According to the 2022 Survey of Consumer Finances, the median net worth for Americans aged 20 – 24 is $10,800, and the median net worth for Americans aged 25 – 29 is $30,160. My financial experience as an adult has been quite different from the picture presented by those statistics. As a 24 year old, I currently have a net worth hovering around the $240k mark. Despite not growing up wealthy and not receiving money from family (I support my mother financially), I still benefited from several financial privileges that helped me reach the financial position I’m in today.
Financial privileges that helped me save $200k by 24
Growing up middle-class: As a child, my family never had a lot of money, but my parents did their best and there were only a handful of times I remember going hungry.
Access to college scholarships: At Stanford University, I received a scholarship that covered the vast majority of my tuition and housing expenses, which allowed me to graduate debt-free.
Couples privilege: Now, as an adult, I benefit from couples privilege. I live with my partner, and we are both able to significantly reduce our living costs by splitting rent and other expenses.
Growing up in a wealthy country: Throughout my life, I’ve benefited from living in a relatively stable and wealthy country (USA). Not having to worry about war, food shortages, and personal safety is a privilege that has allowed me to focus on financial stability.
Mental and physical health: I am fortunate to have been mentally and physically healthy throughout my life. This health has enabled me to complete advanced degrees and work a high-paying job.
Exposure to computer science: As a teen, I came across people who studied computer science and worked in tech, which led me to choose to study it in college.
I know that privilege (especially financial privilege) can be a tough topic. Let me know what you think by DMing me @organized.finance!