Have you ever wondered how you stack up against your peers? Are you doing better financially than they are? Are you falling behind the class? If you’re an American, here’s how to find out. This article reveals the average net worth by age group.
Before Reading: If you’re unsure of your net worth, Personal Capital offers a free way to calculate and monitor your net worth. I use it myself and it’s pretty slick.
Determine How Your Net Worth Compared with Everyone Else’s
When I first started this blog, I wanted a ‘whoa’ factor. I wanted the blog to stand out. I needed to illustrate how I was different than other people my age. I made a lot of money growing up and I saved most of it, so I figured my net worth had to be way higher than other people my age. I wanted to be able to say, “I’m in the top ‘x’ percent of my age group.” Everyone would have a reaction to that. Especially after all the news about the ‘one percenters’.
When I first got curious about how I stacked up against my peers, I used this extremely boring study the Federal Reserve compiled. I can’t believe I interviewed for a position there. In retrospect, I would have been bored sick. Funny enough, when I was driving up to the Federal Reserve in Kansas City, there were a bunch of weird looking people marching around. This was during the whole Occupy Wall Street movement. They were protesting the ‘one percenters’.
By reading through that study, you can determine your net worth by age. But the study is boring and it’s now getting on in years. Recently, a reader emailed me and asked how he could determine where he lies in comparison with his classmates. He’s a competitive person, no doubt. When I was drafting an email back to him, I cited the Federal Reserve study. But that is so boring, I really can’t recommend other people spend a Saturday afternoon reading it like I did. I’m lame, okay? Leave me alone. 🙂
So I scoured the internet in search of a faster solution. While there are many ‘compare your net worth with others’ calculators out there, I believe I’ve sourced the best one.
Shnugi Net Worth Percentile Calculator
The creator of this tool actually uses the Federal Reserves 2013 Consumer Finances as a sort of database of information. That’s the ‘meaty’ part of the Federal Reserve article I linked above. With this simple yet powerful tool you can see how you stack up against people in a set age range or just people your exact age.
Say you have $800,000 by age 30 like Mr. Money Mustache. That will place you in the top 1%. I bet those Wall Street rioters didn’t picture a bicycle riding, beer drinking, occasional pot smoking man like MMM to be the face of those evil one percenters haha. But he is. Most people just don’t put two and two together.
Determine Your Average Net Worth by Age Group
Click this link to head to the (in my opinion) greatest net worth calculator on the web. It’s so simple, I don’t feel the need to explain how to use it.
Bonus Site for Comparing Your Net Worth to Others
Checkout Global Rich List. It doesn’t care about age. It’s insane to see how you stack up against everyone on the planet. I would be extremely surprised if there’s anyone reading this who isn’t at least better off than 70% of the planet. My net worth puts me within the top 10% and I just turned 25-years-old! If you need a reminder about how lucky we all are, check out that site.