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Average savings/assets for a 30 year old? Watch

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    I am 25 in 2 months, just wondering what the average in savings and assets are for the average 30 year old?

    By 30 I want to be very financially comfortable. With £100,000 more in the bank than I do now and multiple income streams. I will have to be very disciplined and live at home with my parents, but I think it will be worth it. I just want to have the power of being financially comfortable in my life.

    I am set to inherit properties so when the day comes, I want to be able to acquire even more properties/assets. So there is that motivation.
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    (Original post by sevva888)
    I am 25 in 2 months, just wondering what the average in savings and assets are for the average 30 year old?

    By 30 I want to be very financially comfortable. With £100,000 more in the bank than I do now and multiple income streams. I will have to be very disciplined and live at home with my parents, but I think it will be worth it. I just want to have the power of being financially comfortable in my life.

    I am set to inherit properties so when the day comes, I want to be able to acquire even more properties/assets. So there is that motivation.
    Average brit has like 125k in total. Good graph on financial times showing median wealth. Think top tier was like 600k+ for over 50s.

    It's a broad question really and it varies a lot. But i'd say the median net worth for a 30 year old would be around 70k excluding debt. But for top 10% of 30 year olds it would be around 250k+
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    (Original post by sevva888)
    I am 25 in 2 months, just wondering what the average in savings and assets are for the average 30 year old?

    By 30 I want to be very financially comfortable. With £100,000 more in the bank than I do now and multiple income streams. I will have to be very disciplined and live at home with my parents, but I think it will be worth it. I just want to have the power of being financially comfortable in my life.

    I am set to inherit properties so when the day comes, I want to be able to acquire even more properties/assets. So there is that motivation.
    what is your current net worth?
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    (Original post by Bill_Gates)
    Average brit has like 125k in total. Good graph on financial times showing median wealth. Think top tier was like 600k+ for over 50s.

    It's a broad question really and it varies a lot. But i'd say the median net worth for a 30 year old would be around 70k excluding debt. But for top 10% of 30 year olds it would be around 250k+

    What if we include debt? (Excluding student loans). I count debt as part of the net worth of an individual. E.g. That nice car on hire purchase that you can't really afford is eating into your net worth.
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    (Original post by Bill_Gates)
    what is your current net worth?
    I am poor as hell because I have spent all of my money in the past from my previous career roles. But I don't want to rely on inheritances to hit the top 10%.

    Guess I realised recently I have to really grow up and earn as much as I can. I am probably going to be alone because I am paranoid about being used as a meal ticket, so I might as well acquire as much wealth as I can.
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    (Original post by Bill_Gates)
    Average brit has like 125k in total. Good graph on financial times showing median wealth. Think top tier was like 600k+ for over 50s.

    It's a broad question really and it varies a lot. But i'd say the median net worth for a 30 year old would be around 70k excluding debt. But for top 10% of 30 year olds it would be around 250k+
    http://www.moneysavingexpert.com/pol...-or-do-you-owe

    Based on data at link above, for non-homeowners average net worth is £45k, and its £331k for homeowners. Average age in the UK is 40.
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    (Original post by sevva888)
    What if we include debt? (Excluding student loans). I count debt as part of the net worth of an individual. E.g. That nice car on hire purchase that you can't really afford is eating into your net worth.
    not sure about including debt. Most studies exclude debt. I think it's better to exclude personally.



    (Original post by sevva888)
    I am poor as hell because I have spent all of my money in the past from my previous career roles. But I don't want to rely on inheritances to hit the top 10%.

    Guess I realised recently I have to really grow up and earn as much as I can. I am probably going to be alone because I am paranoid about being used as a meal ticket, so I might as well acquire as much wealth as I can.
    Fair enough, that's what i say. You need to make enough so you're happy with at least half of what you have lol.
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    (Original post by sevva888)
    I am 25 in 2 months, just wondering what the average in savings and assets are for the average 30 year old?

    By 30 I want to be very financially comfortable. With £100,000 more in the bank than I do now and multiple income streams. I will have to be very disciplined and live at home with my parents, but I think it will be worth it. I just want to have the power of being financially comfortable in my life.

    I am set to inherit properties so when the day comes, I want to be able to acquire even more properties/assets. So there is that motivation.
    What is an average 30 year old? There's probably 30 year olds out there on the breadline sowing footballs.
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    (Original post by Death Grips)
    http://www.moneysavingexpert.com/pol...-or-do-you-owe

    Based on data at link above, for non-homeowners average net worth is £45k, and its £331k for homeowners. Average age in the UK is 40.
    People tend to over estimate in those surveys. You're better off looking at real statistics from the ONS for example.
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    (Original post by Bill_Gates)
    People tend to over estimate in those surveys. You're better off looking at real statistics from the ONS for example.
    yet you say you think the average 30 year old has 70k in assets :facepalm2:
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    (Original post by Bill_Gates)
    not sure about including debt. Most studies exclude debt. I think it's better to exclude personally.





