Average Net Worth by Age 62

Рет қаралды 903,003

Күн бұрын

This video discloses the average net worth by age 62 for an American two different ways. We're all consumed by averages and benchmarks. They help us make sense of the world around us and are sometimes just good fun. In this video, I discuss the average net worth of a 62 year old by both mean and median. At the end I also show you what the top 1% has as their net worth and how most of them got there - you can't invest your way to that number!
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Important Links:
Federal Reserve Board Survey of Consumer Finances:
www.federalreserve.gov/econre...
Social Security Administration Application for Benefits
secure.ssa.gov/iClaim/rib
Current Social Security Cost of Living Adjustment
www.ssa.gov/cola/
Social Security Payment Estimator
www.ssa.gov/benefits/retireme...
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

Пікірлер: 1 200

@M-hc9xm 3 жыл бұрын

My dad for years said, it doesn't matter how much comes in, it's how much that goes out that matters. My parents never made much but they saved and spent wisely. Had a great retirement, both passed at 90. He was right! Skip the silly spending and it can be done.

@HolySchmidt 3 жыл бұрын

Great advice no matter what your income

@billyrock8305 2 жыл бұрын

I drink water daily, zero stress, BMI 22.3 and have a pepperoni pizza once a month. I’m Rich 🤑.

@thomasaccuntius9946 2 жыл бұрын

I'm 66 and retired, and above the median. I have my 401k and a Roth IRA and investments and can live on my SS benefits. My cars are 11 and 23 years old, both reliable. I should have started earlier, but my ex was terrible with money and then the divorce. But I am happy and I go often on 2-3 day trips, my cancer is gone, my new knee is doing good, so I am going to enjoy my time left.

@Mr2blue2 2 ай бұрын

That is an Awesome report! Enjoy!

@bmepdoc9675 2 жыл бұрын

Am 62 and vividly recall my 99 year old Grandpa telling me "If you can't buy it with cash you can't afford it. Look after the pennies and the Dollars will take care of themselves". You were oh-so-right Gramps...

@timx9661 2 жыл бұрын

Your Grandpa was wrong about only paying with cash. How many people would have a house or a car if they were paying cash? Do you think we would have an advanced economy if a bank didnt finance the growth of industry and business? Do you think we would have a $23trillion economy without deficit finance that employs over 125 million Americans? What if your washing machine breaks, what would you do until it took you the time to save up the cash? That doesn’t mean borrowing more than you can afford or spending frivolously with a credit card, but credit has given us all a much more comfortable and prosperous life.

@CBCycles 2 жыл бұрын

In defense of Grandpa, he probably meant borrowing more than you could afford/spending frivolously

@dmbgator86 2 жыл бұрын

@@timx9661 you should only buy a car with cash. The only debt you should ever have (if you want to build wealth) is your mortgage.

@timx9661 2 жыл бұрын

@@dmbgator86 What if you don’t have the cash but need a car to get to your job?

@dmbgator86 2 жыл бұрын

@@timx9661 then you better get a car for 5k. Some broke people get cars that are 40k. It’s really dumb.

@pnkbiankii 2 жыл бұрын

If you define your worth by how little you need, rather than by how much you own, I predict you will be so much happier.

@geraldfrost4710 2 жыл бұрын

The average person now lives in more luxury than kings of old.

@jeffn2166 2 жыл бұрын

A much more reasonable perspective of life in this world.

@AhJodie 2 жыл бұрын

Oh, what a great idea! Thank you!

@johnmoore3479 2 жыл бұрын

Wonderful insight thank you

@NTJedi Жыл бұрын

Two important steps: First is reviewing all your yearly expenses and then identifying how you can permanently remove or reduce those expenses.... starting with the most expensive. Second is reviewing all your rivers of income and then identifying if you can find ways to add more rivers with minimal effort.

@mikemalone4729 2 жыл бұрын

Not a manager but make a good living in IT. Nice but not fancy vacations. Wife was stay at home 28yrs. Avoided debt ex: car payments when young. Paid cash for two kids bachelors. 401k at 23,my own mutuals at 26. Only debt is $130k on $500k house. I’m 56 and a NW of $1.9M. Invest as early as you can and AVOID DEBT.

@rupe53 2 жыл бұрын

Mike ... the running joke in my family is to live like you make $400 a week so that when you finally crest six figures you still know how to live within your means... by a long shot. These days I am retired and haven't had any long term debt in almost 20 years. It's kinda nice not having any bills at the end of the month other than typical utility payments and taxes, which are discounted to seniors in my area. We also followed the rule of driving older cars, usually till they are well over 100k miles. Buy one new car maybe every 10 - 12 years and the other is a used vehicle.

@scinusa 2 жыл бұрын

And remember Uncle Sam will devalue the dollar by fiat money printing. It will take at least twenty to equal the value of one forty years from now. One dollar today is worth about three cents one hundred years ago. Stealing is kind of like drug addiction, once they start it just gets worse. Banks pay near zero interest so people find other means to invest causing a bubble. It's kind of like balancing the budget on a tripod with one leg rotting off. I would say with the population nearing the maximum the good earth can sustain that real estate may be a good investment. Of course, with the government going communist they may take it. Good luck to the younger generation.

@tomf9292 2 жыл бұрын

That is almost exactly my situation…AVOID DEBT people…Amen!

@1515cando 2 жыл бұрын

@@scinusa Always a wing nut comment. Obsessive compulsive need to bloviate bullshit.

@ameliaerin1544 2 жыл бұрын

@@rupe53 congrats. The problem is most of America live above their means or are supporting their lazy kids and grandkids.

