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The Average Net Worth of Amercians

Article link:  https://www.cnbc.com/select/average-net-worth-of-americans-ages-65-to-74/

Video Transcript: 

Wealth builders Hello. Last week I received such an amazing response from you all on the piece that we sent out on Alvin Kamara. He’s a running back for the New Orleans Saints.  So I decided I’m gonna do this every single week because I’m always reading something whether or not it’s magazine articles or books and I’m just gonna share with you every single week and title it Edwards thoughts. Alright, just to go ahead and give you some positive and encouraging momentum and, you know, always give you some great energy. So that’s what I’m going to do every single week. And this week is no different because we’re approaching the halfway mark. Okay, so the third quarter is about to start. So my question for you is, how have you guys been doing with all those New Year’s Eve goals? All those goals that you set at the beginning of the year. How are you doing? Yeah, the issue is a lot of people have such great intentions. But we lack initiative. And many people have such great hope. But we lack action. And so I’m here to challenge you, you know, I’m here to just push you a little bit to make sure that we’re going to finish up the year strong. And I want to share an article with you that I read came I think it was on the inside or CNBC one of those you know those media networks, I’m going to share the link with you but it was written by Megan de Matteo. All right, and I’m gonna go ahead and send it to you. She’s out of Baltimore, she writes a lot about personal finances and, and every year, so the Federal Reserve Board, they, they come up with these surveys of consumer finances. And it talks about the net worth of Americans and where we should be, okay, just according to averages. And so I’m going to read you these statistics, and I want you guys to think about, okay, where am I? In these statistics, this is just talking about average net worth. So net worth is what you own, minus what you owe, okay, what you own minus what you owe. So, if you have a home, if you own a home, all right, and you have a mortgage on that home, do not count the entire home as your net worth, because the only thing that that you can count will be the equity in it because you still have some debt, right? You’re paying off some mortgages. So the bank owns that home technically, right? So that’s just it, you know, net worth is what you own minus what you owe. Now listen to these numbers. Okay, listen to these numbers. So the average net worth, if you’re less than age, 35 years old, the average net worth that you should have saved up in, I don’t know, and a bank, under the mattress, some investment account anything, the average net worth of your under 35 is $76,300. Alright, now, this is this is from the latest report, the latest consumer was a survey of consumer finances by the Federal Reserve Board, the average net worth of your less than 35 years old, you should have roughly 76,300 saved up somewhere. If you’re between 35 and 44. So if you between ages 35 and 44. The average net worth that you should have is $436,200. You should have that somewhere whether or not it’s in a 401 K or some sort of retirement plan or money market account or stocks or or under the mattress or in the bank. If you’re between 35 and 44. You should have $436,200 saved up that’s the average of Americans. If you’re between 45 and 54, you should have $833,200 saved up if you’re between the ages of 55 and 64. You should have $1,175,900 saved up and if you between ages 65 and 74. Yeah, they got the got money, right? You should have between $1,217,700 saved up not as the Federal Reserve Board. They came out with these surveys of consumer finances of the averages. So if you consider yourself to be average or above average, how do you stack up in these numbers? But don’t let that discourage you, if you don’t fit, don’t let that discourage you. All right, we’re halfway there. We’re halfway there through the year. It’s not about, you know, where you start. All right. It’s all about where you end up. So wait, listen, guys, we still got time to achieve all of our goals that we set in the beginning of the year. Most people with retirement planning, you know, they kick the can down the road, and they never really worry about saving for retirement and tell us until it’s too late. So I just gave you some real numbers. And I want you to compare yourself and where you fall in to that, you know, into those slots. Where are you right now, according to fidelity, just to give you a benchmark, all right, according to fidelity. A person should have 10 times your income by the age of 67. All right, you should have 10 times a year, the amount of income that you make by the age of 67. So if you make $100,000 a year, by the time you are age 67, you should have a million dollars just stacked up somewhere that you can pull from in order to have a comfortable retirement. All right, these are just the numbers. So I hope that that helps you. You know, I hope that that gives you a little extra juice. If you’re behind who cares. It’s not where you start. It’s all about where you end up. So, listen, wealth builders. Have a strong weekend and I look forward to seeing you soon. Take care

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