The list of financial health indicators is extensive. Credit scores and savings milestones and investment portfolios all work together to complete a portrait of your financial aptitude. But there’s another factor you should consider, too: net worth.
Your net worth represents the relationship between the decisions you make regarding your assets and those that affect your liabilities. As the ways in which you direct your money change, so does this relationship. Knowing your net worth can help keep you on track for a better financial future.
Average Net Worth
The median net worth for adults under age 35 is $6,900, according to the most recent U.S. Census data. By the time they reach ages 45 to 54, that number jumps to over $100,000. In addition, parents, especially those with young children, tend to have a smaller net worth than adults without children or whose children are older.
In short, net worth fluctuates over a lifetime. It should ebb and flow as you take on a mortgage, build credit and find your priorities changing, which is why it’s important to audit regularly.
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