@ctofan 2 жыл бұрын

The Bob Ross of finance..love this guy. I’m waiting to hear ‘and over here we have a happy little portfolio’

@geraldfrost4710 2 жыл бұрын

There are no portfolio mistakes, just happy little accidents!

@IndigoStarrAz Жыл бұрын

I muse that before he was a painter he was an FM DeeJay. He has his own channel on SLING TV.

@a-kazebo-z5139 3 жыл бұрын

As an emigrant,,,,, never compare yourself to nobody ,,,you will always find people richer and less fortunate than you… take a risk, work , enjoy your life, family in a nice peaceful environment with everyone you meet…..

@victorwilburn8588 3 жыл бұрын

It's not about trying to compare your value as a person, it's simply a way to see how well-prepared you might be for retirement or whatever other financial goals you may have.

@mojavedesertsonorandesert9531 2 жыл бұрын

🎯.........🍻

@ameliaerin1544 2 жыл бұрын

It's immigrant...

@ameliaerin1544 2 жыл бұрын

@@victorwilburn8588 he's on the wrong channel.

@dontbanmebrodontbanme5403 2 жыл бұрын

@@ameliaerin1544 No, it's emigrant...savings bank! 😂

@thelakeman5207 2 жыл бұрын

One thing that surprised me when I retired was that I didn't need as much money as I thought! If you want to travel and do a jet setting lifestyle, that's different. You'll need a lot of money. But living modestly, you don't spend a lot.

@HolySchmidt 2 жыл бұрын

Thanks Clem

@diana6842 2 жыл бұрын

We're really new to retirement - 5 months in - and so far, I'm not seeing how we don't need as much money as before. The family keeps growing, so more gifts, more travel to be there for their important life events (birthdays/weddings/graduations) and more to feed them at family dinners, etc. A large tree died in the back yard, which will require a big expense for removal, and the fuel pump just went out on my fairly new car. So far, I'm just not seeing how we won't need as much as we planned and saved for. Glad you can do it, though.

@ronlovessax8552 2 жыл бұрын

Totally agree! In 10 years, I will be retiring. Currently, I only spend $2,000 a month. I make 6 times more than I need. I observe people spend on unnecessary things. No wonder, they cannot save money or keep struggling financially.

@bensmith1781 2 жыл бұрын

@@diana6842 get a part time job

@mimicotom 2 жыл бұрын

Very true. When you are retired, you spend less on clothing for work, transportation costs are cut way down, fewer taxes and no more restaurant meals. I was working for $5/hour (calculating my salary as opposed to my pension). I could easily save $35/day and I did it.

@mhsvz6735 3 жыл бұрын

Thank you for another excellent video.

@billygnosis6976 2 жыл бұрын

Thank you discussing the difference between average and median. Too many sites use irrelevant numbers, average wealth, in discussing what wealth amounts one should compare yourself to.

@calvinross3284 3 жыл бұрын

I liked the video, I think we all must start saving for our future. As a public school educator in my mid 50’s I think you can have a great net worth if you live within your means. Stop trying to keep up with broke family and friends ( people whom don’t save or spend money just for the sake of doing it) what ever you have now if not retired start Saving!!

@jekutube9 2 жыл бұрын

And those “broke family and friends” are depending on the government to pay for their kids higher education plus other things… while they buy the big home, fancy cars and world travel. While suckers like us who put our priorities into our kids education - get screwed once again. If people don’t get size and vote out the SWAMP creatures… D and R.

@NeoAndersonReloaded 2 жыл бұрын

I feel like a millionaire now because i dont want for anything. Just like goin to the gym and having a good pizza now and then.

@alansach8437 2 жыл бұрын

Exactly! Which is why all "how much you need in retirement " videos are useless. It doesn't matter what the average is, or the median, or how much some financial guru says you "need". You need what you need, not what someone says you need. Everyone's life is different. Some will have a mortgage, some will pay rent. Some will be free and clear. Some love to travel, some are content hanging out, working in the garden or going fishing. Some live in NY City, some in Hawkinsville Ga.

@easterlake 2 жыл бұрын

Spoken like a true underachiever

@spankynater4242 2 жыл бұрын

You eat pizza at the gym? I’m gonna try that.

@spankynater4242 2 жыл бұрын

@@alansach8437 The problem is, you don’t know how much you’ll need until you get there, so it’s better to be prepared.

@darbyheavey406 Жыл бұрын

It’s high consumption that wipes people out.

@idw9159 2 жыл бұрын

i'm 62 and worth around the mean value; for those depressed by being below the mean, median or with negative net worth, just reflect he's not including the 15% of people who were born 62 years ago and are now dead...stay safe everyone

@paulbunyun3663 2 жыл бұрын

or the 62yr old afgans and illegalls, the new people

@alleneng3159 2 жыл бұрын

@@paulbunyun3663 They are being taken care of better than you! They have a good uncle?

@paulbunyun3663 2 жыл бұрын

@@alleneng3159 sad but true

@gr8dvd 2 жыл бұрын

@@paulbunyun3663 Spoken like someone below the median or whose skills don’t provide a competitive advantage over newcomers. That said, US is woefully deficient investing in our workforce (education, retraining). BTW most recent and future job displacement is from automation/robotics.

@paulbunyun3663 2 жыл бұрын

@@gr8dvd no,actually I've been saving and investing well over 35yrs. Money is not an issue with me. I just don't agree on a family of 4 illegals each getting 450,000! thats 1.8 million, yep that what your buddy Brandon is planning

@edl6398 2 жыл бұрын

You are so amazing. I love your videos. You make topics that could be dry into something so interesting. Thank you for such a great channel!

