How much are you worth? Here’s how you compare
Bottom Line: On one hand we have the best economic growth and wage growth in a generation. Lowest unemployment rate in 49 years. Near record high stock market and the highest quality of life for every generation in American history. On the other hand most Americans say they’re still generally living paycheck to paycheck. Some of that’s our own decision making, some of that’s circumstances. For many of us it’s living in South Florida which isn’t cheap. Regardless, here we are with most of us pulling in a similar direction. Wanting a successful career, taking care of our family and setting ourselves up for a decent retirement.
The Federal Reserve is out with their annual Survey on Consumer Finances and here’s the scorecard for 2019. Median net worth across all families is... $97,300.
And here’s the median net worth of U.S. families based on the age of the head of household:
- Age 35 or younger: $11,100
- Age 35-44: $59,800
- Age 45-54: $124,200
- Age 55-64: $187,300
- Age 65-74: $224,100
- Age 75 or older: $264,800
Clearly the average family isn’t pacing millionaire status,far from it. This is where I’ll remind you of my Millionaire Plan...