How to Be Wealthy By Age! (2024 Edition)
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 24 November 2023
⏱️ 48 minutes
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Summary
Transcript
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| 0:00.0 | Today, learn how to be wealthy by aid. |
| 0:03.0 | I am so excited about this episode because I think this is something that everyone wants |
| 0:14.8 | to know. |
| 0:15.8 | Okay, based on where I am in life, maybe I've made good decisions, maybe I've made bad decisions, |
| 0:19.6 | maybe I'm right at the beginning of my journey. |
| 0:21.0 | But I want to know how do I become wealthy? |
| 0:24.7 | I don't know that I'm there yet, but I know where I want to go, walk me through. |
| 0:29.3 | What are the things I ought to know at each age and stage to make sure I'm doing what I'm |
| 0:32.3 | supposed to be doing? |
| 0:33.0 | And people are always trying to figure out, am I behind, am I head, am I right where I'm supposed to be? |
| 0:38.3 | But I felt like today a little perspective could be helpful. |
| 0:41.3 | Oh, for sure. |
| 0:42.3 | I mean, if you think about it in terms of the world stage, worldwide, the median wealth for adults is around $8,200. |
| 0:52.3 | So that's across the entire world, total net worth, total wealth, $8,200. |
| 0:56.9 | Here in the United States, it's right around $93,000. |
| 1:00.1 | So once again, being an American actually is we have things a lot better than we probably |
| 1:06.1 | realize. |
| 1:06.7 | So that gives you some context, some grounding on, you know, we're already getting somewhat of a head start just for living here in the United States. |
| 1:15.0 | And then even if we take a step back from the median wealth, think about this. |
| 1:19.2 | If you have over $10,000 in total wealth, you're in the top 47% of the global population. |
| 1:26.6 | If you have over $100,000 in total wealth, you're in the top 13% |
| 1:30.5 | of the population. And if you have become a millionaire, if you have cracked through millionaire |
... |
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