After flipping through the summer edition of MoneySense Magazine, I came across an interesting article that answers a reader question that I get often.
“What should my net worth be for my age?”
Here is what the magazine came up with as an average net worth by age group:
Age 35 to 44 Age 45 to 54 Age 55 to 64 Median net worth $160,000 $265,000 $450,000 % who own a home/value 68% / $240,000 74% / $225,000 77% / $220,000 % w. mortgage/value 81% / $115,000 60% / $90,000 39% / $70,000 % w. RRSPs/value 63% / $25,000 68% / $45,000 69% / $65,000 % w. pension/value 48% / $35,000 52% / $120,000 60% / $260,000
How do those numbers look to you? Does your net worth stack up against Canadian averages?
As a side note, It just so happens that at the end of the magazine, Million Dollar Journey was mentioned in the “Consume this” section. It’s one thing to be mentioned in a newspaper, but I’m particularly thrilled to have been recognized by a magazine that I’ve been following for years. Special thanks to Canadian Capitalist and other readers for giving me the heads up on the mention.
Here’s what they said:
..the young engineer who writes this blog hails from Newfoundland. his goal is to amass a million bucks by the time he hits 35. And, judging from the wide ranging material on his site, he’s willing to do just about anything to make that happen.
OUR TAKE: What makes this site work is the personality of the anonymous author. He describes himself as an “obsessive-compulsive personal finance guy,” but he’s actually immensely likable. While we could quibble with some of his views, there’s no doubting his spirit.
For those of you interested in getting a subscription to MoneySense Magazine (or other popular magazines), find out how you can get an additional 16.25% discount off your magazine subscription.