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The Average Net Worth For The Above Average Person

Updated: 01/07/2023 by Financial Samurai 999 Comments

When it comes to your finances, everything is relative. To get ahead, you must outperform the average. If everybody is up 20% in their investments, have you really gotten richer? You have not. This post will discuss the average net worth for the above average person. Our goal is to outperform the average so we can live better lives.

You’ve got one life to live. You can have the average net worth in America, which is pretty low. Or, you can shoot to have an average net worth for the above average person. Let’s all shoot to be above average with our one and only lives! This is, after all, Financial Samurai.

If we all earn $1 million dollars a year and have $5 million in the bank at the age of 40, none of us are very wealthy. With this level of wealth, all our living costs (housing, food, transportation, vacations) will be priced at levels that squeeze us to the very end.

As such, we must first get an idea of what the real average net worth is in our respective countries, and then figure out the average net worth for the above average person!

Average Net Worth By Age In America

According to the latest Federal Reserve’s Triennial Consumer Finance Survey available, the average net worth for the following ages are:

Under 35: $76,200

35-44: $288,700

45-54: $727,500

55-64: $1,167,400

65-74: $1,066,000

75+: $1,067,000

Not bad. But these average net worth numbers are skewed by the super rich who have generated an enormous amount of wealth since the financial crisis.

Although the average net worth for all Americans is roughly $692,100 in 2023, the median net worth is a more pedestrian $97,300. Meanwhile, the median age for Americans is around 36. Therefore, your goal is to try and beat the average net worth by age in America every step of the way.

I firmly believe if you join 55,000+ others and subscribe to the free Financial Samurai newsletter and immerse yourself in personal finance by reading a great personal finance book, you will get there.

Let’s look at the average net worth for above average people. It’s much more rewarding to shoot for stretch goals and achieve the.

The Above Average Person Is Loosely Defined As

1) Someone who went to college and believes grades and a good work ethic do matter. Or someone who graduated from high school and went straight to work in the trades or building your own business.

2) Does not irrationally spend more than they make.

3) Saves for the future because they realize at some point they no longer are willing or able to work.

4) Takes responsibility for their own actions when things go wrong and learns from the situation to make things better.

5) Takes action by leveraging free tools on the internet to track their net worth, minimize investment fees, manage their budget, and stay on top of their finances in general. Once you know where all your money is, it becomes much easier to optimize your wealth and make it grow.

6) Welcomes constructive criticism and is not overly sensitive from friends, loved ones, and strangers in order to keep improving. Keeping an open mind is critical.

7) Has a healthy amount of self-esteem to be able to lead change and believe in themselves.

8) Has a diversified net worth, which includes stocks, bonds, real estate, and alternative investments.

9) Enjoys empowering themselves through learning, whether it be through books, personal finance blogs, magazines, seminars, continuing education and so forth.

10) Has little-to-no student loan debt due to scholarships, part-time work, or help from their parents. Our parents have saved and invested through the largest bull market in history. It’s understandable that parents want to help their children out.

11) Does not confuse brains with a bull market.

12) Understand the power of inflation and believes $3 million is the new $1 million

13) Is constantly learning and reading about health, wealth, and relationships. In fact, the above average person reads 10X more than the average person. Check out my new Wall Street Journal bestseller, Buy This, Not That: How To Spend Your Way To Wealth And Freedom. It is the best personal finance book you can read today.

The Above Average Net Worth Deconstructed

Now that we have a rough definition of what “above average” means, we can take a look at the tables I’ve constructed.

The tables are based on the tens of thousands of past comments by you. They are also based on the more than 2,000 posts I’ve written since 2009 to highlight the average net worth of the above average person.

First, we’ll focus on the simple 401(k) retirement savings system. For 2023, one can contribute a maximum of $22,500 in pre-tax dollars. The maximum contribution amount will likely go up by $500 every couple years if history is any guide.

This chart can be used as a rough estimate for those with the RRSP plan in Canada and retirement plans in Europe and Australia as well.

In fact, any country that has any sort of tax-deferred retirement plan and social safety net program for retirement that has a GDP/capita of $30,000 or more can use the below chart as an aspirational guide.

Remember, we are talking about the “above average person.” Given not everyone can contribute the maximum 401(k) amount, I’ve used the average contribution of $18,000 instead.

Financial Samurai 401(k) Savings Guide

The average net worth for the above average person takes full advantage of his or her 401(k). The 401(k) is a tax-advantaged account where you contribute pre-tax dollars, which lowers your taxable income and tax bill. The money then compounds without a tax drag.

Only after 59.5, when you can start withdrawing from your 401(k) penalty-free, do you need to pay taxes on the withdrawals. However, by then, your marginal income tax rate should be lower since you’re retired.

Below is the recommended 401k amounts by age.

401k by age savings potential guide

401(k) Contribution Assumptions

The assumption here is that the above average person is able to start maxing out their tax-deferred retirement plan every year after the second full year of work. He or she will continue on without fail until 65. You can read more about the right contribution order of your investments between tax-advantaged and taxable accounts.

The low and high end account for a conservative 0% return to a more historical 7% – 9% constant rate of return. Of course you can lose money if you are unlucky and make much more if you are good and lucky.

Given the 401(k) maximum contribution limits have increased over time, the left column can also be used as guidance for older savers over 45 years old. The middle column can be used for middle aged savers between 30 – 45. The right column can be used by younger savers under 30 who get to max out at $19,500 a year at the minimum for the majority of their careers.

For example, when I started contributing to my 401k in 1999, the maximum contribution limit was only $10,000. If you are a 40 year old, it’s best to focus on the Mid End column.

This chart does not take into consideration any after-tax savings post 401K contributions. However, the high end does include 401k company contributions, as this is common for those with seniority and those who work at profitable, generous companies.

For example, for the last five years, my company paid out more than $20,000 a year in profit sharing.

Financial Samurai Post-Tax Savings Guide (Taxable Investments)

The average net worth for the above average person is also bolstered by building a large post-tax investment portfolio. After all, you can’t withdraw from your 401(k) before 59.5 without a 10% penalty. When I say post-tax, I mean taxable investment portfolios such as your online brokerage account.

It also refers to your rental property portfolio you are building. Some of you may simply prefer real estate over stocks. That’s fine. Real estate has historically been a fantastic wealth-creator long term. The combination of rising rents and rising property values is hard to beat.

