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Your net worth is a measure of how much your assets are worth minus any liabilities you owe.
The idea is to increase the assets you own and pay off your debts.
But how much should you be worth if you dont make much?
Or how about those with a high income, should their net worth grow faster?
What is Net Worth?
Your net worth is simply what you own minus what you owe.
you’ve got the option to still build wealth but at your own pace.
Also, your net worth should grow over time.
This means youve had 13 years to grow your net worth.
And youre investing the amount you save each month with an average return of 5% annually.
Heres what your net worth could look like based on your average salary.
As you could see, the higher your income, the higher your savings rate should be.
This impacts how much you might save in total and how much your investments will grow.
Both of these things will increase your net worth over time.
What Should Your Net Worth Be By Age?
And your net worth should grow by age so that you have enough to retire on.
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