Assets are things like your checking account, your savings account, your retirement account, investment account. It also includes your real estate, your cars, any other assets that you have. Then you're going to subtract any liabilities. Liabilities are going to be things like your mortgages, your personal loans, your car loans, credit card debt, student loan debt, and any other debt that you owe. That's going to equal your net worth. So simply said, your net worth is what you have minus what you lose.
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The Federal Reserve Board issues a survey of consumer finances every three years. The most recent report came out in September of 2020. And that was data collected from 2019. So we're going to actually talk to you about this data.
This report shows how important it is to be focused on building your net worth and starting earlier. If people will have more financial or had more financial education at an earlier age, then these numbers would be greater across the board. And I don't think there would be that delta or difference between median and average being so big. And I think that's what we're trying to do here. It's going to provide financial education to people no matter how old you are, whether you're 18, or whether you're 60, it doesn't matter. What matters is you take the first step towards building it. Because the more you build, then the closer you get to the average, which brings the median up. And hopefully we can continue to spread the word and really help people do that.
Our private Facebook group gives you access to where you can start building a direct relationship with us, we’d love to get to know you. 30 days later you may be invited into our Deal Room. The Deal Room is our private room where we share exclusive 506B opportunities because now you are our “Buddy.”
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