What Millennials Need to Know About Average Millennial Net Worth

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    What Millennials Need to Know About Net Worth

    1. I think everyone of every age needs to know their net worth! 🙂

    2. There is power in knowing! I am a huge fan of knowing your net worth. It’s the full picture of your financial health.

    3. G says:

      I am 31 and bought my first home few months ago..

      my assets – liabilities come to ~225k… guess I am ahead of the curve though i dont feel rich lol

      • Stefanie says:

        Ahead of the curve is great. Though unless you’re in the millions, it’s still a long road to rich. Though you seem to have the rich habits that are going to get you there, and that’s ultimately what matters!

        • G says:

          Thanks for your words !
          my parents got there in their 50s… I am trying to see if I can get there sooner… challenge makes life interesting

    4. Warren R says:

      Hey Stefanie,
      Great post with helpful financial advice for generation as always. Are you more of a fan of younger Millennials (especially those singles who live in expensive cities) focusing on career, renting, and investing most of their extra $ in a diversified portfolio as opposed to buying real estate and considering that the biggest investing component of their net worth??

      • Stefanie says:

        It really depends on your goals. If you’re not committed to living in certain place for more than 5-7 years, I say rent. In expensive cities I’m not convinced buying is always the best option. So I say rent – guilt free 🙂

    5. Knowing net worth is so important! How can you make big financial decisions without it? It’s somewhat scary figuring it out at first, but it’s so important to know where your floor is at before you can climb up any higher.

    6. When calculating your net worth its important to consider what assets you want to include. I dont think there is any reason to include assets that depreciate. Eventually your car will not be worth anything or you will trade it in for a liability (car loan) if you upgrade. Therefor i only keep assets on my net worth that appreciate like real estate. Also, i like the formula from the book “Millionaire Next Door” which uses the expected net worth formula… (your age X annual pre tax income)/10… i find this a good rule of thumb.

      • Stefanie says:

        I include the current value of those assets (like a car) because I think about net worth as a present state of being. If I cash out everything right now, where do I stand? Though I totally understand and appreciate your point of view. It’s important to remember to factor in the depreciation of assets when tracking net worth over time.

    7. […] don’t have to reveal your net worth by the third date in order talk about your financial values some time before things get […]

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