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Net Worth By Age in 2024: How Do You Stack Up?

It’s time for one of our most anticipated shows of the year: our annual Net Worth By Age show! In this year’s edition, we’ll shared updated numbers and data for 2024 and discuss the most important things for you to focus on in each decade.

Be sure to check out our Net Worth deep dive here!

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Episode Transcript

Unveiling the Wealth Journey: Net Worth By Age in 2024

Discover the latest insights into Net Worth By Age with our comprehensive breakdown based on the 2024 data from the Federal Reserve Survey of Consumer Finances. We’ve updated the average net worth by age to guide you through the financial landscape of the new year.

Key Takeaways:

  • Net Worth Calculation:
    • Your net worth is determined by subtracting what you owe from what you own.
    • Utilize our Net Worth Tool for a detailed home dashboard showcasing your net worth over time, accumulator score, tax buckets, and more, available for just $29.
  • Household Net Worth Trends:
    • Household net worth has reached historic highs after adjusting for inflation.
    • From 2019 to 2022, home prices surged by 38%, contributing to a 37% increase in household net worth.
    • While financial assets have risen, overall median net worth stands at $192,700, with financial assets totaling $38,840.
  • Total Net Worth vs. Financial Assets:
    • This year, we’re breaking down total net worth and comparing it to financial assets.
    • Total net worth includes everything you own and owe, while financial assets only encompass specific categories, excluding debts.

Breakdown by Decades:

20s: Starting Your Journey

  • Focus on building good financial habits in your 20s.
  • Prioritize savings, aiming for a savings rate greater than the rate of return.
  • Median Net Worth (29): $53,849

30s: The Messy Middle

  • Make solid progress in increasing assets and decreasing liabilities.
  • Address life’s busyness by balancing disposable income against commitments.
  • Median Net Worth (39): $127,895

40s: Fork in the Road

  • Evaluate whether to ease off the pedal or increase your savings rate.
  • Prioritize saving enough, optimizing asset allocation, and considering debt pre-payment.
  • Median Net Worth (49): $235,560

50s: Winning the Game

  • Focus on knowing your retirement number, covering retirement risks, and potentially seeking professional financial advice.
  • Median Net Worth (59): $352,513

Conclusion:

As you navigate through each decade, understanding your net worth and making purposeful financial decisions is key to a prosperous financial future. Whether you’re starting your journey or nearing retirement, these insights provide a roadmap to financial success in 2024. For a deeper dive, explore our Net Worth Tool and take charge of your financial well-being.

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