Are you richer than your friends? Here’s how to tell without asking

Have you ever wondered 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, guesswork-free method using statistics and data.

Don’t miss:

The Age Factor: Where Do You Live?

Your age plays a big part in the amount of wealth you’ve had time to build. Check out these average and median net worth figures for different age groups:

• Under 35: Median: $39,040 | Average: $183,380

• 35-44: Median: $135,530 | Average: $548,070

• 45-54: Median: $246,700 | Average: $971,270

• 55-64: Median: $364,270 | Average: $1,564,070

• 65-74: Median: $410,000 | Average: $1,780,720

• 75 and over: Median: $334,700 | Average: $1,620,100

Trends: The global gaming market is expected to generate $272 billion by the end of the year – for $0.55/share, this VC-backed startup with a user base of over 7 million gives investors easy access to this asset market.

Your friends may be of different ages or in different financial situations, but if you’re above average for your group, you might be doing better than you think!

Home Ownership: The Great Incentive of Wealth

Owning a home tends to put you ahead in the wealth game. Here’s how ownership accrues:

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 probably in a stronger financial position.

Trending: Beating the Market Through Ethical Real Estate Investing” — this platform aims to give renters equity in the homes they live in, while earning an average annual return of 17.17% for investors – here’s how to join for just $100

Does education pay off?

When you catch up with old classmates, you may notice that education can affect your net worth. Based on Federal Reserve data:

Without a high school diploma:

Average net worth: $20,780

Average net worth: $137,580

high school diploma:

Average net worth: $73,890

Average net worth: $304,590

A college:

Average net worth: $89,280

Average net worth: $374,010

college degree:

Average net worth: $308,800

Average net worth: $1,516,910

The average net worth of college graduates is over $1.5 million, more than four times the average of college graduates.

Trends: General Motors and other leaders have revealed themselves to be investment in this revolutionary lithium start-up – allowing easy entry by launching at just $9.50/share with a minimum of $1,000.

Where you live matters

Location is key. If you’re in a high-cost area like California or New York, you’re probably 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.

The story continues

Career Paths: Who Earns What?

Of course, your career choice can have a significant impact on your net worth. Here are some average salaries for different professions:

• Physicians: The median physician salary for all specialties is $363,000.

• Lawyers: The average lawyer salary is $163,770 per year.

• Software Engineers: The average salary for a software engineer in the US is $136,053.

• Teachers: The average salary for teachers is $69,544 per year.

See also: Unlock a $400 billion opportunity by investing in the future of EV infrastructure this startup is already valued at $50 million with just $500.

The things you can’t see

Here’s the tricky part – you can’t always tell who’s richer by appearances alone. That friend with the flashy car might have a mountain of debt, while someone who lives more modestly might be sitting on a nice nest egg.

Does it really matter?

Your financial journey is unique. Instead of stressing about being richer than your friends, focus on your progress. What matters is whether you’re building towards the life you want, not where you stand compared to everyone else.

True wealth is not just about money. It’s about having enough to live comfortably, enjoy life and keep the stress of bills to a minimum. If you do that, you’re already winning – no matter what anyone else’s bank account says.

Read on:

Next: Transform your trading with Benzinga Edge’s unique market trading insights and tools. Click now to access unique information that can put you ahead in today’s competitive market.

Get the latest stock analysis from Benzinga?

This article Are you richer than your friends? Here’s How to Say Without Asking originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.