How Much Money You Need To Save In Australia (AT EVERY AGE)

How much money you should aim to save at every age in Australia. Find out how much the average net worth of Australian’s is and what you should be aiming to save in order to retire early.
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Original videos by Graham Stephan and Andrei Jikh
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What we’re going to do today is look into Australian net worth by age brackets, and see what average looks like in Australia, where you sit on the Australian net worth spectrum, and what to do if you’re slightly behind. And whilst it’s never a good idea to compare with others when it comes to money, as everyone’s situation is unique, it does at least give us some benchmarks to think about or goals to strive for if we are aiming to become financially independent. And at the very least give you some specific actions to take if you do find that you are slightly behind your own personal financial goals.
As the important thing to note here is that whether you’re fresh out of school, well into your career, or forging your path through life, it’s never too late to start saving or to check to see that you’re heading in the right direction.
Now calculating your net worth isn't really difficult. It's much easier than you think. All you need to do is tally up everything you own of value to calculate your total assets, these will be things like:
non-financial assets, such as homes and their contents, land, and vehicles
The value of any businesses you might personally own
other financial assets such as savings, shares, superannuation accounts
And then add up the value of any outstanding debts or loans to calculate your total liabilities, which may include:
mortgages
investment loans
credit card debt
borrowings from other households
other personal and study loans
Then all you need to do is subtract the total value of all your liabilities from your total assets. The total value is what is considered to be your personal net worth. Your total could result in a positive net worth or a negative net worth. If you’re in the negative net worth category, don’t stress too much, it’s alright. It’s typical for people who are early in their careers to have a low or negative net worth if they have student loans, or are new homeowners, or are just starting to save for the future.