Financial Samurai Post Tax Savings Guide Chart - Average net worth for the above average person

The above chart assumes on the low end that one saves about $5,000 a year in after-tax income and around $10,000-$15,000 a year in after-tax income on the high-end after maxing out their tax-deferred retirement vehicle.

I’ve tried to keep things as simple as possible, assuming no inflation and no investment returns. I also believe saving $5,000-$15,000 a year in after-tax income is very realistic for the above average person, and probably very easy for many who earn more than $85,000 per person.

If you want to achieve financial independence sooner rather than later, it’s your accessible post-tax savings and investments that matters more than your tax-advantageous retirement accounts like your 401(k), IRA, Roth IRA, and so forth. Why? Because your post-tax savings guide is what will spit out passive income to pay for your lifestyle.

Finally, the chart should show you the power of consistency. Every person who wants to be above average financially should target a 20% savings rate after maxing out their 401(k) contribution.

The Importance Of Real Estate

The average net worth for the above average person also owns his or her primary residence and invests in real estate for income and diversification purposes. Inflation is too powerful a force to combat. If you are a renter, you are short inflation and the real estate market, which is no good long-term.

The Federal Reserve study showed that the average net worth of a homeowner is roughly $1,034,000. This is 11X greater than the average renter’s net worth of $91,000. Some studies show the average net worth for homeowners is 40X higher.

We can debate the merits of this study all day long (demographic sampling, housing price changes, etc), but the point is: above average people generally all own homes and are much wealthier than renters.

The return on rent is always negative 100%. You get a place to live and that’s that. There is never a positive return on an asset after a month, or 30 years of renting. A renter cannot pass on her paid off house to her kids or grandchildren. There is no asset accumulation at all. There is a reason why some 97% of millionaires are property owners.

The value of real estate varies across all the land and the world. It is very hard to make an assumption of what should be inputted as a result. According to the US Census bureau, the median home price in America is roughly $440,000 as of 2023.

In fact, due to the coronavirus pandemic, the demand for real estate is surging because we’re all spending much more time at home. Further, mortgage rates remain low, although they’ve ticked up.

Real Estate Investing Arbitrage

You can’t get anything livable in San Francisco, New York City, Los Angeles, Washington DC and Boston for $320,000. But, you sure can in the Midwest where I’m aggressively investing money through real estate crowdfunding platforms like Fundrise. Fundrise invests in single-family and multi-family homes in the heartland. It has over $3.2 billion in assets under management.

Valuations are so much cheaper and the net rental yields are so much higher in non-coastal cities compared to the coastal cities. With companies like Google investing $13 billion in heartland real estate to expand operations, you know other companies and investors will follow.

Further, work from home is here to stay after a long pandemic. Technology has made working from home acceptable.

As a result, there will be a multi-decade migration away from densely populated and more expensive cities to cheaper cities with more space. CrowdStreet specifically focuses on real estate opportunities in 18-hour cities like Charleston, South Carolina vs. 24-hour cities like Los Angeles, California.

I personally sold a San Francisco rental property for 30X annual gross rent and a 2.5% cap rate in 2017. Then, I reinvested $550,000 of the proceeds in real estate crowdfunding with a target 10% cap rate. It feels good to diversify into no-coastal city real estate and earn income passively.

My total investment is $810,000 in the space. I’ve received over $624,000 in distributions since 2017. It’s been great to diversify my expensive real estate holdings and earn more income passively.

private real estate investment dashboard

Financial Samurai Home Equity Guide

Let’s now construct an equity value chart of something based on a range of $250,000-$500,000. Let’s assume that upon retirement, you have your house paid off and can attribute this amount into your net worth.

Financial Samurai Home Equity Accumulation Guide Chart

I assume that the above average person buys a $250,000-$500,000 piece of property at 27. By the time they turn 28, they will have owned the property for 1 year. They will have also paid down $3,500-$7,500 in principal on a $250,000-$400,000 loan.

I conservatively assume a $250,000 no money down loan for the low end house. Even though after 5 years of working, the low-end above average person should have around $25,000-$30,000 saved up in cash based on the after-tax savings charts above.

Paying Down Debt Is What Above Average People Do

By the time a 27 year old pays off his or her mortgage in 30 years, s/he will be 57 years old with a place to live rent from for the rest of his/her life. That is the true value of the property, the rent saved for the remainder of the owner’s life.

I assume zero price appreciation on the home. It’s always best to keep things conservative. There are no extra payments to accelerate the payoff either.

Home prices have historically returned just a bit above inflation every year e.g. 3-4%. But given the above average person puts down about 20%, the 3-4% returns suddenly turns into a 15%-20% cash-on-cash per year.

15-20% compares favorably to the average S&P 500 return of roughly 5.6% from 1999-2018 and 8% – 10% since 1926. Although, expect future returns for stocks, bonds, and real estate to be lower.

Add on the tax benefits for mortgage interest deduction and owning a home through a mortgage becomes very beneficial for higher income earners.

The Average Net Worth For The Above Average Person

Below is the end result. It shows the average net worth for the above average person by age and years of work experience. The chart includes the average 401(k) amounts, average taxable investment amounts, and average real estate equity amounts. The table should give you a rough net worth amount to shoot for if you want to be considered above average.

The Average Net Worth For The Above Average Person by Financial Samurai

The average net worth for the above average person by age is as follows:

$250,000 by 30

$429,000 by 35

$660,000 by 40

$914,000 by 45

$1,240,250 by 50

$1,684,000 by 55

$2,180,250 by 60

Somewhere in their mid-40s, the above average person becomes a millionaire. In comparison, the average American only becomes a millionaire between 55-64. This is 10-15 years later according to the Federal Reserve.

The key is to stay disciplined with your savings and investing routine. With a proper asset or net worth allocation, you’ll be amazed at how far your net worth will grow over time.

Buy The Best Selling Personal Finance Book

If you want to achieve financial freedom, purchase a hardcopy of my new Wall Street Journal bestseller, Buy This, Not That: How To Spend Your Way To Wealth And Freedom. The book is jam packed with unique strategies to help you build your fortune while living your best life.

Buy This, Not That is also a #1 new release and #1 bestseller on Amazon, where it’s on sale for 31% off! By the time you finish BTNT you will gain at least 100X more value than its cost. After spending 30 years working in finance, writing about finance, and studying finance, I’m certain Buy This, Not That will change your life for the better!