@haywood4299 2 жыл бұрын

200k by 62 seems really low. You can't even buy a decent home for that anymore. It amazes me the number of people who are paying 8$ for a cup of coffee and then complain about money.

@harleypiper Жыл бұрын

I'm 61 and 62 come next August. I'm retiring. My home is paid off which is in WV. My wife and I need to calculate our sources of income. and will be homesteaders, more less. I'm very confident in our retirement years. The reasons for 62 is my hearing and neuropathy on my left side. I can't wait for Sept 10th,2023.

@The_Good_Life_starts_today 2 жыл бұрын

I started from scratch in 2001 after my divorce. 21 years later I'm debt free, own a house on a lake outright with $1 million in 401k/IRA/cash. My retirement at 62 officially begins next week. My advice? Work hard, live within your means, invest wisely and save until it hurts.

@wyominghome4857 Жыл бұрын

Living within your means is key.

@afridgetoofar1818 Жыл бұрын

and don 't get married, clearly

@The_Good_Life_starts_today Жыл бұрын

@@afridgetoofar1818 That's exactly right. However, I also had full custody of my 2 children.

@wyominghome4857 Жыл бұрын

@@afridgetoofar1818 Well, don't marry the wrong person certainly. When I married my husband 20 years ago I paid off his debts and got him out of a bad investment plan and into a good one. We retired comfortably 5 years ago, having saved nothing for retirement until we married. It's all a matter of teamwork. :)

@mapleaf6672 Жыл бұрын

Did you get the house in the divorce (albeit making payments)? Spousal support and/or child support? I got divorced twice and never got any of those things despite raising two kids on my own.. So I'm much farther behind than the average divorced woman.

@TheThinkersBible Жыл бұрын

Useful data points. That top 1% figure is an eye-opener for sure.

@EnglishCad 3 жыл бұрын

Success is living to 62 ( you made it that far with or without money) better yet having a healthy family. Success has nothing to do with money. All you ever own and take with you are memories make them good ones.

@lamarravery4094 2 жыл бұрын

As you get older, health is wealth.

@EnglishCad 2 жыл бұрын

@Clint Anderson best not try then🙄

@Reload77725 Жыл бұрын

Couldn't disagree more. Success is only about money. Sorry

@EnglishCad Жыл бұрын

@@Reload77725 you need to be on KZfaq special needs. 🙄🤪🔔🔚👍

@Reload77725 Жыл бұрын

@@EnglishCad No you need to wake up. Are you paying your bills with all your great memories? Ya didn't think so. Now please go take your medicine and get back to your "fabulous" life.

@jawsvvvvv 3 жыл бұрын

I have watch both my parents have dementia in their late 60's and early 70's. I have adjusted my expectations for my "good life" so that I get to do and don't wait till it gets bad. All travel and bucket list stuff will be done 55 to 65. Social security starting age is 67 for me that is the dementia payment.

@theoamend5769 3 жыл бұрын

Thank you so much for your informative and 'real' retirement info. You have relaxed us as we are about to retire without 'millions' but trying to be thankful for what have and remembering how happy and content each of our parents were in retirement, with a lot less than we have. You are a blessing!

@Albertchanstudio 2 жыл бұрын

Left a question on another video and found the answer here, thanks!

@JHA6100 3 жыл бұрын

Thank you Jeff. Appreciate your educational videos.

@135boomer7 3 жыл бұрын

I'm 62 with no debt and a net worth of 2.3 mil. Average annual income over 40 years was around 40 thou. My point is that most people can do this it just takes time and some sacrifice. Buy used cars and pay with cash as you go.

@dancalmpeaceful3903 3 жыл бұрын

Nice job - I'm close to you...to some extent (worth about 1.6 mill right now). I'm 56 and trying to escape at 62 or 61. I refuse to buy ANYTHING BUT used cars....AND ALWAYS, ALWAYS for CASH. After I buy a car....I restart putting in money in my cash fund for the next one. It also takes one other thing you didn't mention - discipline.

@tpolerex7282 3 жыл бұрын

I’m with the both of you, 59 and ~$3.3M (crazy $1.3M house value of coastal SoCa, which we don’t envision selling and cashing out) and like you lived frugally and smartly, 19 and 16 y.o. Subaru’s but at this point we will be buying a new, modest car because we aren’t leaving it to heirs and yeah, we can all afford it at this point of our lives.

@erics5245 3 жыл бұрын

My auto loan (on a used car) was 3%, but an S&P500 index fund has returned over 13% annually over the last 10 years. So, I'm not sure I agree with the cash only approach.

@dancalmpeaceful3903 3 жыл бұрын

@@tpolerex7282 I think when you look at some of those new car prices....you'll be looking back at a decent used car. These new car prices are INSANE.

@dancalmpeaceful3903 3 жыл бұрын

@@frostysnowman4667 Rock on brother. You worked for it...you earned it.

@HighCountryRambler 3 жыл бұрын

For everyone reading this comparing their net worth, take it from me, you have nothing without your health, and your spouses. I was well over double that number at 62, always took care of myself then my wife had a stroke. Between medical expenses and taxes these numbers mean nothing when your in retirement. Even with decent insurance, you need to plan for life changing medical events.

@timelston4260 3 жыл бұрын

The medical industry, Vulture Inc., is there to drain you dry if it has half a chance. I'm not sure how to plan for that besides getting mentally resigned to the possibility or being prepared to get reasonably priced care in a country that specializes in medical tourism. I wish there were legal trusts people could create to live off and protect themselves from an industry that refuses even tell you how much it's going to cost before they charge you. Your medical emergency is their right against truth in lending. It's pathetic. I'm sorry for what happened to you. It's a travesty and a disgrace to America.

