. Whether you’re in your twenties, thirties, forties, or fifties, we have the data showing whether you’re behind (or ahead of) the norm. What do you do if you feel like you’re falling behind? Don’t worry; we’re also giving tips on how every age bracket can improve its net worth.

Don’t know how to calculate your net worth? It’s easy, and you can do it in minutes after (or even during) this episode. Once you know your net worth, it’s time to decide your next move. Do you need to make more money so you can invest faster? Are you close enough to FIRE that you can let your foot off the gas a bit? Should you buy that new boat? No! Don’t ever buy a boat.

We’re also sharing our own net worth journeys and the money moves we made that skyrocketed our wealth to millionaire status. You can’t go back in time and copy everything we did, but you CAN copy some of our same strategies to boost your net worth!

00:00 Intro
04:14 How the Rich Invest
07:31 Calculating Your Net Worth
13:21 What to Include
19:06 Age: 20 – 29
27:01 Age: 30 – 39
31:02 Exploding Your Net Worth
37:46 Age: 40 – 49
39:58 Age: 50 – 59
44:07 How Do You Compare?