Buy This, Not That: How To Spend Your Way To Wealth And Freedom Bestseller

Stay On Top Of Your Finances

The best way to build wealth is to get a handle on your finances by signing up with Personal Capital. They are a free online platform which aggregates all your financial accounts on their Dashboard. This way you can see where you can optimize your finances.

They’ve also come out with their incredible Retirement Planning Calculator. The calculator uses your linked accounts to run a Monte Carlo simulation to figure out your financial future.

The average net worth for the above average person is all over tracking his or her finances. There’s no rewind button in life. It’s better to end up with a little too much than a little too little.

Retirement Planning Calculator

Invest In Real Estate More Strategically

If you want to have an above average net worth, you should also consider investing in real estate. Real estate is a core asset class that has proven to build long-term wealth for Americans. Real estate is a tangible asset that provides utility and a steady stream of income if you own rental properties.

Given interest rates have come way down, the value of rental income has gone way up. The reason why is because it now takes a lot more capital to generate the same amount of risk-adjusted income. Further, inflation is elevated, which means there’s a tailwind for rents and property prices.

My favorite two real estate crowdfunding platforms are:

Fundrise: A way for accredited and non-accredited investors to diversify into real estate through private eFunds and eREITs. Fundrise has been around since 2012 and has consistently generated steady returns, no matter what the stock market is doing. For most investors, I think investing in a diversified real estate fund is the way to go. Fundrise manages over $3 billion in assets under management.

CrowdStreet: A way for accredited investors to invest in individual real estate opportunities mostly in 18-hour cities. 18-hour cities are secondary cities with lower valuations with higher rental yields. They also potentially have higher growth as well due to job growth and demographic trends. If you have a lot more capital, you can build your own select commercial real estate portfolio with CrowdStreet.

Both platforms are free to sign up and explore. 

I’ve personally invested $810,000 in real estate crowdfunding across 18 projects. My goal is to take advantage of lower valuations in the heartland of America. There is a strong demographic shift towards lower cost areas of the country. Technology and the rising trend of working from home will make this trend permanent.

The Average Net Worth For The Above Average Person is a Financial Samurai original post. Thanks to a bull market, the average net worth for investors has skyrocketed. With elevated inflation here, it is vital to keep owning inflationary assets.

Join 55,000+ others and subscribe to my free weekly newsletter. Since 2009, the newsletter has helped people achieve financial freedom sooner, rather than later.

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Filed Under: Most Popular

Author Bio: I started Financial Samurai in 2009 to help people achieve financial freedom sooner. Financial Samurai is now one of the largest independently run personal finance sites with about one million visitors a month.

I spent 13 years working at Goldman Sachs and Credit Suisse. In 1999, I earned my BA from William & Mary and in 2006, I received my MBA from UC Berkeley.

In 2012, I left banking after negotiating a severance package worth over five years of living expenses. Today, I enjoy being a stay-at-home dad to two young children, playing tennis, and writing.

Order a hardcopy of my new WSJ bestselling book, Buy This, Not That: How To Spend Your Way To Wealth And Freedom. Not only will you build more wealth by reading my book, you’ll also make better choices when faced with some of life’s biggest decisions.

Current Recommendations:

1) Check out Fundrise, my favorite real estate investing platform. I’ve personally invested $810,000 in private real estate to take advantage of lower valuations and higher cap rates in the Sunbelt. Roughly $160,000 of my annual passive income comes from real estate. And passive income is the key to being free.

2) If you have debt and/or children, life insurance is a must. PolicyGenius is the easiest way to find affordable life insurance in minutes. My wife was able to double her life insurance coverage for less with PolicyGenius. I also just got a new affordable 20-year term policy with them.

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Comments

  1. Brian says

    September 15, 2022 at 1:59 pm

    Sam,

    Long time reader. Just bought a copy of your book and am thoroughly enjoying. As an Asian American living in a high-cost coastal city (Brooklyn NY), I can relate to so many of your stories and experiences. Wanted to thank you for all your incredible, easy-to-digest content, and valuable teachings.

    I am happy to share we (wife and I) are on our way towards financial independence. I am 40 she is 39. Our net worth (give or take some crazy market volatility) is roughly $1.7M. Rough breakdown of asset allocation would be 55/40/5 [stocks including 401k/condo owned free and clear/cash].

    It gives me comfort knowing disclosing this type of info in this community is not viewed as bragging, but rather a way to keep yourself honest to your goals and to encourage others to reach theirs.

    Reply
  2. Sam says

    September 5, 2022 at 7:34 am

    Love the content and just ordered the book from Amazon. Curious to know if you’ve invested yet into Crowdstreet, and if not yet, why not? I see return content for your Fundrise investments but have not come across actual return info for CS. Thank you, Sam!

    Reply
    • Financial Samurai says

      September 5, 2022 at 4:15 pm

      Thanks for ordering my book. I think you’ll love it as I go deep into money matters and tackle some of life‘s biggest dilemmas. I hope you will leave a great review when you’re done.

      I have invested in CrowdStreet deals before. One worked out well, 40% return over 2 1/2 years for a class a office building refurbishment. Another is doing fine and should exit within the next two years.

      I found that I don’t have time to pick individual deals and assemble a portfolio. Therefore, I like investing in Fundrise because they offer private funds and exposure to SunBelt single-family and multi family real estate. That is the asset class I want to gain the most exposure to. As I wrote about investing in the heartland of America since 2016.

      The biggest strategy in investing is to invest in long-term trends. And I believe heartland real estate is one of the best long-term trends over the next 20+ years.

      Reply
      • Sam says

        September 8, 2022 at 2:58 am

        Thanks, Sam!

        Reply
      • Nico says

        November 15, 2022 at 5:31 pm

        I love your book so far. I .an immigrant and started saving late but am applying a lot of the stuff you mention in your book. I have a suggested tweak, if I may be so bold. You 10x the interest rate of dept to determine the allocation toward repayment in percentage terms. I would actually square it instead. I’ve spent a lot of time figuring out whether or not to pay back this or that debt and I truly believe any debt that is low interest should be left alone as.mucb as possible.

