When trying to gauge what your financial situation looks like, there’s no better way than by calculating your net worth.
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To do so, first add up all of your family’s assets, which includes your house, stocks and bonds, savings, retirement accounts, all real estate holdings, vehicles, jewelry, household items, bonds, mutual funds, cash value of life insurance, cash, checkings and savings accounts and any other assets of value.
Then combine the total amount of all your debts, like your home mortgage principal (the current balance remaining on your mortgage), auto loans, student loans, credit card debt and any other loan you may have taken out.
Finally, subtract your total debt from your total assets to see how much you’re worth.
Because there are so many outlandishly rich people in the U.S. — Amazon CEO Jeff Bezos is worth a staggering $130 billion, according to the Bloomberg Billionaires Index — the average net worth of a household in the U.S. is $692,100, according to the most recent data from the Federal Reserve’s Survey of Consumer Finances.
But the median net worth, which could be a better, less-skewed indicator, of an American household in 2016 was $97,300. That’s a 16 percent jump from 2013, according to the Fed’s triennial survey, a boost largely driven by the recovery in housing market and other asset prices after the 2008 financial crisis.
Here’s a closer look at median net worth by age:
Under 35: $11,100
75 or older: $264,800