There’s an App for That

Motley Fool Answers

The Motley Fool

Taxes, Saving, Money, Investing, Planning, Retirement, Personalfinance, Finance, Education, Business

4.4 • 823 Ratings

🗓️ 16 March 2021

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Whether you’re learning to budget, looking to geek out on your investment returns, or wondering if you’re on track to retire early, there’s an app, tool, or website for that. We’re joined by a couple money nerds at The Motley Fool with their personal reviews of tools like Mint, Personal Capital, various retirement calculators, and more.

Transcript

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0:00.0	This is Motley Fool Answers. I'm Alison Southwick and I'm joined as always by Robert
0:08.2	Bro Me the Money BroCamp. Have we already done that one? He's a personal finance expert.
0:14.2	He's a personal finance expert here at the Motley Fool. In this week's episode, we're going to
0:19.3	review some tools. I'm not letting you talk. In this week's episode, we're going to review some tools. I'm not letting you talk.
0:22.5	In this week's episode, we're going to review some tools and apps to help you track your spending, investment returns, and goals for retirement.
0:29.2	All that and more, I promise I will let bro talk on this week's episode of Motleyful Answers.
0:35.7	So, bro, what's up? Oh, I got a couple of things here. Just a couple.
0:39.4	Let's see. Number one, save that stimulus. So a couple of weeks ago, we revealed the latest
0:45.8	average 401K balances according to Fidelity. But you know, a 401k is just a single slice of a household
0:51.6	finances. Net worth would be a more comprehensive measure.
0:55.3	And fortunately, we have some numbers from the Federal Reserve that are sort of recent.
0:59.7	So every three years, the Federal Reserve does its survey of consumer finances. And last time
1:04.4	was in 2019, and the results were at least last fall. So here they are. So this is median net worth by age.
1:13.4	So remember, median is where half the people have more and half the people have less.
1:17.9	So in the 35 to 44 age group, $91,000.
1:22.8	$45 to 54 age group, $169,000.
1:27.4	$55 to 64, $169,000, 55 to 64, 213,000, and 65 to 74, 266,000.
1:34.3	So now, by net worth, what we mean is everything you own, which is, you know, your brokerage
1:40.1	account, your IRA, your house, your vehicles, minus everything you owe. So you take out your debt.
1:47.6	Now, that's the median. By the way, the average is about four to five times higher. So just as an
1:52.2	example, remember 45 to 54, the median was 169,000. The average is 833,000. That's because you have a concentration of wealth in the upper echelons here in America where they throw off the average.
2:06.6	So median is probably a better measure. Overall, the median net worth grew 16% from 2016 to 2019.
	...

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