The Blubber

If you’re in the upper class, you’re in a good spot. The top 10% of earners have an average net worth of $2.65 million. Even if you just make it into the upper class (in the 80-90% range), your net worth is around $793,000.

For the middle class, things are a bit more mixed. The upper-middle class has an average net worth of roughly $300,800, while the typical middle-class family has about $169,420. If you’re in the lower-middle class, your net worth averages around $58,550.

When we look at the lower class, the figures drop sharply, with an average net worth of only $16,900. This is a stark contrast to the millions held by those at the top.

But remember, these are just averages. Your individual situation might look very different. Maybe you’re a recent college grad with significant student debt but a high-paying job, or perhaps you’re retired with a modest income but a fully paid-off house and substantial savings. Life and finances are complicated.

It’s important to note that net worth isn’t everything. Your daily life is probably more influenced by your income and cost of living. A teacher in a small town might have a lower net worth than a struggling actor in New York City, but who’s actually better off?

So, what can you take away from this? First, don’t worry if your net worth isn’t where you want it to be yet. Building wealth takes time. If you’re young, you’ve got plenty of time to grow your savings.

If you want to increase your net worth, consider these tips:

• Pay off high-interest debt. It’s tough to build wealth while paying a lot in interest.
• Save and invest consistently. Even small contributions add up over time.
• Consider buying a home. Home equity often plays a big role in many people’s net worth.
• Invest in yourself. Gaining new skills can lead to higher-paying opportunities.
• Live below your means. The less you spend, the more you can save and invest.