@Xalta_Sailor 3 жыл бұрын

Or move to a country with a reasonable medical system at reasonable cost (most non-western countries). Plus people are living too long.....

@GeorgeFlippin 3 жыл бұрын

@@Xalta_Sailor Should people go the way of Logan's Run?

@rdrdrd7777 3 жыл бұрын

True

@skinnerhound2660 3 жыл бұрын

Health is wealth

@mr88cet 10 ай бұрын

Really-excellent perspective! Thanks.

@sudd2685 2 жыл бұрын

Thank you for your videos

@glencmac 3 жыл бұрын

The mean is only greater than the median if the curve is skewed to the right. Usually in statistics if the curve is skewed the median is used as the reported characteristic. It says the most about the curve. The median is almost never reported unless the curve is symmetric and the mode is used in reporting grouped numbers such as gender.

@sdean4816 2 жыл бұрын

My wife and I are 63 and 61 years old. By always living a good life but within our means we now own our house and two condos on the beach and are 100 % debt free. We will be retiring at the end of this year and have a net worth of about 2.5 million. I will start collecting social security within a year and we will rent our house and one beach condo to supplement our retirement income. We have always lived by the rule of paying off debt ASAP and not feeling like we have to get new cars every few years. We usually keep our cars 6 or 7 years.

@SuzanneU 3 жыл бұрын

Thank you. You always provide very interesting information.

@WoodHughes 2 жыл бұрын

Thank you! I’m 71, not 62, but it’s satisfying to know I’m over the mean.

@justlooken6460 3 жыл бұрын

Holy Schmidt I am poor. I survived cancer, I own my own home and I have NO debt. "I Win"

@TheBsavage 3 жыл бұрын

Yay! You win!!! I'm glad SOMEBODY did!

@slickwilly7703 2 жыл бұрын

I'm surprised he didn't suggest another variable and that is geography. Someone worth $1M in say, KY is going to live on that $1M for the rest of their lives whereas $1M in NY or CA won’t last till next Tuesday.

@Jake-mv7yo 2 жыл бұрын

Yeah I live on about $10k per year in the middle of nowhere so a million would last me awhile

@shellcrackerlover5889 2 жыл бұрын

Good thing I live in rural Kentucky!!

@tgs1766 2 жыл бұрын

@@shellcrackerlover5889 That’s never a good thing.

@tgs1766 2 жыл бұрын

The downside is having to live in KY.

@alansach8437 2 жыл бұрын

"Next Tuesday!" Funny.

@Troy729 2 жыл бұрын

I am just really glad I bought that Princess Diana Beanie Baby back in the 90s. I feel I am set now.

@charleswaters455 Жыл бұрын

Good grief. Comforting, worrying, humbling, frustrating - all in one video. Thank you for sharing tough.

@HolySchmidt Жыл бұрын

Thanks Charles

@jamesvisentine894 2 жыл бұрын

There is another reason to file for benefits early. I filed for social security benefits when I attained age 62. I did not need this extra income, so I carefully invested it in technology stocks. By age 70, the income I made each year on this investment plus my reduced SS benefits I received at age 70 greatly exceeded the income I would have made If had elected to receive my benefits much later.

@Reload77725 Жыл бұрын

Yea ok. Why didn't you invest when you were younger if you're so damn smart.

@tyrone-tydavis5858 Жыл бұрын

@@Reload77725 Nothing he said indicates he didn't clueless. Is. Isn't it funny how the most ignorant people want to be a smart ass.

@stevenlochner4619 Жыл бұрын

@@Reload77725 He never said he didn't invest when he was younger. Try being less bitter and envious of others who have done better than you.

@denaparaison6616 Жыл бұрын

Technology stock suck lol. Only thing I’ve lost money on

@texassunshine6934 11 ай бұрын

Most financial advisors would recommend against investing in volatile assets like (technology) stocks at that age. Your risk need to be inversely proportional to your age. The older, the less risky.

@bernie9728 2 жыл бұрын

Too many people concern themselves with "where they stand compared to others". I never have. The best thing anybody can do is to be debt free by the time they want to retire. I never worried too much about being a millionaire. All I wanted was to have enough money that I didn't worry about money, but not so much that everyone was trying to get it from me. That's what I call the sweet spot.

@DJ_Patent 2 жыл бұрын

Interested in the Wizard of Oz plates! Thx for the info!

@bones549 2 жыл бұрын

wow feeling better now. I got a late start, but i'm 59 and i'm at 1.3mm so feeling good. Thanks.

@WW-on6bo 3 жыл бұрын

Hey Schmidt! I like your informative and easy-going style. You don't come across as a cheap salesman.

@stevenholt5484 3 жыл бұрын

If there is only one thing that people should take away from this fine video, it is this : NEVER, EVER GO INTO RETIREMENT CARRYING A DEBT LOAD. From the age of 40 on, you should only have two objectives -- to save at least 10 pct of your income (20 is better) and to pay off every penny of your existing debt. Because if you don't, my friend, you're looking dead in the eyes of poverty.

@beatle9239 3 жыл бұрын

Couldn't agree with you more. That is what I have strived to do.