        Reply
      • Jesse says

        January 13, 2023 at 4:54 pm

        Hi Sam

        You mentioned that you invested $810K in Fundrise and received $640K since 2017. The average (I use 5.5 years) per year would be $116.4K which translates to 14.4% annual return. I am also an investor of Fundrise and I don’t think any of their funds have this kind of high return. Could you elaborate a bit on this return rate you got?

        Also, what’s your opinion comparing CrowdStreet and RealtyMogul?

        Thanks. Really enjoy your writing.

        Jesse

        Reply
        • Financial Samurai says

          January 15, 2023 at 10:09 am

          Hi Jesse,

          I’ve invested $810,000 in private real estate investments, which includes funds and individual deals. In addition, my $624,000 is from all distributions, which may include original principal.

          Hence, the returns are likely closer to 8-10% IRR. Steady, just the way I prefer as a conservative investor in retirement.

          Reply
        • Thomas47 says

          January 15, 2023 at 10:59 am

          Hi Jesse,

          Not sure what Sam did with the distributions (re-invest, party, ?.), but if he re-invested, I am seeing something closer to 1.11% compound annual return. (not factoring in taxable events)

          — back of napkin —

          S=START=810
          E=END=(810+640)=1450

          G=GROWTH=E/S=1450/810=1.79%

          NP=Number of periods=5.5
          1/NP=0.18181818…

          CAGR = G^(1/NP)
          = 1.79^0.1818= ~ 1.11%

          Reply
  3. Drake says

    July 23, 2022 at 4:57 pm

    This is a great measuring stick for me, just crossed one-year working full-time after graduating from undergrad. By most accounts in this article, I’m on/above schedule but already feeling a little burned out. The supply chain in the automotive has been unrelenting in the past couple of years and shows no signs of slowing down.

    Additionally, I’ve been taking roles that are high-stress/high-visibility due to advice from a lot of leaders at my company. One of your recent articles on prestige chasing has me reconsidering my priorities. At what point in your career did you stop taking on “stretch assignments” or specific jobs just for the clout?

    Thanks,
    Drake

    Reply
  4. Oliver Doolin says

    June 3, 2022 at 6:22 am

    I’ve been following this site for a few years; I enjoy your work. I’ve been in financial services for my career but over the last 5 years have spent a lot more time in the wealth management field of finance.

    I noticed that in many of the wealth / net worth posts you have, there’s not much distinguishment between pre-tax and post-tax planning.

    I was recently attending a seminar that a client of ours hosts and the attention placed on how an individual saves and *where* those dollars are saved was incredibly impactful for how best to position for retirement.

    For example, if you save predominately in 401k’s for most of your life, you can find yourself paying more in taxes due to required minimum distributions.

    If you’ve tackled this subject in a post that I’ve missed, feel free to disregard and/or share a link.

    Thanks

    Reply
    • Financial Samurai says

      June 3, 2022 at 7:19 am

      Hi Oliver,

      You can check out this post for where to invest between tax-advantaged and taxable accounts.

      The Right Order Of Contribution Between Your Investment Accounts

      I also recommend you pick up a copy of my new book, Buy This, Not That: How to Spend Your Way To Wealth And Freedom. It is the most comprehensive personal finance book on achieving financial freedom and making optimal decisions for some of life’s biggest dilemmas.

      Thanks,

      Sam

      Reply
  5. JoAnne says

    December 24, 2021 at 10:42 am

    I wish this type of website and information was readily available at my fingertips when I was young. Thank you financialsamurai.com! I’m close to 70 years old, live in California, and I recall when 401(k)s first became available in my mid-20’s of thinking “Oh, I’m too young to worry about retirement.” I didn’t start investing in a 401(K) until around 36 years old or so. Life throws you a bunch of curves, though won’t go into detail with my story. As the saying goes, “best laid plans.” Also, my parents were of the “greatest generation” and lived through the depression. I grew up thrifty but cautious. I was not aggressive enough during the years of investing. I’m still working and have been maxing out by 401K accounts for some time now.
    Anyway, I, as a single, divorced individual (no alimony, I had to pay it to my ex for a time), have accumulated almost $755,000K in cash, $1,325,000 in 401Ks and an IRA, as well as have $750,000 in home equity for a rough net worth (not counting other things that can count toward net worth) of $2,830,000. In 2023 I’ll be 70, so I will get SS along with some small pensions since those started to phase out big time when I was in my 30’s.

    My purpose is saying all this is:
    1) I feel torn with feeling that I “should” be OK if I don’t crazy with spending so “good job” yet I also feel like I missed out on so much more $$ that could have been accumulated because I have been quite conservative in my investments and started later in life with the 401(k)s. I never used a financial planner. I have always been a good saver, but a divorce in my 50’s (I made more $$ than my husband) really put a lot of what was built up at risk and did set me back several hundreds of thousands of dollars.

    2) I encourage anyone I come in contact with that while “living for today” is great because life is meant to also enjoy when we can, think about the future, too, and don’t delay with getting a good financial plan going. Start now, if you haven’t. I never used a financial planner and feel if I consulted with a reputable CFP early on, I could have done so much better.

    Reply
    • Sheena says

      April 14, 2022 at 8:46 am

      My grandmother name was Joann miss her

      Reply
  6. Prospective Home Buyer says

    September 1, 2021 at 7:33 am

    I have been thinking about the rent/buy trade-off for many years. Finally I am at the time of my life where I have an opportunity (work, family, location, etc.) to consider buying. In addition to all the variables that often (necessarily) get simplified for general analyses, the thing I find most confounding to me is the concept of property taxes.

    Do you have any insight / analysis on this?

    For example, if I buy a $500,000 house and benefit from all the equity, leverage, inflation, etc. dynamics – and even pay it down in 30 years – I will still be on the hook for let’s say $12,000+ per year in property taxes, which is like $1,000 per month in rent. When I then add in maintenance and insurance, it seems to be a rather significant missing perpetual fixed expense from these analyses – and yet I wonder if I am missing / overstating the issue?

    Reply
    • Vitamin_Dee says

      September 3, 2021 at 9:36 pm

      Completely agree with this question!! And taxes really add up over the lifetime of ownership, mortgage or not!!

      However, my own situation still costs me less money versus renting:

      Monthly taxes without mortgage: 800
      vs. Monthly rent at market rates: 3,500

      Of course this still required me getting rid of the mortgage in order to enjoy this savings…..no two ways about it.