    Fair enough, that's what i say. You need to make enough so you're happy with at least half of what you have lol.

    Thing is, I see the debt culture as poisonous. I have never ever spent above my means and I see that as essential as a life lesson, it should really be taught more in schools. If debt is continued to be seen as acceptable then we get into a lifestyle where we are existing to service our debts.
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    (Original post by Death Grips)
    yet you say you think the average 30 year old has 70k in assets :facepalm2:
    Well yeah. Could be inheritance, car, deposit for a house + appreciation. Pretty normal. But i never stated for a graduate, i'm speaking about graduates heres.



    (Original post by sevva888)
    Thing is, I see the debt culture as poisonous. I have never ever spent above my means and I see that as essential as a life lesson, it should really be taught more in schools. If debt is continued to be seen as acceptable then we get into a lifestyle where we are existing to service our debts.
    debt a necessity in western world.
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    (Original post by Bill_Gates)
    Well yeah. Could be inheritance, car, deposit for a house + appreciation. Pretty normal. But i never stated for a graduate, i'm speaking about graduates heres.





    debt a necessity in western world.
    For most people, yes.
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    Don't count on inheritance.

    It could get eaten up in care home costs before whoever gives it to you passes away.

    And there is tax to be deducted from the inheritance.

    An example is my cousin.

    He thought he was going to inherit 250k house.

    But 150k of that went on keeping his mum in a care home for 8 years.

    He was left with about 55k after fees and taxes.
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    (Original post by CreamyChocolate)
    Don't count on inheritance.

    It could get eaten up in care home costs before whoever gives it to you passes away.

    And there is tax to be deducted from the inheritance.

    An example is my cousin.

    He thought he was going to inherit 250k house.

    But 150k of that went on keeping his mum in a care home for 8 years.
    He was left with about 55k after fees and taxes.
    I am not just British. Parents live with me forever.
    If my future partners don't like it then tough.
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    (Original post by CreamyChocolate)
    Don't count on inheritance.

    It could get eaten up in care home costs before whoever gives it to you passes away.

    And there is tax to be deducted from the inheritance.

    An example is my cousin.

    He thought he was going to inherit 250k house.

    But 150k of that went on keeping his mum in a care home for 8 years.

    He was left with about 55k after fees and taxes.
    no taxes and fees on 250k set for probation which can be overcome easily. If he looked after his mum he could of saved 18.5k per year which is like a 24k salary.
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    Liquid savings and investment capital: c.£4,000

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    Finally, I feel my life-long frugality has paid off! :scrooge:
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    (Original post by sevva888)
    Thing is, I see the debt culture as poisonous. I have never ever spent above my means and I see that as essential as a life lesson, it should really be taught more in schools. If debt is continued to be seen as acceptable then we get into a lifestyle where we are existing to service our debts.
    True. I think that is how we live today. Countries and Companies are in perpetual debt. When they cannot keep on passing the debt around, then they default. The clever ones are the Banks (and bankers) because they make money off the system. This is probably the reason for average people despising them so much.
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    (Original post by CreamyChocolate)
    Don't count on inheritance.

    It could get eaten up in care home costs before whoever gives it to you passes away.

    And there is tax to be deducted from the inheritance.

    An example is my cousin.

    He thought he was going to inherit 250k house.

    But 150k of that went on keeping his mum in a care home for 8 years.

    He was left with about 55k after fees and taxes.
    Your cousin's mom should have transferred the deeds to the house to him before she died. I don't think it would count as inheritance. He could have avoided paying the fees and taxes.

    There are people now that put properties in their children's name and have themselves as secondary custodians (in case of the worst).
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    (Original post by sevva888)
    I am 25 in 2 months, just wondering what the average in savings and assets are for the average 30 year old?
    Very difficult to estimate and actual statistics for this are pretty rare for the age. As a complete rough estimate I'd guess someone who had been working since leaving Uni, saving into a pension and perhaps house/deposit should have a net worth of about £50-£80k not including student loan.

    (Original post by sevva888)
    By 30 I want to be very financially comfortable. With £100,000 more in the bank than I do now and multiple income streams. I will have to be very disciplined and live at home with my parents, but I think it will be worth it. I just want to have the power of being financially comfortable in my life.
    Certainly achievable. Even if we ignore investment growth it would require £20k per year averaged. Personally; my networth increase for the past year (excluding house equity growth) was just under £18k and that was without any additional sources of income. My side income now is about £1k a month and growing so I expect to be able to go above £20k increase for the next year.

    (Original post by sevva888)
    I am set to inherit properties so when the day comes, I want to be able to acquire even more properties/assets. So there is that motivation.
    Personally I ignore all potential inheritance when doing calculations and forecasts. You've no idea if or how much you would inherit.
 
 
 
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