@geraldbennett7035 3 жыл бұрын

Disagree. Use other people's money. Mortgage rates are very low. Buy a good home in a good neighborhood. Instead of paying cash for a home put 20% down and invest the rest in mutual funds for the long run. $500,000 home, $100,000 down payment. Put $400,000 (that you would have used to pay cash for the house) into stock mutual fund (balanced fund). $32,000 a year in appreciation in stock mutual fund + $15,000 in home appreciation (using the lenders money) - $24,000 mortgage payment = coming out ahead $23,000 the first year. Numbers improve for you each year. THATS HOW YOU DO IT. Or, put $100,000 into a savings account or Treasury bills to earn $500 in interest (but inflation will take that interest rate completely away and then some)!

@wakeup6910 3 жыл бұрын

@@geraldbennett7035 And pray to God the stock market doesn't crash,, cause that never happens

@headshotdave 3 жыл бұрын

@@wakeup6910 ... but we are at an all-time high, so any and all crashes in the past have not been an issue ... unless you sell during the panic.

@wakeup6910 3 жыл бұрын

@@headshotdave That's one or the stupidest things I've ever heard

@ReverendBrown. 2 жыл бұрын

Thongs change scent from one end to the other. Knowledge is power. God bless

@stuartclubb4302 3 жыл бұрын

Great data, and as ever, very wise to differentiate median and mean (average). The top 1% is indeed a lofty number and well worth understanding just how far most of us are (or will be) from that 1% total.

@RideGasGas 3 жыл бұрын

Would be interesting to see a pdf (or cumulative density function) of net worth for 62 year olds. Let's say you don't have 17 million dollars like the top 1%, but you have more than the median and would like to know at what percentile you do fall.

@johntruman4397 Жыл бұрын

What good is that sort of money at that age you are going to die?

@RideGasGas Жыл бұрын

@@johntruman4397 Depending what you want to leave to children or charities, any amount over zero is more than you need. Problem is you usually don't know when you are going to die, or how healthy you'll be as you work your way toward the end of the line. I'd rather head into retirement with some comfortable margin just in case. Anything extra will go to the kids. But my question was about a either a probability distribution function (pdf) or a cumulative distribution function (cdf) that shows the net worth as a percentage of the population because I'm curious where I personally fall. Higher than both median and mean and well shy of the top 1%, but curious just to where we fall. The other thing that would be interesting is where the folks live as a function of net worth. The same net worth in California won't go as far as it would in some other places.

@richardcommins4926 3 жыл бұрын

Your median net worth of $229,000 has some meaning because half the people have more and half have less. Your average net worth of $1,188,000 has little meaning because of the skew of the very rich individuals. If you only included people with a max of 10 million or even as low as 10 times the median net worth (10x$229,000) or $2,290,000 the average would be much different. I would say that less than 10% of the population would have a net worth of $1,188,100.

@antomano5623 2 жыл бұрын

I'm not doing bad at 53, made it over the million mark last year.

@HolySchmidt 2 жыл бұрын

Nice work - keep going!

@davidswift7776 2 жыл бұрын

Excellent commentary, wonder if doubling the worth for household net worth would be accurate? The worth of your home probably should be halved ? Thanks for the KZfaq post and your Instagram address 👍

@josephmclennan1229 3 жыл бұрын

My net worth is 190.000.00 no debt , no house payment , car payment , 3400.00 in income monthly , in E, Texas on 16 acres with livestock. 63

@jerrycardinale2827 3 жыл бұрын

Do you feel it was a life worth living? Are you just saying you're secure? you traded life for that, would you do it again?

@wakeup6910 3 жыл бұрын

And?

@RC-vv6nr 3 жыл бұрын

Bravo !

@blue04mx53 Жыл бұрын

After my divorce I donated my wife's collector plates to a Greek Wedding. That was worth a lot to me.

@Benzknees 3 жыл бұрын

Fast forward to 3:33 for the answer.

@philc.9280 3 жыл бұрын

Yea it took a long time to get to that number 229,000. Pretty pitiful for most Americans.

@wisconsinfarmer4742 2 жыл бұрын

sitting pretty well . my daughter and grandchildren just moved in and they will take over the place while I live in a cabin I built 30 years ago. growing our own food, producing our own energy my ssi at age 70 will be far more than I need.

@Reload77725 Жыл бұрын

Sounds terrible. No thanks

@wisconsinfarmer4742 Жыл бұрын

@@Reload77725 the equation is in the heart.

@Reload77725 Жыл бұрын

@@wisconsinfarmer4742 Yea you can keep your equation. It doesn't add up to me. Sorry.

@AloneInTheVoid 3 жыл бұрын

Happiness is more important than net worth

@richardcommins4926 3 жыл бұрын

Don't discount net worth. Yes happiness is very important, but you are confusing the relationship between net worth and happiness. You can't be happy when hungry, in pain, living under a bridge or living in a poor neighborhood where your children are murdered in the streets.

@nathancook8325 3 жыл бұрын

Wealthy people don't necessarily own the latest gadgets or cars or throw lavish parties. What they do have, is a lot of assets, such as real estate, investments, and cash. For example, if your monthly expenses are $ 5,000 per month, and you have $ 30,000 in savings, then you have about six months worth of wealth. If you invest that $ 30,000 and you end up with $ 5,000 a month in investment revenue, you are wealthy.

@davidcarl7812 3 жыл бұрын

Investment should be on every wise individual list. In a few years you will be ecstatic about the decision you made today.

@demmymemphis8615 3 жыл бұрын

There is a saying that money has wings it's best you save it properly, invest it wisely and spend it judiciously.

@winnersenel3992 3 жыл бұрын

If only some people would be patient to understand that B!tcoin isn't going anywhere, instead it's taking over the globe.