      Reply
    • Jeff says

      November 6, 2021 at 10:31 am

      I am a landlord. I own 2 single family houses that I rent out. I include the cost of property taxes, mortgage, maintenance and repairs in the monthly rent charged. After all, a landlord is renting their property out in order to make a profit, not a loss.

      As a renter you are not avoiding the costs of home ownership (taxes/maintenance). Those costs are built into your rent in addition to a profit margin for the landlord.

      In the end, it is always cheaper to buy than rent.

      Reply
  7. Christopher Nowak BFA MLIS says

    August 21, 2021 at 5:15 am

    $750,000 is the MINIMUM wage in the NHL BUT MAXIMUM WAGE in the REAL WORKING WORLD!!!
    My lifetime gross income for 35 years is almost exactly half of what JOE THORNTON will make in ONE year ($376,000). Only about 75% of that is EARNED INCOME!!
    I have received NO INHERITANCE YET but still have a net worth of $600,000!!!
    LESSON: Get a good financial planner early and invest primarily in EQUITIES (especially AMERICAN)!!!!!
    $10,750+ per year!!!
    Do you know anybody who has averaged LESS than 11,000 a year for 35 years and is still worth $600,000 dollars without an inheritance or lottery victory???!!!
    I am going to average only a $9,000 gross the next FIVE years and fully expect to be a MILLIONAIRE (still without an INHERITANCE or LOTTERY VICTORY).
    COMPOUND INTEREST LATER ON IS BEAUTIFUL!!!
    It is time to contact THE GUINNESS BOOK OF WORLD RECORDS!!!

    Reply
  8. John Carter says

    July 1, 2021 at 10:55 pm

    In your blog you have mentioned the average net worth for all age group. Some people may attain this or some not. But I believes that one should save for the future because at some point they are no longer willing work. So start now so that you have enough for your future.

    Reply
  9. John says

    June 1, 2021 at 1:51 pm

    43, saved heavily and finally hit the 1 mil mark at 42 — felt like it took forever. Now at +2 mil. If this is an inflated market, we might need a new inflated above average person spreadsheet.

    Reply
    • Christopher Nowak BFA MLIS says

      June 3, 2021 at 5:00 am

      You doubled your life savings in one year?????!!!!!

      Reply
      • John says

        June 5, 2021 at 12:32 pm

        I’m shocked too! I was overly cash heavy, deployed it all in March March 2020 during the covid crash.

        Reply
        • Christopher Nowak BFA MLIS says

          June 8, 2021 at 5:20 am

          Sorry. I do NOT understand!!
          You deployed it from cash to equities??!!
          If you did that, you would have lost A LOT of money for the first month or so before getting it back??!!
          I do NOT see that it is at all possible for you to double your life savings in one year UNLESS you received a LARGE INHERITANCE!!!!!

          Reply
          • Engininja says

            June 18, 2021 at 3:15 am

            Christopher:
            Jealous much??!!
            It’s possible, I know because similar happened for me. No inheritance necessary, just a little infusion of extra cash into the right stocks at the right time. Some might call it luck, and I don’t mind. I call it a blessing for which I am very grateful.

            Reply
            • Christopher Nowak BFA MLIS says

              June 22, 2021 at 5:15 am

              I am NOT jealous!! I am just realistic!!
              If you look below, I have no reason to be jealous!!

              Reply
            • ccjarider says

              June 23, 2021 at 6:45 pm

              Agree – similar result in equity growth in my portfolio from Q1/20 to Q1/21

              Reply
              • Christopher Nowak BFA MLIS says

                June 24, 2021 at 5:23 am

                Can you double it again from Q1/21 to Q1/22??
                I doubt it!!
                Let me know in a year!

                Reply
              • Christopher Nowak BFA MLIS says

                June 24, 2021 at 5:26 am

                You MUST have MOSTLY AMERICAN EQUITIES!!!!!????

                Reply
                • sann says

                  August 3, 2021 at 8:09 am

                  Know few folks who made 10x via TSLA in 2020. Just lucky—they did see their net worth increase by $1M YOY.

    • Average joe says

      September 22, 2021 at 10:04 am

      Absolutely true , I more than doubled (110%) my portfolio from March 2020,

      Reply
  10. Christopher Nowak BFA MLIS says

    May 2, 2021 at 4:49 am

    My total gross income will be $420,000 for 40 years of work!! THAT IS GROSS. This includes all jobs, EI. insurance, severance payments, self-employed income and CPP. I am still on track for millionaire status by age 65!! I shall not receive any inheritance money or OAS until AFTER age 65. THE KEY: Get a good financial planner early and invest primarily in equities (especially American) to start. I am just as rich as DENNIS RODMAN and almost twice as rich as AMY JO JOHNSON!! Both have earned WAY more than $420,000 in their lifetimes!

    DENNIS RODMAN: 27 million gross income and a net worth of $500,000 at age 60. ME: right now: about $370,000 and I will have a net worth of $600,000 at age 60!!!!! My highest paying hourly blue collar wage: $13.50 an hour. That is 75 cents below minimum wage in Ontario today!

    Reply
    • Christopher Nowak BFA MLIS says

      July 1, 2021 at 9:55 am

      I am a real health nut and at one time wore TWO sweatshirts:
      1) ME: 1962-21? (This implied longevity)
      2) MOXIE MUSIC WATER (This implied NON-MATERIALISM).
      Number 2 definitely helped with my financial portfolio!!!

      Reply
    • jo mamma says

      July 2, 2021 at 6:39 pm

      ya but how much fun(eh coke) did you have during the time. you’re comparing apples and oranges my friend. at the end of the day you are both going to be dirt(6feet under).
      just kidding by the way…but arrogance is stupidity.

      Reply
      • Christopher Nowak BFA MLIS says

        July 3, 2021 at 5:29 am

        I shall NOT be 6 feet under until the year 21?!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
        22nd century, here I come!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

        Reply
  11. Brian00072 says

    April 14, 2021 at 1:27 pm

    I have been reading your site for years but have never commented. Thanks for all of the good information/advice from you, Sam, and your readers.

    I am 48 years old and just today came across a “financial snapshot” I wrote almost exactly 9 years ago in 2012 at age 39. My asset classes have not really changed, except for one whole life insurance plan. The rest are the same.

