Remember, we are talking about the “above average person.” The assumption here is that the above average person is able to start maxing out their tax-deferred retirement plan every year after the second full year of work, and continue on without fail until 65.
The low and high end account for a conservative 0% return to a more historical 7% – 8% constant rate of return.
This chart can be used as a rough estimate for those with the RRSP plan in Canada, and retirement plans in Europe and Australia as well.
Given the 401k maximum contribution limits have increased over time, the three columns from left to right can also be used as guidance for older savers over 45 years old, middle aged savers between 30 – 45, and younger savers under 30 who get to max out at ,000 a year at the minimum for the majority of their careers.It’s understandable that parents want to help their children out.Now that we have a rough definition of what “above average” means, we can take a look at the tables I’ve constructed based on the tens of thousands of past comments by you and posts I’ve written to highlight the average net worth of the above average person.5) Takes action by leveraging free tools on the internet to track their net worth, minimize investment fees, manage their budget, and stay on top of their finances in general.Once you know where all your money is, it becomes much easier to optimize your wealth and make it grow.The only people who should be worried are renters who also don’t invest in stocks.The only way they can catch up is if they work longer and harder at their day jobs.6) Welcomes constructive criticism and is not overly sensitive from friends, loved ones, and strangers in order to keep improving. 7) Has a healthy amount of self-esteem to be able to lead change and believe in themselves.8) Enjoys empowering themselves through learning, whether it be through books, personal finance blogs, magazines, seminars, continuing education and so forth.Seems very low, but that’s because we use averages and a large age range.With stock markets around the world reaching record highs in 2017, surely average net worth figures are also reaching record highs.