Net worth? Is that something hockey coaches calculate? 🥅🤔 LOL we’re just kidding.
For real though, to calculate your net worth, you basically subtract everything you owe from everything you own. 🧮 You’re welcome.
Whether you’re brand new to earning income or getting ready to ride the retirement train, it’s never too late to prioritize your net worth! 💰
Here’s Five Fast Facts on net worth in America:
- 🫡 Captain Obvious, Reporting for Duty - When it comes to net worth in the U.S., upper-income households tend to have a higher net worth than lower-income ones. Data shows the median net worth of upper-income households is about 7.3 times more than middle class households and a whopping 75 times more than lower-income households.
- 💵 Net Worth It - U.S. households have a median net worth of $192,700. Compare that to the average U.S. net worth of roughly $1.06 million. Why the huge difference? The folks at the top of the financial food chain inflate the nation’s overall average. #MustBeNice.
- 🍷 Like a Fine Wine - Looking at net worth and age, Americans’ net worth hits a peak between the ages of 65 and 74 (average of $1.78 million). People who graduate with a college degree have over 11 times the net worth of those with a high school diploma or GED.
- 🌆 Concrete Jungle - Net worth also tends to vary by location. People who live in urban areas generally have higher net worths than those who live the rural life. A big reason? Higher property values.
- 🏆 Goal-Getter - The key to pumping up your net worth is building healthy money habits and sticking with them. If you have a ton of high-interest debt, make paying it off a priority over big savings goals. Take advantage of your company’s 401(k) plan or open an IRA. Live within (or below) your means and put any pay increases towards your long term financial goals.
🔥Bottom line: While you’re out there investing for your future, don’t forget to invest in yourself! Learning new skills and abilities can help you bring in more income and level up that net worth. There sure is a ton of tariff talk out there, no? Would you know a tariff if it hit you over the head? Brush up on your knowledge by reading this article!
How do your finances compare to your peers?
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