# Net Worth for a 24 Year Old



## Adaman (Aug 9, 2013)

Hi all,

I am new to this forum, and am wondering how I stack up financially relative to others. I am currently 24 years old, just began working, and have a net worth of around $18,000 (15,000 in mutual funds , 2,000 in stocks, and about 1000$ cash). I have done some searching online about net worth for my age and some of the numbers I have seen are staggering (24-25 year olds with six figure net worths). I am not sure if this is simply a false representation (since those focused on building wealth are most likely to be searching and posting about this subject on line), or if I am behind for my age. Any insight would be great, especially from those in their 20's. 

Thanks

Adaman


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## jordan_paul (Jul 1, 2013)

I'm 22 and my net worth is growing by leaps and bounds every week. It's somewhere around $70k or so but I'm paying off debt and throwing money at my house squeezing out that sweet sweet equity.


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## Adaman (Aug 9, 2013)

I've been in school for the past 4 years, so I've only been working for about 5 months. Im trying to put away 1500$ - 2000$ a month and couple that with good investment returns so hopefully mine should start growing nicely...


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## Butters (Apr 20, 2012)

I think you've came to the wrong place to ask, as if someone is on this site, they know or have a bit of money...

You are doing very well!
I havent seen any doctors at your age!

I think at age 30 it will be a better predictor... the biggest thing is income, if you make 40k you'll do fine, but if you make closer to 100k, you have more room to play 

I'm 25 almost 26, and only like 2 other friends have a house, and all the rest are renting, at home, wasting away...

Based on my circle of friends 1% of people mid 20's are worth over 100k

Most enjoy their time, go on trips, go to the bar, spend money dining out, enjoying everything...

But a dollar you save now, is worth 2 when you're older


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## arrow1963 (Nov 22, 2011)

Generally young posters go to the 'Money Diary' section of the forum to have their ego stroked. You could look through there, but you might not get the answer you're looking for.

There's a strong likelihood of selection bias no matter how you try and figure this out online.


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## MoreMiles (Apr 20, 2011)

24 year old Mark Zuckerberg, net worth was $1 billion at the time. A few years later, he is worth $16.8 billion.

24 year old neurosurgeon, net worth -$100,000 from student loan. In 10 years, at age 35, his net worth is $3 million, with annual revenue $1 million per year.

24 year old back packer, net worth of $0, continues to travel the world, net worth is still $0.

You get the idea?! It's useless to compare net worth. It's like comparing the size of your body parts, some of us are just luckier than the others. Someone will always have more than you regardless what you have.


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## the-royal-mail (Dec 11, 2009)

I don't think it matters how you 'compare' to anyone else. Your goals need to be about you and what you are able to save. Your life is your life. Everybody has different circumstances such as kids, overpriced RE payments, commuting expenses etc. Saving $2000 a month sounds awfully good to me. Why not stick with success and not worry about measuring yourself against others?


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## Spudd (Oct 11, 2011)

At your age my net worth was much lower than yours. I was still in school. I was saving around $50/mo into my RRSPs starting around age 20, so maybe I had $2500 saved up by then.


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## Kail (Feb 7, 2012)

At 24 I was not doing so well at all. I was -$1,500 in overdraft, had a 10k credit card maxed out and a 3,000 balance on a charge card I couldn't pay off and a credit score in the low 500s.

Now I have a net worth of $26,000 at 31, I have zero debt and my credit score is 765. I'm working on raising my net worth as best as I can but it is a slow processes.

You are definately starting off on the right path, I really wish I would have done the same.


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## liquidfinance (Jan 28, 2011)

I didn't even care to think about my net worth at 24. 

It was all about cars.

I maybe had around $4k in savings (whatever GBP equated to at the time)

On paper it probably looked better because of equity in the house. But the crash property crash (UK) wiped away most of that seeing as I bought my ex out at pretty much the top of the market :rolleyes2:


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## peterk (May 16, 2010)

Just use some common sense and look at the people around you, not the stories you read here and in other biased areas.

There are only 6 people in my sibling/cousin family, but we were 26,23,27,23,25 and 30 before we all had "good" jobs that weren't part time, contract, or horribly paying. Even later for paying off student debt... And we're from middle class families with above average parenting.

