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Assets and Finances: Tips for Saving at Different Stages of Life
According to a report from www.infranken.de, when you talk about assets, it doesn't necessarily refer to the number that appears on the bank statement. Assets refer to “all of a person’s permanent goods and rights valued in money, such as real estate, securities or cash.” According to the Schwäbisch Hall building society, by the age of 30 you should have saved around your entire gross annual salary. The sum was derived from the German average gross salary of 45,000 euros. However, the average wealth in Germany for people around the age of 30 is no longer 45,000 euros, but rather 17,800 euros. According to Schwäbisch Hall, at the age of 40 you should...
Assets and Finances: Tips for Saving at Different Stages of Life
According to a report by www.infranken.de,
When we talk about assets, we don't necessarily refer to the number that appears on the bank statement. Assets refer to “all of a person’s permanent goods and rights valued in money, such as real estate, securities or cash.”
According to the Schwäbisch Hall building society, by the age of 30 you should have saved around your entire gross annual salary. The sum was derived from the German average gross salary of 45,000 euros. However, the average wealth in Germany for people around the age of 30 is no longer 45,000 euros, but rather 17,800 euros.
According to Schwäbisch Hall, by the age of 40 you should have saved three times this amount - i.e. 135,000 euros. But the building society also points out that “this recommendation is quite unrealistic, especially for late career entrants”.
According to a study on wealth in Germany by the German Economic Institute (IW), the average wealth of Germans under 30 is 5,000 euros. The study values refer to the last income and consumption sample (EVS) from 2018. According to the study, if you have saved assets of 71,300 euros, you are among the richest ten percent of your age group under 30.
The table below shows the average wealth of different age groups:
- Unter 30: 5.000 Euro (Durchschnitt) – 71.300 Euro (reichste 10 Prozent)
- 30 bis 34: 17.800 Euro (Durchschnitt) – 202.200 Euro (reichste 10 Prozent)
- 35 bis 39: 45.800 Euro (Durchschnitt) – 312.900 Euro (reichste 10 Prozent)
- 40 bis 44: 87.200 Euro (Durchschnitt) – 438.900 Euro (reichste 10 Prozent)
- 45 bis 49: 105.000 Euro (Durchschnitt) – 519.000 Euro (reichste 10 Prozent)
- 50 bis 54: 115.100 Euro (Durchschnitt) – 539.200 Euro (reichste 10 Prozent)
- 55 bis 59: 121.900 Euro (Durchschnitt) – 625.400 Euro (reichste 10 Prozent)
The examination of wealth clearly shows that wealth increases on average with increasing age.
Conclusion: The wealth guideline can serve as a rough guide to how much wealth one should have at different age groups. It can also serve as an incentive to save. However, you shouldn't get too hung up on these numbers as individual resumes and priorities vary.
Read the source article at www.infranken.de