Best In Wealth Podcast
Scott Wellens
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What Should Your Net Worth Be Right Now?
What should your net worth be? Where do you compare to the average investor? As a listener of this podcast, I think you are an above-average person. So what should your net worth be if you are above-average? In this episode of Best in Wealth, I share seven traits that make you an above-average person. Then I will share what the net worth of an above-average person might look like. Do nit miss this episode! [bctt tweet="What should your net worth be? Where do you compare to the average investor? Learn more in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:07] Do you compare yourself to others? [3:50] The average net worth in America based on your age [6:11] The traits that make you an above-average person [12:34] The net worth of an above-average person The average net worth in America based on age According to the latest Federal Reserve Consumer Financial Survey, the average net worth per age is: Under 35: $76,000 Between 35–40: $288,000 Between 45–54: $727,000 Between 55–64: $1.2 million I do not love these numbers. Why? They do not account for above-average people and they are skewed by the numbers of the super-rich. The median net worth in America is much lower than reported in the survey at $97,300. $97,300 accounts for all age groups and net worth's. I do not want a skewed number. And I think we need to push ourselves to financial freedom as quickly as possible. [bctt tweet="What is the average net worth in America based on age? Find out in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] The traits that make you an above-average person Here is what I believe makes an above-average investor: You must be a hard worker. You have to put in the time to be successful. Do not expect great things to happen if you are not working hard. You must take responsibility for your actions. You are in control of yourself. Do not blame others for the situation you are in. You need to believe in yourself. If you do not believe in yourself, you will never be an above-average person. You need to spend less than you make. You need a great spending plan to do that. People that find themselves in debt spend their whole lives trying to get out of debt. You need to be committed to saving for the future. The first line item in your spending plan should be the percent you are saving for the future. You should all strive for 15% of your gross income (if not more). Max out your 401k, IRA, and investment accounts. Understand compounding interest. You need an investment policy statement that dictates how you invest (stocks, real estate, bonds, etc.). You need to look in the mirror and say, “I’m going to be disciplined.” Be disciplined with your spending plan, the amount of money you are going to save, and how much you invest. If you implement all of these steps, I believe you are an above-average person. The net worth of an above-average person I do not have data to support these numbers. But it is a good place to start. What could your net worth be if you are an above-average person? By 30: $250,000 or more By 35: $429,000 At 40: $660,000 At 45: $914,000 At 50: $1.25 million...
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