@bizzontop8296 3 жыл бұрын

Investing for retirement is the most important thing everyone should plan and be able to save enough for retirement

@matteocarl5005 3 жыл бұрын

Please where can I find a nice platform to invest.

@johniboz1 3 жыл бұрын

After two divorces and 5 children my net worth is approximately 67k! But I am one happy dude!! 😂

@chanlon5539 3 жыл бұрын

Well they say divorce is expensive because it is worth it!

@MILGEO 3 жыл бұрын

Have you set a date for your next wedding yet?:)

@DougAlesUSA 2 жыл бұрын

@@MILGEO 😂

@stephenc2481 2 жыл бұрын

sounds like you are ready for a 3rd!

@geraldfrost4710 2 жыл бұрын

Love is grand. Divorce is a hundred grand. Why is divorce so expensive? Because it's worth it. I'm divorced, with a cottage in the woods. Deer walk past. Life is good.

@dtom1145 2 жыл бұрын

The problem most people have during their working years is they do not live within their means. Gotta have two or more cars. Need expensive vacations. Need all the toys like an ATV… Need the latest tech gadgets and cell phones with unlimited plans. Need the McMansion house. All the paid TV… and then they are shocked that they have little or nothing for retirement. Totally their fault! We worked hard, paid our bills, put our kids through college, saved for retirement and retired in our late 50’s with over $3.5 million for retirement.

@johnclark538 2 жыл бұрын

I have something that most rich people will never have, I have enough!

@alansach8437 2 жыл бұрын

My mother in law used to say that. "We never had a lot of money..." she would say, "but we always had enough." Who could ask for more than that?

@steveturansky9031 2 жыл бұрын

Probably best to eliminate the top and bottom 1% or 2% because they sway the numbers (especially the top end)

@larryjackson6075 2 жыл бұрын

My health, and my time, is way more important than wealth.

@johngill2853 2 жыл бұрын

I agree but it's not all or nothing, you could do all three

@timsimon 3 жыл бұрын

Was about to subscribe, then he crushed my Wizard of Oz Plate retirement dreams.

@davidwinters1394 3 жыл бұрын

no, don't listen to him he's trying to corner the market

@josephgonzales3857 3 жыл бұрын

I have 300 k savings my house is worth 600 k my house is paid off cars paid off no Bill's I get 2500 month income I'm happy

@CaptainQueue 3 жыл бұрын

69. Still working full time. Health very good. $300k net worth, nearly all of that the house.

@priscillawilson2634 2 жыл бұрын

Wow, those numbers are high. I've never owned a house, though.

@kai82holman69 2 жыл бұрын

Loove the way you give information..

@gmarie701 3 жыл бұрын

I know a couple who subscribe to the 'asteroid' theory of debt management. Their theory is that the couple with the most financial debt at the time of a nearby, massive asteroid strike, is the winner!

@dougm659 3 жыл бұрын

Oh, Donald Trump’s model then?

@jimbean2589 3 жыл бұрын

Good one!,,

@85jre 3 жыл бұрын

You die in debt you are money ahead theory

@cwalt4483 3 жыл бұрын

I'm about 10% below the Mean and about 80% above the Median Net Worth At age 52 all on my own.

@AhJodie 2 жыл бұрын

Well, I am 67, working, and mostly struggled to make sure I made my house payments and had a running car, plus food, etc. I do not buy new cars, I have a tiny amount of investment.... but... I have had plenty of time in my life to also be happy and feel blessed. I at first felt sick when I heard this, but, am alright now after reading a few comments. It seems interesting that most of the comments are from people who were checking this stuff out for most of their lives. Many people lost almost everything back in 2008, and I have plenty of friends who have passed away and never got any social security or other benefits. My plan is to live in my car if ever I need to ..... it has always been that, luckily now I have a home, but I will need to be able to keep paying taxes or I lose it.

@spankynater4242 2 жыл бұрын

That’s fine, but there are a lot of people who have enjoyed life and managed to save for their futures. I’ve grown a little wary of people implying that those who are able to put away have deprived themselves.

@AhJodie 2 жыл бұрын

@@spankynater4242 oh..I am happy for you. I was barely making it most of my life..but have enjoyed my life too. Everyone is probably doing the best they can and some know more than others. But..I do know many that can afford to save abd invest and have newer things too. I think I was bragging more than trying to put others down. 💝💝💝

@dwalker6868 2 жыл бұрын

Thank you

@lcee6592 3 жыл бұрын

I probably should have paid more attention in school way back then...

@FFE-js2zp 2 жыл бұрын

The biggest influence is interest rates. If I had an income stream, say a government retirement, of $50,000/year in 2007 it was worth $750,000 in Treasuries. Today, the same $50K income is worth $20M in the treasury.

@spankynater4242 2 жыл бұрын

Not really, your net worth is based on all of your holdings at any given time. That’s all.

@FFE-js2zp 2 жыл бұрын

@@spankynater4242 If your holdings aren't 100% treasuries, you are poor.

@paullemiremusic3101 3 жыл бұрын

Great topic

@peggan471 3 жыл бұрын

Thank you for video, well explained

@loffy742 2 жыл бұрын

Extremely interesting. Is there any way to provide us with the top 5%, 10% and 15%?

@stephenc2481 2 жыл бұрын

I am just a few hundred dollars off of the top 1% net worth....felt pretty bad about.

@mikeg3439 2 жыл бұрын

@@stephenc2481 lol don't feel too bad. I'm somewhere around 8% percentile. But I'm 53, and hitting 5% is possible by the time I retire when I turn 60. Seems like a tough target, why not. Congrats by the way on your net worth, I can only imagine the stories of what it took to get there, very cool.

