Ever wonder if you’re doing better financially than your friends? It’s a common thought, but you can’t ask them for their bank balance.
So, how do you figure it out without making things awkward? Here’s a simple, no-guesswork method using statistics and data.
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The Age Factor: Where Do You Stand?
Your age plays a big part in how much wealth you’ve had time to build. Check out these median and mean net worth numbers for different age groups:
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Under 35: Median: $39,040 | Mean: $183,380
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35-44: Median: $135,530 | Mean: $548,070
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45-54: Median: $246,700 | Mean: $971,270
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55-64: Median: $364,270 | Mean: $1,564,070
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65-74: Median: $410,000 | Mean: $1,780,720
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75 and over: Median: $334,700 | Mean: $1,620,100
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Your friends might be different ages or in different financial situations, but if you’re above the median for your group, you might be doing better than you think!
Homeownership: The Big Wealth Booster
Owning a home tends to put you ahead in the wealth game. Here’s how homeownership stacks up:
Homeowners: About $396,200 in net worth
Renters: Around $10,400
If you’ve bought a house and most of your friends are still renting, you’re likely in a stronger financial position.
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Does Education Pay Off?
When you meet up with your old classmates, you might notice that education can affect net worth. Based on Federal Reserve data:
No high school diploma:
Median net worth: $20,780
Average net worth: $137,580
High school diploma:
Median net worth: $73,890
Average net worth: $304,590
Some college:
Median net worth: $89,280
Average net worth: $374,010
College degree:
Median net worth: $308,800
Average net worth: $1,516,910
The average net worth for college graduates is over $1.5 million, more than four times the average for those with some college education.
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Where You Live Matters
Location is key. If you’re in a high-cost area like California or New York, you’re likely doing better than someone in a lower-cost state. But remember, a big salary in Los Angeles might not stretch as far as a modest one in a more affordable place like Texas.
Career Paths: Who’s Earning What?
Of course, your career choice can significantly impact your net worth. Here are some average salaries for different professions:
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Doctors: The average physician salary across all specialties is $363,000.
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Lawyers: The average lawyer salary is $163,770 per year.
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Software Engineers: The average salary for a Software Engineer in the U.S. is $136,053.
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Teachers: The average salary for teachers is $69,544 per year.
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The Stuff You Can’t See
Here’s the tricky part – you can’t always tell who’s wealthier just by appearances. That friend with the flashy car might have a mountain of debt, while someone living more modestly could be sitting on a nice nest egg.
Does It Really Matter?
Your financial journey is unique. Instead of stressing over whether you’re richer than your friends, focus on your progress. What matters is whether you’re building toward the life you want, not where you rank compared to everyone else.
True wealth isn’t just about money. It’s about having enough to live comfortably, enjoy life, and keep the stress over bills to a minimum. If you’re doing that, you’re already winning – no matter what anyone else’s bank account says.
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This article Are You Richer Than Your Friends? Here’s How To Tell Without Asking originally appeared on Benzinga.com
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