Gen X Net Worth 2022: Was it Easy For Them To Build Wealth?

What is Gen X net worth, and how hard or easy was it for them to attain the ultimate Gen X net worth? We have the latest updates that will give you a clear perception.

The battle between the generations has been evident. Currently, the Gen-Zs and millennials are ruling since they are the future. But when it is about making their wealth and building an empire for themselves, Gen X has made the most impact.

They are dubbed the “Lost Generation” since this group of individuals is sandwiched between two popular generations, the millennials and baby boomers.

So, what is Gen X’s net worth, and how hard or easy was it for them to attain the ultimate Gen X net worth? We have the latest updates that will give you a clear perception.

What is the Average Net Worth of Gen X?

Before jumping into further details of Gen X’s net worth, let us brief you first on who Gen X is. Well, these are individuals born in the time frames between 1965 to 1980. So, the older members who belong to this group are already in their glorious late 50s. This marks the very end of the beautiful career they had since retirement is coming soon.

On the other hand, the youngest members of Gen X’s net worth are just in their 40s and it is the time when their earnings have sky-rocketed. The group of people who are contributing to Gen X’s net worth has overcome their initial stages of struggle and now it is only time to embrace the future.

Gen X Gen X Net Worth
Gen X Net Worth

So, with so many active earning members, what is Gen X’s net worth? The Federal Reserve’s 2019 Survey of Consumer Finances revealed that Americans who are now between the age of 42 and 57 are having a lucrative net worth. After all the studies, it has been seen that Gen X’s net worth on average range somewhere between $436,200 to $1.1 million. The number is huge and expectations from them are higher. 

However, what sets this generation apart is their age. They can be deemed to be financially responsible for taking care of elderly parents and on the other hand, they also have to support young children. The journey to building a lucrative Gen X net worth wasn’t easy since it came with numerous challenges.

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Where does Gen X’s net worth stand When Compared to Other Generations?

There is no doubt that Gen X’s net worth is higher compared to many generations. This is because Gen X was born earlier than the newer generations. That is why they got more time to work and grow their career which finally led them to have higher incomes. Besides, they are also active in an investing game that assures higher returns on their investment.

So, here are the details of Gen X’s net worth compared to all other generations

  •     Aged 35 or less have a median net worth of $ 76,300 or less
  •     Aged 35-44 have a median net worth of $436,200 or less
  •     Aged 45-54 have a median net worth of $833,200 or less
  •     Aged 55-64 have a median net worth of $1,175,900 or less
  •     Aged 65-74 have a median net worth of $1,217,700 or less
  •     Aged 75+ have a median net worth of $977,600 or less

So, as the chart shows, the income gets higher as you near the retirement age or surpass that.

What is Gen X’s Median Annual Earnings?

We have prepared a breakdown of Gen Xers’ median annual earnings that will give a glimpse of Gen X’s net worth. Gen Xers who fall in the age group of 45 to 54 have been seen to have the highest median income as recorded in 2021 at $97,089. The younger Gen Xers who usually fall under 45 had a $90,312 median income.

On the other hand, the oldest who fall between 54 to 57 have a $75,842 median income. Though not a six-figure, it is considered to be the highest in comparison to the younger generations.

Here Are The 3 Secret Ways That Had Built Gen X’s Net Worth

Smart financial choices can change the way you lead your lifestyle. It is a stepping stone to securing a better future. So, here are the top 3 ways that Gen Xers made their impressive Gen X’s net worth:

  •     Avoiding The Temptation of Luxurious Lifestyle: Gen Xers were smart enough to make the right move for their lifestyle. They had money but never fell into the trap of indulging in unnecessary luxury things. This group of people is smart with money management.
  •     Paying Outstanding Debt: High-interest debts are just not the thing to rely on if you plan to save and invest. Take debts but make a monthly budget to tackle those. The more you delay paying debts, the higher will be your interest and the accumulated sum you need to pay.
  •     Plan Your Future: Since medical emergencies are unpredictable and healthcare treatments can turn out to be expensive, it is better to plan this expense at the earlier stages of life.

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Final Words:

Gen X’s net worth has multiplied with their growing age but it was also their full-proof planning that made them rich. So, if you are willing to have a future like Gen X’s net worth, then start managing your money today.

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