Average Net Worth By Age in 2023!
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 6 January 2023
⏱️ 36 minutes
🧾️ Download transcript
Summary
Transcript
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| 0:00.0 | It's your favorite annual tradition, net worth by age. |
| 0:04.8 | It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, |
| 0:11.6 | investing, taxes. You've got financial questions, he's got financial answers. |
| 0:17.0 | It's Brian Preston, the money guy. |
| 0:20.4 | Brian, I am so excited to talk about this. Because we love that we get to do this show every year. |
| 0:27.1 | Basically, we talk about, okay, where is the average net worth for someone in your |
| 0:32.9 | stratosphere? Then where should your net worth be? Then this year, we have a new something |
| 0:39.7 | very exciting. We're going to lay out that. |
| 0:41.4 | We're going to hit it hard this year and then we've got some metrics that you're not going to |
| 0:45.5 | miss if you're trying to compare and figure out where do you fit in your net worth versus |
| 0:50.8 | your peers out there. Here's the thing I like, though, money is a taboo subject. |
| 0:56.1 | You're not allowed to go to a fan where you're in or even go around your office and talk about, |
| 1:01.6 | hey, how's your net worth stacking up? Because it is the scoreboard of your financial life, |
| 1:06.9 | but you're just not allowed to share it that way. |
| 1:08.8 | It's the one thing that allows you to know, okay, based on where I'm today, |
| 1:13.3 | am I moving closer to my goals or am I ultimately moving further away from my goals? |
| 1:19.2 | Now, it is important that we don't focus solely on the scoreboard. Warren Buffett has this |
| 1:24.0 | fantastic quote that goes something like this. He says, games are one by folks who are focusing |
| 1:29.2 | on the playing field, not the ones that are focused on the scoreboard. So you have to be careful |
| 1:34.0 | that you don't get lost in only looking at your net worth statement, but it is important to |
| 1:40.5 | periodically check it to know, am I where I'm supposed to be? And am I moving in the direction |
| 1:45.7 | that I'm supposed to be moving into? And it's okay if you do it from time to time. And we're |
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