    In March 2012, we had a net worth of about $496,000. $60,000 cash, $343,000 in IRA/401ks, about $80,000 home equity, $83,000 in a stock plan and $30,000 in 529s for our two kids (which shouldn’t really count). I still owed about $100,000 in school loans, which were driving me nuts.

    In April 2021, by just sticking to it and letting the market do its thing, we now have a net worth of about $2.5 million. $70,000 cash, $1.36 million in IRAs/401k, about $300,000 home equity, $451,000 in stocks (I sold a bunch to finally pay off school loans, so it would be higher–other than that, I am a buy and hold guy), $91,000 cash value in a whole life plan, $230,000 in 529s.

    Take out home equity and 529s and we have about $2 million, which I hope will grow to at least $6 million by the time I am 62 and can shut it down with no concerns. I figure if/when the market slows down, it will slow down for everyone so I will be all good.

    A friend of mine who was a few years older than me grabbed me by the scruff of the neck at one point and made me sign up for our company’s 401k and open an online stock account (when I kept saying I didn’t have enough money to save yet). Thanks to him, a somewhat early retirement is looking like a really nice possibility. This life thing is long, hopefully, so get involved in investing as soon as you can and keep up with it.

    Reply
    • Susan T says

      April 14, 2021 at 2:52 pm

      I follow this thread, so noticed your post. I’m on about the same travel as you plus 9 years now 58, and now semi retired. It’s just worth reiterating what you said. Starting early and sticking to it make it work. Will be interested to see if Sam weigh’s in. Enjoy you time and enjoy the ride! The last 9 years have flown by.

      Reply
    • Financial Samurai says

      April 14, 2021 at 9:01 pm

      Well done Brian! Pretty amazing what trusting the process and compound growth and diligent saving and investing can do right?

      I’m pretty confident you will achieve your financial goals by 62.

      And in the meantime, enjoy life!

      Reply
    • Christopher Nowak BFA MLIS says

      April 18, 2021 at 9:58 am

      You make my accomplishment look minuscule compared to yours BUT I doubt that you only earned a gross of $10,500 annually for 40 years!!!!!
      However, I do not have the responsibility of supporting a family.
      If I live to be in my mid 90s, I shall only have 2 million more than you would at age 62.
      However, I am fine with that.
      Yes!! BUY AND HOLD IS THE WAY TO GO!!!!!!!!!!

      Reply
  12. Christopher Nowak BFA MLIS says

    March 22, 2021 at 10:00 am

    UPDATE: My average annual gross income for 35 years (age 25 to age 60) will be $10,750. I expect to be worth $600,000 by age 60. From age 60 to age 65, I expect to average a gross of $9,000,00 a year. MY PLAN: $800,000 by age 62.5 and $1,000.000 by age 65

    Reply
    • Christopher Nowak BFA MLIS says

      March 22, 2021 at 10:04 am

      Again, START EARLY WITH A GOOD FINANCIAL ADVISER and LEARN FROM YOUR ADVISER TO HAVE SOME OF YOUR MONEY IN AN ONLINE ACCOUNT TO ENJOY LOWER MER FEES!!!!!

      Reply
    • Christopher Nowak BFA MLIS says

      March 23, 2021 at 3:22 am

      Sorry. It should be $9,000 a year (NOT $9,000,00).

      Reply
  13. Pete Mihov says

    January 10, 2021 at 3:06 pm

    These calculations look very reasonable. I just made 42 and am above your number, all in my investment portfolio. The argument whether you rent vs own and thus build implied RE equity seems to me very individual. I have looked at this question and for any reason renting for me personally looks always financially beneficial vs the rates of return I had been able to generate on the investment portfolio. May be because I am single and live outside the US

    Reply
  14. S_Mac says

    November 11, 2020 at 6:06 pm

    I am 34 next month, and this net worth estimate is spot on. Well done!

    Reply
    • Christopher Nowak BFA MLIS says

      November 12, 2020 at 6:11 am

      I assume that you are well off!!
      HAPPY REMEMBRANCE DAY!!!

      Reply
    • Robert Ruschak says

      December 22, 2020 at 5:38 pm

      My goal is to boost my current net worth by 1000% within five to ten years from today!

      Great content

      Reply
      • Christopher Nowak BFA MLIS says

        January 6, 2021 at 12:29 pm

        IMPOSSIBLE unless you get a HUGE inheritance!!!!

        Reply
        • JS Smith says

          January 18, 2021 at 3:46 pm

          Absolutely not true.

          Reply
          • JB says

            January 18, 2021 at 4:45 pm

            1000% in 5-10 years is unrealistic without a massive influx like an inheritance. Absolutely.

            Reply
            • KD says

              January 20, 2021 at 11:52 am

              It depends what your baseline is, obviously. If you have 10k net worth, then getting to 100k in 10 years is a totally reasonable goal.

              Reply
            • Robert says

              March 24, 2021 at 4:36 am

              Easy, for many, if you’ve been spending all your money and you start saving you could easily increase 10 x in 5 to 10 years.

              Reply
        • craig says

          June 11, 2021 at 6:03 am

          Could exit a business. Could also be starting with a really small amount

          Reply
      • Robert says

        March 24, 2021 at 4:45 am

        Go for it, it can be done.

        Reply
        • Apollo says

          May 6, 2021 at 9:59 am

          Agreed! Those who think they can and those who think they can not are both correct.

          Reply
  15. Fit Financial Coaches says

    October 25, 2020 at 4:46 pm

    I love bullet point #4 in what defines an “above average” person. Taking responsibility for your actions (or portion) when events go wrong is a critical piece in building success no matter what your objective. When you apply this lesson in all areas of your life, you are implementing part of the foundation to achieve your goals!

    Reply
  16. Mike says

    October 10, 2020 at 8:45 am

    We are early in our retirement ages 39 & 44. I would like to check in to gain more perspective, wisdom and knowledge.

    I am a veteran receiving ~40k a year with COLA adjustments and healthcare currently not working. My plan is to start working once our children are able to attend day care. My spouse makes ~200k a year currently. Assuming future raises with some rough math final pay would be ~240k at retirement. Our heath care will be supplemented in retirement. My spouse is pension eligible from two jobs, the highest paying job, we are considering 60% of her final pay to set a retirement date at age 60. That would yield us ~130k a year in retirement before taxes, health insurance etc. The second pension would bring ~6k a year. We will also have a rental property that will yield ~15k. To recap we will have 130k+40k+15k+6k=191k of guaranteed income in retirement.

