In Money, Wealth

Got $11,000? You have more money than half of people under 35

I’m a millennial and apparently if I have more than $10,400, I have more money than half the people my age.

net-worth-wall-street-journal-millennials

 

Reading the article is also pretty depressing when you think about people around my age.

A typical under-35-ager doesn’tย invest in stocks, doesn’t own their own home, make a median income of $35,300 and the only bright spot is that they carry less credit card debt.

How do you stack up against the chart above?

 

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Sherry of Save. Spend. Splurge.

Millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. Since then, I have paid my $600K home in cash (my half was $300K), my $180K casr in cash, worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

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30 Comments

  1. Fig

    Interesting!! Unfortunately my net worth is under $11k because of my recent car loan, but I do have more than that amount in savings. I’ll be back to the networth number shortly too. Oddly this makes me feel better because compared to most people in my age range I’m doing ok. It’s just when compared to the PF people that I feel like a complete failure. I still have quite a few years in the under 35 range so I’ve got time to make a comeback!

    Reply
    1. save. spend. splurge.

      We’re freaks, PF folks. Don’t compare yourself to us because we’re in such a small pool..

      Reply
  2. Michelle

    Well that is an interesting graph. I would love to know where the information is from. It is an eye opener that is for sure.

    Reply
    1. save. spend. splurge.

      Click on the link, it tells you

      Reply
  3. Jay @ ThinkingWealthy.com

    That’s so sad but people just don’t understand that the road to wealth goes through compound interest. You either pay it, or you earn it.

    Jay

    Reply
  4. Frugal Lee

    I was working at my mom’s restaurant at 13 a long time ago instead of getting an allowance – I wonder if I would have been included in that ‘Under 35’ group? Then it was Fast Food until 18 where I moved up to Retail. $10K definately would have been a pretty good haul any of those years.

    Reply
    1. save. spend. splurge.

      Perhaps! I don’t know what data they used.

      Reply
  5. Danielle

    Under 35 is a weird demo too though. I’m aiming to own in Toronto by the time I’m 33-35 thus my net worth will dive for awhile while I start to pay off my mortgage.

    Reply
    1. save. spend. splurge.

      Especially in Toronto. Prices for homes are insane there.

      Reply
  6. Cassie

    According to this I’m approaching the halfway mark for the 55-64 age group. That’s terrifying, because that’s the approaching retirement age!

    I haven’t bypassed the median for someone with a college degree yet, but I’d be willing to bet the median age in that category is considerably higher than 30!

    Reply
    1. save. spend. splurge.

      Oh yeah. It has to be at least 50+

      Reply
  7. Taylor Lee

    That I have more than half the people in my age group (35 and under) is no surprise. That I have more than half of people between 45 and 54 is downright SCARY.

    Reply
    1. save. spend. splurge.

      You’re telling me!

      Reply
  8. Daisy

    Thankfully I have far more than $11,000 and I’m not even close to 35. Only half of those under 35 should really have savings though; kids 17 and under shouldn’t be included in this number.

    Reply
    1. save. spend. splurge.

      Shouldn’t be. I don’t think they are, although Baby Bun has $1500 right now.

      Reply
  9. Danielle

    This is the thing about the MEDIAN and the MEAN. It can look like two very different things depending on how you read it.

    “It only takes $10,400 to be wealthier than half of millennials (the median) but it takes $75,500 to be richer than millennials on average.”

    So I’m wealthier than the MEDIAN but need to catch up to the AVERAGE. ๐Ÿ™‚

    Reply
    1. save. spend. splurge.

      The average is skewed because of people like Mark Zuckerberg ๐Ÿ™‚ I trust the median more than the mean to be honest.

      Reply
  10. Liquid

    Interesting how high school diploma ranks higher than having attended “some college” ๐Ÿ˜

    Reply
    1. save. spend. splurge.

      True. Especially in the U.S. if it is community college.

      Reply
  11. Alicia

    Yeesh! Painful…

    Reply
    1. save. spend. splurge.

      Tell me about it!

      Reply
  12. Michelle

    Wow. This is scary to see but on a good note, for my age group, I’m ahead of everyone else….I’ll have to continue the upward trend as I honestly believe that even with what I have, I’m behind.

    Reply
    1. save. spend. splurge.

      You’ll make it!

      Reply
  13. jp

    you have to take into account that under 35 includes babies on up…. scary though! nice to see the college degrees higher.

    Reply
    1. save. spend. splurge.

      True.. but some children have a lot. Baby Bun has $1500 already and he’s not even 1.

      Reply
  14. Charlotte

    OMG those numbers are terrifying. I’m way above them, thank goodness, but that’s beyond depressing to think that so many people aren’t.

    Reply
    1. save. spend. splurge.

      PF people are freaks. ๐Ÿ˜‰

      Reply
  15. Kandice

    This is downright scary. Especially given the fact that the Under-35’s have time on their side from a compound interest standpoint.

    Reply
    1. save. spend. splurge.

      My feeling is they are trying to get out of debt too. It can really hinder savings.

      Reply

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