Look at all the young people around your city making $10-15/hour for 30-40 hours/week. Many feeling the need to use iphones and have their own apartment, saving nothing.

If you're in your mid 20s and have no or minimal debt, you're ahead of the curve. If you're under 30 and have ANY money saved you're miles ahead! 

If you're going to compare yourself to others, which isn't reccomended, at least do it properly and compare to the group as a whole, not just financially competent professionals with above average jobs. You'll drive yourself crazy!


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## KaeJS (Sep 28, 2010)

You're ahead for your age.

Focus on you and less on others. There will always be someone who has more than you, but you have the power to maximize the amount of people that have _less_ than you by working hard.

I am 23 years old and my net worth is ~$85k.

The game of life is interesting. Some people come up very fast without you ever expecting it. Never be too hard on yourself if you know that you are working hard.


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## Feruk (Aug 15, 2012)

There was an article recently that said a lot of Americans (I don't remember the %) have less than 20K saved for retirement. At 24, most of the people I knew (myself included) had just finished school and were pretty much living paycheque to paycheque. You're ahead of the game, but too eager to play it. Have some fun for a couple years. When you're young, experience > money.


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## daddybigbucks (Jan 30, 2011)

Feruk said:


> When you're young, experience > money.


that statement is pure gold, IMO

Trying to stack up at 24 yr old is a loser's game. Life really just began after you left the house.

I would say life to the fullest with or without money at this age. Finding the right girl is paramount. You waste your time saving every penny now, and marry the wrong girl, you will be broke and alone at 40.
After you get married and have kids, life will slow down, then you can concentrate on finances.

I'm sure this will go in one ear and out the other, as no one could tell me anything at 24. I knew it all!!

anyways , have fun.


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## Adaman (Aug 9, 2013)

All really good points here.... like alot of you said, many of my friends have net worths that are in the negative, and do focus most their excess money on going out for dinner, bars, vacations etc. I dont like to compare myself to them because most of them will end up struggling later on with their debt, and although I like my current job...I really hope I wont still be getting up and going to work everyday when I'm in my late 50's and early 60s. My hope is to be able to retire early, travel, and do some flexible part time work, hence my decision to save now. But then again, there is something to be said for living a little now especially when I'm still young, guess its all about finding a solid balance.


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## My Own Advisor (Sep 24, 2012)

MoreMiles said:


> 24 year old Mark Zuckerberg, net worth was $1 billion at the time. A few years later, he is worth $16.8 billion.
> 
> 24 year old neurosurgeon, net worth -$100,000 from student loan. In 10 years, at age 35, his net worth is $3 million, with annual revenue $1 million per year.
> 
> ...


I don't normally quote this much content, but +10.


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## Fain (Oct 11, 2009)

26 years old with around 180k in equities(lots of leverage). I work 60 hour weeks though and only get labour day and christmas off. Most people our age have a negative net worth(loans, credit cards) so your doing great.


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## donald (Apr 18, 2011)

Re:comparisions-if you just look at a persons financial profile and only that you are overlooking other components of their life you are not considering!
the journey(the price that has to be paid of becoming a neurosurgeon and have life and death of your patients in your hand continunely prob doesn't match the pay anyways)If you just look at a persons high light "reel"of course it might make you envy/jealous ect,that's why its useless.
work with what you got and do what you can from where your @.
I personal lay think you should develop a savings habit early on and not diviate(10%or 15%)don't want to save till your 30!develop the habit so it is Easy.life moves lighting quick and forming new habits and or starting saving "later"on is not a good trade IMO to go all out on youth!Moumentuem and deeply ingrianed habits are best started when you don't have the caios that is in a typical late 20s early 30-otherwise the time will never right and it will be "next year"/"next year"next year might not show up.


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## Sherlock (Apr 18, 2010)

At 24 I had just graduated university and my net worth was about negative $29k. I think the average debt in Canada upon graduation these days is over 20k. My student loans were higher than average because my parents both had very low incomes so OSAP gave me the maximum amount each year. If your networth is anything in the positive at that age you're doing pretty well. Of course you could not go to university at all and start working full time at 18 and be worth quite a bit by 24, it's a personal choice.


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