    Our primary mortgage will provide at least 1M in equity during retirement. We have no debt other than our mortgages.

    My spouse is saving in a pre-tax account and we are both are saving in our Roth IRA’s. We are so far away from retirement it is impossible to say what these account balances will be. We have chosen to send our children to private school until they reach middle school age which prevents us from my spouse maxing out her pre-tax retirement account.

    My first question is about SS. We are considering delaying SS until age 70. The research I have done predicts 48k a year pre-tax for my spouse. I did not factor my SS in at the moment because I still have earning years to gain. At age 70 with 191k in taxable income then brining in ~48k in SS.

    I do not understand how SS works exactly. How much of the SS will we be gaining with it being taxed at 85%?

    My second question is about withdrawal strategies. We will have pre-tax, taxable and Roth IRA’s. For simplicity let’s assume they are all equally funded. Being locked in a high tax bracket due to the pensions. Which accounts should we draw from first? Should we save the pre-tax accounts until age 72 (RMD) or is there a more tax efficient way to manage those accounts?

    We are so far away from retirement I am hoping to avoid any pitfalls as early as possible. Wisdom is always welcomed.

    Thank you for your time.

    Best,
    Too Early to Know

    Reply
    • envious says

      December 11, 2020 at 5:57 pm

      I think you are in plenty good shape! Wish I was where you were. How’s it look if you wanted cal it quits at 55?

      Reply
    • todd says

      December 19, 2020 at 6:20 am

      a fantastic social security calculator is at opensocialsecurity.com

      good luck to all and happy holidays

      Reply
  17. john says

    August 26, 2020 at 11:07 pm

    I wold love to talk to you about how to create wealth and specifically a guideline about what price range my house should be if i am looking to buy. I am 47 and have a net worth of 7 million. I would be happy to share strategies. First being how can a person pay $3 for bottled water at Starbucks when they give you free ice water if you ask.

    Reply
    • Dan says

      December 19, 2020 at 6:38 pm

      Would Live to Talk John.
      Dan

      Reply
    • Robert says

      March 24, 2021 at 4:44 am

      If I could have guessed 30 years ago that you could sell essentially tap water for $24 per gallon while polluting the earth with plastic, I would be worth billions, or Coca Cola.

      Reply
  18. Green Field says

    August 20, 2020 at 9:17 pm

    May I ask how you can qualify for a low rate of mortagage without W2 income? Is it possible to refinance and cash out from your investment properties? Have you used Credible yourself or it is your sponsor? Thanks.

    Reply
    • RObert says

      March 24, 2021 at 1:45 pm

      I’m not an expert, but the rate may be higher without W2 income, if you can even get a loan. You will have to prove income over several years on your tax returns. Catch 22: for tax purposes, you want to show you are losing money. You can cash out from investment properties, but the rate from cashing out and investment properties is higher, probably 3/4 percent or so. And, your payments will go up on those unless you had a higher rate to begin with. Cashing out is probably not a great idea unless you need all cash to pay cash for distressed or auction properties. Most other sellers don’t care whether you pay cash.

      Reply
  19. Oasp says

    August 3, 2020 at 7:10 pm

    Hey Sam,

    Just realized freshly hitting age 29 I’m too cash rich (because I’m trying to buy a house in the Pacific Northwest but have a couple months before hitting 6 years in the workforce). Will be putting 20% down (split 10% each between my partner and I). I will hit your net worth target for age 30 but I’m worried I am somewhat misallocated as 50-60k of my worth will be equity in the home and I’ll be keeping a 10% cash buffer of the home’s value for emergency purposes with the rest in Roth and 401k accounts invested aggressively in equity indexes. I figure I have a long time to work so dollar cost averaging will continue to serve me well. Do you have any suggestions for how to optimize my situation so I can keep hitting these benchmarks? I’m maxing my 401k and Roth IRA and will invest even more in the equity markets once the house is purchased as I will hopefully not need to accumulate that much cash again.

    Reply
  20. Josh says

    July 28, 2020 at 1:08 am

    I used to think this was much harder to achieve, as I was a late bloomer and didn’t start my professional career (nursing) until I was 26, and at the time had close to $100k of debt. I’m now 32 with a net worth roughly $550k, so it’s totally doable, and also possible to catch up for late bloomers like myself. I’m lucky that I’m childless and single, so that does decrease my cost of living significantly. With that said, I hustle my ass off and don’t spend frivolously. I work a normal 8-5 M-F job, I rent out rooms on airnbnb, and I rent out cars through touro. I also work an extra job 2-3 Sunday’s per month. All this side hustling has let me save close to 100% of my “real” income for the past few years, which is making me think retiring early, or at least only working part-time because I want to is a serious possibility.

    Reply
  21. Jennifer says

    July 14, 2020 at 12:08 pm

    The low end of average net worth doubles between 30 and 35. Not sure how people can save $50k when also having expenses such as young children, weddings, and house buying costs

    Reply
    • Financial Samurai says

      July 14, 2020 at 5:38 pm

      It’s hard for the average person because the average person only has one source of income, has consumer debt, doesn’t save and invest as aggressively, pays a crazy amount for a wedding, and works 40 hours a week or less.

      It’s OK to be average, but we’re shooting for above average here. So different habits must be formed.

      Reply
      • Christopher says

        January 12, 2021 at 2:19 am

        Financial Samurai

        Good morning

        This is my first foray into a discussion forum!

        I have been reading your site and “The Balance” on and off for a few years now.

        It seems to me that the most important thing about net worth and income management is the correlation to your overall retirement lifestyle after leaving the work force.

        I wanted to suggest or inquire about the possibility of someone creating a after retirement income calculation that does the following:

        Calculate your total annual garantied retirement income potential based off your different streams of income and thereby deriving your actual net worth versus your perceived net worth.

        I would see the following included:

        Pensions
        Annuities
        Social Security
        Military retirement
        Disability
        Medical care/insurance
        Life insurance

        I currently receive an annual Military Retirement (pension) of $26,000.00.

        I equate the governments holdings to fund this pension as an annuity and thereby associate it as a source of my personal net worth.