@chrisf1600 2 жыл бұрын

@@stephenc2481 phew, must suck to be you

@The_Good_Life_starts_today 2 жыл бұрын

@@stephenc2481 Obvious sarcasm. Someone worth that much makes a $1000 every hour. Not to mention they're not spending their time watching KZfaq!

@vallotree 2 жыл бұрын

@@hudson651 how do you know this?

@gwwayner 2 жыл бұрын

Net worth means nothing; someday inevitably we go out the front door on a stretcher and become food for the worms. The richest billionaire goes into the ground the same as the poorest African. Life is short, don't waste it working 16 hours a day to satisfy greed.

@leonardmartell3400 2 жыл бұрын

I value my worth by how happy I am and the type of person I have grown into.

@spankynater4242 2 жыл бұрын

This is not about how you value your worth, it’s about your net worth. All your happiness in the world is not going to help you when you need to put a new roof on.

@mickeypigknuckles Жыл бұрын

Took him 5 minutes to say $229k.

@tlew9429 3 жыл бұрын

Don’t feel discouraged out there if you’re not at the median. We weren’t. We were at about 800K when we retired early at 58 and 62 in 2012. Two rental income homes plus our home all paid for plus our 401Ks, my teacher pension, my husband’s smaller pension plus 2 social securities and no debt. One bonus for us, is my retirement included health insurance for both of us until Medicare. However, with Medicare we now have premiums higher than during our earning years. We sold our home, built another, smaller one for cash and have had a wonderful retirement thus far. We travel to one international location each year plus as many smaller trips in the US as we can budget. We also use our travel trailer as much as possible. We do not use our rental income nor our 401Ks for regular expenses. Those we use to pay for travel, new cars etc. Currently, we are a little over 1 million in assets.

@jameslyons6655 3 жыл бұрын

Retired at 52. No debt, house and cars paid off. I consider myself very fortunate.

@dancalmpeaceful3903 3 жыл бұрын

You should...I"m 56 but I"m trying to get out at 62 or 61.....

@proehm 3 жыл бұрын

A little before 59 for me. Never looked back.

@jacksonk.fozzbodie213 3 жыл бұрын

Thanks for bragging.

@kennethwers 3 жыл бұрын

Looks like I am average with 980,000 in investments and a paid off lake home.

@dancalmpeaceful3903 3 жыл бұрын

@@kennethwers You're doing great...but I wouldn't live near water.......I've seen too much flooding....

@YangGQ 5 ай бұрын

I am 61 this year. We live in a City state that is "Wealthiest" or 2nd most wealthy in the world. So everything is relative. So we moved to a "poorer" country - and suddenly we are "Wealthier" and spending less money. We have enough savings. But more important is to feel emotionally comfortable with what we have. So we moved to a cheaper house in a cheaper country,

@dovoso5685 2 жыл бұрын

Love it, but have a question ; What is the median for 70 years old ?

@stephenc2481 2 жыл бұрын

At 70, there is no need for the calculation. If you don't have enough, you are out of luck. There is no fixing.

@johngill2853 2 жыл бұрын

You could easily Google this

@xlasvegan7x 2 жыл бұрын

I am almost 61 with 15 months before I retire. My income will consist of 3 rental properties owned outright valued at 1.3 million according to Zillow. My sister and I own a home in San Francisco where I currently live with a mortgage of 1100 a month and appraised recently at 1.9 million. Only 130k in my 401k because I spent the last 7 years paying off my rentals.

@stephenc2481 2 жыл бұрын

401k or home assets, it doesn't matter as long as they make money.

@xlasvegan7x 2 жыл бұрын

@@stephenc2481 I agree Stephen👍

@jackfenton2271 3 жыл бұрын

The perfect bed time video.

@stanm2.0 2 жыл бұрын

good videos

@oldcountryman2795 3 жыл бұрын

If my net worth was only $230k at age 62 I'd be panicking.

@invenio1978 3 жыл бұрын

Too bad most people panic more about not having the latest iphone. It's all about priorities.

@PR_GTR 3 жыл бұрын

Why

@jsamc 2 жыл бұрын

@@PR_GTR He has rich taste !

@stephtraveler7378 3 жыл бұрын

Some great pragmatic info here. Thanks for including median and mean in this discussion. How about some % brackets? You told us the 1%. How about top 3, 5, 10%???

@CoolDude-tz5co 2 жыл бұрын

Does “net worth” include or exclude the accumulated value of a personal pension fund? The reason I ask is that such funds can be substantial, but are not readily capable of being turned into cash before a designated retirement date. At least that’s the case in the European country I live in. I would appreciate clarification on this important point, thanks.

@javaskull88 2 жыл бұрын

In the US, our pension plans often show cash value of the pension as it grows over time. I don’t know if the all do. I don’t add that to my own net worth calculation, but I might consider doing it now that you mention it.

@jasonhunt007 Жыл бұрын

If you can realistically calculate your spending in retirement and subtract that amount from your monthly annuity payments and if you have money left over for saving and investing, your net worth will grow in retirement.

@mw6343 Жыл бұрын

Great info! Highlight 3:28 mark.

@garyjensen3414 Жыл бұрын

The REAL measure of wealth is not the dollars that you are "worth", but the life you live.........I loved working as a Fireman and on some days off, laid carpet (Both careers brought enjoyment to me)...WE-- bought property and did well.. Most importantly, WE--- HAD FUN!!!!..WE--- did a lot of water AND snow skiing...We owned power and sail boats along with motor homes..WE-- have done 8-10 cruises, been to Europe, Africa, Iceland, and many islands.. ..WE did this with kids too..The real measure is how much you lived..The kids are doing well and everyone is healthy..We have a roof over our head, meals and a FOREVER retirement...

