By Kim Gardey
Have you ever wondered how your wealth compares with what others have been able to accumulate? It is simply human nature to wonder how the wealth you have built up compares to the success of others.
Below are the results of a recent government survey. (Note: Age is a crucial factor—the longer you live, the more time you have to build your wealth.)
|35 to 44||$35,000|
|45 to 54||$85,000|
|55 to 64||$144,000|
|65 and older||$171,000|
*Each age group’s wealth is determined by taking the amounts of wealth reported by each survey participant and placing them in ascending order. The amount is then selected that is exactly halfway between the highest and lowest amounts (referred to as the “median”).
To determine how your wealth compares to the general population, follow these steps:
- Find the total of what you own.
- Find the total of what you owe.
- Subtract what you owe from what you own. (This will be your “net worth.”)
The worksheet will help you in this three-step process. (Click here to download)