When it comes to your money, the more you know, the better equipped you are to make informed financial decisions. One piece of your overall financial picture that you may want to understand is how much you’re “worth.” This information can help you understand where you are with your finances now and what you need to do to reach your goals for the future.
Before we look at a net worth growth calculator table that shows you how you compare against other people your age, let’s dive a bit deeper into what net worth is and why it’s important.
Table of Contents
Key Points
• A net worth calculator helps determine your financial health by calculating your assets and liabilities.
• It provides insights into your overall financial picture and helps track progress over time.
• Factors such as age, income, and debt impact your net worth.
• Regularly updating and reviewing your net worth can help with financial planning and goal setting.
• Use the calculator to assess your financial situation and make informed decisions about saving and investing.
What Is Net Worth?
Net worth is simply a total of all your assets minus any debts you have.
Those assets can include cash, real estate, intellectual property, and other items like jewelry, stocks, insurance policies, and bonds. The cash may come from a job you have or from unearned income, such as your Social Security payment
Having multiple assets does not necessarily mean you have a high net worth, particularly if you also carry significant debt. For example, you may have a million-dollar mansion, but if you have debts of $500,000, your net worth dwindles rapidly.
💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
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How Does a Net Worth Calculator Work?
There are many personal net worth calculators available online, though you don’t need one to calculate your net worth. Just take the total amount of all your assets and subtract the total amount of your liabilities:
Some calculators will also factor in future growth so you can understand what your net worth will be in the future, as the value of your assets grows.
Recommended: What Is Disposable Income?
How to Calculate for Net Worth
As you can see, it’s fairly easy to calculate your net worth, though it may take time to gather the values of all your assets, such as the current value of a piece of high-end jewelry. But once you do, you can add up all your assets and then subtract your liabilities to calculate your net worth.
What Is the Average American Net Worth?
Knowing your own net worth is one thing, but where does it stand against other people in your age bracket? Generally, people see an increase in their net worth the older they get, and it can be helpful to use a net worth percentile calculator by age to see where you stand.
Here’s the average net worth by different age groups, according to the most recent data available from the Federal Reserve.
| Age | Average Net Worth | Median Net Worth |
|---|---|---|
| Under 35 | $183,380 | $39,040 |
| 35-44 | $548,070 | $135,300 |
| 45-54 | $971,270 | $246,700 |
| 55-64 | $1,564,070 | $364,270 |
| 65-74 | $1,780,720 | $410,000 |
| 75+ | $1,620,100 | $334,700 |
Source: Federal Reserve’s 2022 Survey of Consumer Finances
Why Is Net Worth Important?
Calculating your net worth is smart because it can help you understand where you’re strong financially (maybe you have little debt) and where you’re weak (maybe you’ve overextended your credit to buy your home).
It may also help you make plans for the future. For example, if your net worth is high, you might explore strategies for reducing taxable income, such as contributing more to a tax-deductible retirement account. And if your net worth isn’t where you’d like it, you can take steps to improve it.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
How to Increase Your Net Worth
If you’ve used a liquid net worth calculator, or compared your net worth to the table above and don’t feel like your numbers are as high as you’d like them to be, you can do a few things to increase your net worth.
If your debt levels are high, you can increase your net worth by decreasing that debt. Get a plan for paying off credit cards, student loans, car loans, and home mortgages. Consider increasing the amount you pay on each slightly to shorten your repayment period and decrease the amount of interest you pay on these loans and credit cards.
Creating a budget is one way to keep tabs on your finances as you’re paying off debt. A money tracker app can help make the job easier.
If you don’t have an abnormally high amount of debt but want to increase your assets, you might explore making more money. If you’re still in the workforce and have the ability to make a career change, you might consider cultivating potential high-income skills that could help you command a higher salary.
If you’re retired, you could take on part-time flexible work.
Recommended: Smart Financial Strategies to Reach Your Goals
The Takeaway
You may not be able to match the likes of Jay-Z and Beyoncé when it comes to net worth, but knowing yours can help you make smart financial decisions for the future. To figure out your net worth, you can subtract the total amount of your liabilities from the total amount of your assets. You can also use a personal net worth calculator; some will even factor in future growth.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
FAQ
How do I calculate your net worth?
Net worth can be calculated by subtracting all your liabilities from your assets. In other words, subtract everything you owe (debts, loans, credit card debts) from everything you have (cash, property, real estate, jewelry, stocks).
What is a good net worth by age?
A “good” net worth depends on your financial goals and age. For example, the average net worth for 35-44 year-olds is $548,070. Yours may be higher or lower than this.
What net worth is considered rich?
According to a 2025 survey conducted by Charles Schwab, Americans need an average net worth of at least $2.3 million to feel wealthy. However, that amount varies based on where you live.
Photo credit: iStock/Kanatip Chulsomlee
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