Surprise! Here's the Average Net Worth for Americans in Your Age Group
When it comes to keeping tabs on your money, net income often steals the spotlight. While knowing your income is important, tracking your net worth is a crucial step to ensure you are progressing toward your financial goals. Essentially, you can think of your net worth as your personal balance sheet. It's the sum of all your assets -- everything you own, such as cash savings, certificates of deposit, and retirement accounts --minus your liabilities, which include everything you owe, such as credit card debt, car loans, and student loans.
For example, if your assets add up to $350,000 and your debts total $300,000, your net worth would be $50,000. Net worth, not net income, can reveal how close you are to becoming a millionaire. Someone could earn a million dollars in a year but end up with a net worth of only $25,000 due to significant expenses and debt dragging their net worth down.
If you're curious about how other Americans in your age group are really doing, I've pulled the numbers so you can look under the hood.
Source Fool.com
