Question 1

How do I calculate my net worth?

Accepted Answer

Net worth = total assets minus total liabilities. Assets include: checking and savings accounts, investment accounts (brokerage, 401k, IRA), real estate value, vehicle value, and other valuables. Liabilities include: mortgage balance, car loans, student loans, credit card balances, and other debts. Use MyNetWorth's free net worth calculator to track all your assets and liabilities in one place and see your true financial picture.

Question 2

What is a good net worth at my age?

Accepted Answer

Average net worth by age in the US (Federal Reserve 2023 data): Under 35: $76,300 average, $13,900 median; 35-44: $436,200 average, $91,300 median; 45-54: $833,200 average, $168,600 median; 55-64: $1,175,900 average, $212,800 median; 65-74: $1,217,700 average, $266,400 median. A useful rule of thumb: by age 30, aim for 1x your annual salary saved; by 40, 3x; by 50, 6x; by 60, 8x. Net worth varies enormously by income, geography, and circumstances — the median (50th percentile) is a more realistic benchmark than the mean (which is skewed by ultra-wealthy individuals).

Question 3

What is FIRE and how do I achieve it?

Accepted Answer

FIRE (Financial Independence, Retire Early) is achieved when your investment portfolio generates enough passive income to cover your living expenses indefinitely. The core formula: FIRE Number = Annual Expenses × 25 (based on the 4% safe withdrawal rate). Example: $60,000/year expenses × 25 = $1.5 million needed. Types of FIRE: Lean FIRE ($25,000-40,000/year expenses, $625k-1M portfolio), Regular FIRE ($50,000-80,000/year, $1.25M-2M), Fat FIRE ($100,000+/year, $2.5M+), Coast FIRE (invest enough early that compounding reaches your FIRE number without additional contributions). Key strategies: maximize tax-advantaged accounts (401k, IRA, HSA), increase income, reduce housing costs (largest expense for most people), and invest in low-cost index funds.

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