I'm sure this has been covered many times on this forum, but maybe it's time for an update.
This link estimates Net Worth in the United States... By AGE
https://turbo.intuit.com/blog/real-money-talk/net-worth-by-age-704/
So much of our looking ahead and financial planning is based on dollars, that it's important understand numbers in terms of how they are calculated. So... you MUST understand the difference between average, median and mean.
From another website.
so:According to the Federal Reserve, the average net worth for Americans between the ages of 55 and 64 is $1,167,400, while the median is at $187,300.
Of course that's just the beginning. Many articles that we read every day, not only mix mean and median, but completely ignore or do not differentiate between an individual, a married couple, or a household.
This link estimates Net Worth in the United States... By AGE
https://turbo.intuit.com/blog/real-money-talk/net-worth-by-age-704/
So much of our looking ahead and financial planning is based on dollars, that it's important understand numbers in terms of how they are calculated. So... you MUST understand the difference between average, median and mean.
From another website.
The mean net worth is the average net worth; the net worths of a group averaged into one. The median net worth is the value that is right in the middle of all of those numbers. Median net worth is arguably the one that gives you the more realistic view of an age group's financial situation. If you were to average the net worth of every millennial in the U.S., you'd have to include that of Facebook founder Mark Zuckerberg, age, who is currently worth $61.5 billion. That's probably going to skew the numbers higher for a 29-year-old struggling to make his next student loan payment.".
so:According to the Federal Reserve, the average net worth for Americans between the ages of 55 and 64 is $1,167,400, while the median is at $187,300.
Of course that's just the beginning. Many articles that we read every day, not only mix mean and median, but completely ignore or do not differentiate between an individual, a married couple, or a household.
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