        However, depending on two separate calculations I have recently read it can be worth $450,000 or $1,019,607.00 in net worth.

        If health and life circumstances hold to our current plan I expect our household annual retirement income from pensions alone (1 military pension, 2 Federal pensions and 2 Social Security pensions) to be approximately/estimated at $157,000.

        Based off the 2 current pension calculations the net worth could range from $2,358,000 to $6,156,862.

        Obviously these numbers have a significant disparage when it comes to determining your actual net worth and the leverage you have when discussing investment opportunities.

        This does not include any of my other recognized standard assets which can be transferred as an inheritance to others.

        CD’s
        401K
        Cash
        Property

        With the new normal of extremely low interest rates I think your younger readers might be motivated to serve in the military and government employment if they understood the significance these pensions can have on their final retirement.

        I enjoy the online calculations but most of them do not go into details in regards to how pensions should be calculated.

        I generally have to use the income calculator to get a futuristic look at real buying potential.

        Some of The pensions are indexed to inflation or close to it so the buying power is greater than other assets.

        I enjoy your site in regards to finance information (Polar opposite to your Political positions.)!

        Regards
        Chris

        Reply
        • Financial Samurai says

          January 12, 2021 at 5:35 am

          The value of pensions have gone way up bc interest rates have gone way done. https://www.financialsamurai.com/how-do-i-calculate-the-value-of-my-pension/

          I’d love to know more about what you think my political views are since this site focus on personal finance. I’ve found the people who bring up politics are most passionate about politics, so feel free to share your views too.

          Thx

          Reply
          • Christopher says

            January 13, 2021 at 12:03 am

            Sam

            Good morning

            Your site is mostly about financial matters which is why I appreciate and enjoy it.

            The pension equation you posted is the one I was using that determined the high end of the expected net worth. I do believe it is more accurate than the one that uses the $100 monthly income x 18,000 which is the one I used for the low end of the net worth and is likely the one used for traditional Annuities.

            The government systems that have to support lifetime benefits can not guarantee them if they use the more risky investment options.

            I believe your use of 2.55% is a fair assumption for current market conditions.

            I am personally fortunate that the government has to accept the responsibility to amass and maintain well over $6,000,000 plus adjust accordingly with future inflation to fund my projected retirement.

            My personal responsibility comes down to funding the additional $2,000,000 plus I want to secure my quality of retirement life in addition to that.

            Thanks for the response and interaction!

            Chris

            Reply
          • Chris says

            June 23, 2021 at 11:47 am

            Sam

            Good Morning

            I would love the Opportunity to converse with you in a one on one private relationship.

            You perplex me!

            But you are intriguing!

            Regards
            Chris

            Reply
    • Marvin L McConoughey says

      August 17, 2020 at 6:14 pm

      Our wedding cost $12 for the license, $100 for the Justice of the Peace to say the legal words, and whatever our motel cost for the night. Our only witnesses were the official, his wife, and their dog. We then embarked on our honeymoon, which was a trip across Canada to introduce my wife to my family, meet her family. We then continued on to my next work assignment in California. We have not had children, and rented because the military moved me frequently, and covered most of the rent. Children are great. They are also a luxury expenditure which is optional for each person and couple. Freedom to make one’s own choices is the best asset of all.

      Reply
  22. Alex Lyons says

    July 13, 2020 at 10:37 am

    Are these numbers per person or per household? Ex: should I be doubling these numbers if I’m married, etc.

    Thanks,

    Reply
    • Financial Samurai says

      July 13, 2020 at 10:40 am

      It’s by reported income to the IRS. Therefore, there is a mix of individual income and household income. Obviously, it will be harder to make $470,000+ as an individual versus two people. However, the individual perhaps is less encumbered with dependents and may be younger, hence more time and energy.

      Related: The Average Net Worth For The Above Average Couple

      Reply
    • Christopher Nowak BFA MLIS says

      July 14, 2020 at 4:31 am

      For me (look below), it is per person.
      I am not married.
      If I were, I would surely be worth as much as JOYCE DEWITT is from THREE’S COMPANY (4 million dollars ) by age 75!!

      Reply
  23. NR says

    May 31, 2020 at 9:15 am

    How do you treat HSA and contribution to 529?
    Is HSA a component of pre-tax saving?
    Is 529 a component of post-tax saving?

    Reply
    • Dollartrak says

      July 1, 2020 at 9:58 am

      HSA is actually pre-tax AND post-tax if you spend it on healthcare costs. 529 depends on the plan. It’s post-tax for the gains if you spend on education. Some states give pre-tax benefits to their 529 plans as well. Georgia I know does this.

      Reply
  24. Ryan says

    April 29, 2020 at 3:45 pm

    Great post – thanks for the content and direction. I am 25 y/o and working hard to accumulate wealth now so I don’t need to worry about in down the road.

    Forunate enough to have a six figure income and live below my means with no debt (GOD BLESS). Current assets as follows:
    – $50K in an S&P 500 Vanguard Fund (VTSAX) at the market lows of this COVID-19 dip. Contributing $18K annually to this fund I am expecting to have $150K by 30, $325K by 35, and $1,000,000 by age 45. (assuming 8%-10% return)
    – $75K in Roth 401K with a 15% annual contribution and an 11% company match (highest match I’ve ever heard of) (estimated $25K total annual contributions) (currently all equities)
    – Actively growing the checking account ($30K estimated now) with plans to buy my house with this and not touch my Vanguard fund.

    I feel like I’m on the right track and plan to increase my income over the years (management, director, etc.). I REALLY do not want to work until I am 60 y/o.

    Any tips/feedback for accumulating some serious wealth would be appreciated

    Thanks!

    Reply
    • Christopher Nowak BFA MLIS says

      April 30, 2020 at 3:25 am

      I think that you have already accumulated SOME SERIOUS WEALTH.
      You definitely will not have to work until age 60!
      I retired at age 55 after 30 years of barely a five figure annual income but I do consider myself to be NON-MATERIALISTIC.
      Look at my comments below.

      Reply
    • Emily says

      May 29, 2020 at 9:44 am

      Good Job! For the money you’re saving for a property, I suggest a Money Market Account with higher interest rates, such as Ally or Capital One 360 Performance Account? It’s liquid but still earns some interest (used to be 2.0% but now around 1.5% because the Fed).

      Reply
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