What should my networth be

We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Net Worth Your net worth is the value of all of your assets, minus the total of all of your liabilities. Put another way, it is what you own minus what you owe.

If you owe more than you own, you have a negative net worth. Well, anything better than the chart above is above-average. But I want to give you a stretch goal. I call this the high achiever millennial net worth by age.

What are some of your thoughts on this? I think it's definitely possible - especially the high achievers that started working at 16 or earlier and saved a bunch. I think that these high achiever net worth amounts are very do-able. They are a stretch, but not unheard of.

And these amounts will clearly make you above average. Notes: There's a huge jump around the 30 year old range, and that's all due to the Great Recession. The compounding just didn't kick in and there wasn't a big nest egg to start going into it.

However, this varies quite a bit across the millennial age range. Millennials were born between and , making them roughly 19 to 39 today. Millennial starting salaries vary quite a bit by graduation year. There is a big divergence in millennial success. Many millennials are doing extremely well, but others are struggling. There are plenty of millionaire millennials, but there are also many millennials in poverty.

Now that you know the average and above average net worth, how do you get there? It's time to start looking at ways to boost your net worth. As I mentioned above, it's essential to track your net worth. I'm a fan of Personal Capital , because it's free, has great tools, and it's online. Check out Personal Capital here. The great thing is that you're still young and you have a ton of time on your side.

Time is the biggest ally you have in building wealth. But if you want to grow it and fast , here are two more key areas to focus on. Boosting Your Income - As mentioned earlier, income is one of the key drivers in building assets and eliminating debt. The more income you have, the easier it is to grow your net worth. We have a great list of ideas to get started. I'm a firm believer that everyone can earn more if they try. Eliminating Your Debt - One of the biggest struggles millennials have is overcoming a negative net worth and making it positive.

Eliminating that student loan debt is key. Leverage your additional income but also look at student loan repayment strategies to help lower that debt. The fact is not everyone is average or above average when it comes to net worth. But knowing where you stand is incredibly important. It can validate your current financial plan, or it could provide motivation for you to make financial changes in your life. Don't be discouraged if you're not hitting the bar yet. Follow the strategies we discussed and start working towards building real wealth.

What are your thoughts? Are you a millennials that's above average or below? What do you think is the driver of that? You can learn more about him on the About Page , or on his personal site RobertFarrington. He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He is also a regular contributor to Forbes. Other Options. Get Out Of Debt. How To Start. Extra Income. Build Wealth. Credit Tools. Table of Contents Who Are Millennials? Who Are Millennials? So, it's really a mixed bag when it comes to millennials. They're hard to define financially. Follow Select. Our top picks of timely offers from our partners More details. SoFi Personal Loans.

LightStream Personal Loans. We may receive a commission from affiliate partner links. Click here to read more about Select. Click here to read our full advertiser disclosure. We may receive a commission when you click on links for products from our affiliate partners. Earn more interest on your savings. Read more. Here's the average net worth of Americans ages 45 to Latest Shopping Black Friday sales at Amazon?

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