@FlavelKA 3 жыл бұрын

When calculating averages and medians, how do people with negative worth skew the results...or do we just calculate from zero on up?

@DavidEVogel 3 жыл бұрын

do people with negative worth skew the results Yes.

@robloxvids2233 3 жыл бұрын

You just add in their negative total. If 9 people were worth 2 million dollars and the 10th person was worth -100k then collectively you have 10 people worth 1.9 million, or a mean of 190k per person.

@sbfhawk4343 3 жыл бұрын

Oh wow Thank you for showing me that scale. I am only 40s and Married and I am already half way there or above the average for the 62 person range or there 1.1000000 Million range.

@Lolatyou332 Ай бұрын

I'm glad I was always pretty cheap. I don't like paying for labor if it's something I can do myself. My whole house I renovated by myself, fully insulated everything, re-wired, drywall, mud, tape, etc. If your young you NEED to do everything you can yourself. Your money is much more valuable now than for the instant gratification of getting everything you need or want now instead of later. My clutch / pressure plate on my car when bad and instead of paying someone to replace it I'm just going to do it myself. Saves me 2-3,000$, I get to buy some tools and get to learn a bit as well at the same time. Learning is also compounding. Every business idea started with a need, if you experiment with everything you have the chance of finding a need that isn't fulfilled, if you have a large skillset from a lifetime of just doing everything yourself, imagine how many needs you can solve if you understand all aspects on how to fix it and market it to consumers..

@johnkenney7217 3 жыл бұрын

For the top-1% figure, is that the mean of the top 1%, or the threshold to be in the top 1%?

@brainworthy 3 жыл бұрын

How to get rich eventually. Be nice to the people you might get an inheritance from. Suggest, I’ll put you in my will if you put me in your will.

@HolySchmidt 3 жыл бұрын

One worth considering :)

@lamarravery4094 2 жыл бұрын

Someone might have you killed off to get your assets sooner than later.

@ScottBussing 3 жыл бұрын

Thank you for the video. When thinking about all of the personal finance content that we see, perhaps net worth is under represented. Likely due to the fact that for net worth, individuals need to confront their debt load and its rightful place in this simple equation. Focusing on, and tracking progress towards, net worth is powerful as it forces you to think about strategy for asset growth while simultaneously thinking about debt reduction (debt elimination).

@senator558 2 жыл бұрын

Many 62 year olds are richer than they think. If they’re receiving a guaranteed pension, that future cash flow represents an asset that should be factored in when determining net worth. To determine the worth of that pension, you could do a direct capitalization income approach to determine the value. The annual pension amount divided by 4% would give you a good rule of thumb value.

@timx9661 2 жыл бұрын

Since only 4% of private sector workers have a defined benefit Pension, my guess is you’re a retiree in the Public Sector. You’ve also convoluted the 4% retirement rule, which is the recommended amount to withdraw from your retirement nest egg to sustain it over time. There is really no point to calculating your net worth if you have a pension. The goal is to generate sustainable income that you can live off of. If you must, take your annual payment X 25 to determine what it would take to generate the income you’re receiving from your pension. If you have a 40K annual pension, it would take you $ 1million to generate that much income safely if you don’t have a pension, adhering to the “4% rule”. $40k a year is a millionaires Pension.

@PM3121 2 жыл бұрын

@@timx9661 Good reasoning

@jamiecrawford8133 2 жыл бұрын

@@timx9661 holy crap 4% of Americans get a pension? Knew it was a small number but not that bad...

@NeilLGray-cq1vi Жыл бұрын

Not all pensions are 100% guaranteed

@senator558 Жыл бұрын

@@NeilLGray-cq1vi Agreed. See the first word of the second sentence in my original post.

@BourneAccident 3 жыл бұрын

Is the $17.6M a mean or median? FYI... this video is encouraging. I'm over 62 and didn't know the mean and median was so low.

@dexterne 3 жыл бұрын

It's the 99th percentile.

@victorwilburn8588 3 жыл бұрын

I took it to mean the 99th percentile, but he's not ENTIRELY clear. But I doubt it's the mean OR median of those in the top 1% as I suspect that would be MUCH higher, given how top-heavy wealth structures are.

@rcaliente05 3 жыл бұрын

The median is only barely enough to pay for 4 years education at Harvard.

@M-hc9xm 3 жыл бұрын

Or at any private or out of state college.

@samuelhildebrandt9074 3 жыл бұрын

My net worth before buying a house 120k😎 my networth after buying a house -120k😱

@my3dviews 2 жыл бұрын

That would only be the case if you paid $240,000 more for your house than it is now worth. Since the equity in your house counts as part of your net worth.

@samuelhildebrandt9074 2 жыл бұрын

@@my3dviews my house is worth 240k and I had 120k cash, I used 30k for down-payment. And I had a stock go nuts so 80k is stuck in a tsfa, trying to get it to a mil

@my3dviews 2 жыл бұрын

@@samuelhildebrandt9074 Then your net worth is a lot higher than -$120k. The amount of your mortgage is offset by the value of your house. So, your net worth is the amount of cash left, plus stocks etc., plus the equity (current house value minus mortgage left to pay).

@stephenc2481 2 жыл бұрын

don't worry, you house will double in value, after the gov't finished printing money for all kinds of the stimulus and other agendas.