• Wealth is determined by an individual's net worth.
• Baby boomers have the most wealth among four recorded generations.
• Other generations have less wealth, but it's not necessarily an indication of financial problems.
• Plan for upcoming economic issues such as higher housing and medical costs by investing early.

Owning more than you owe is the initial step toward achieving economic security. As your net worth escalates, so does your wealth. On an individual level you have considerable control over your money, from how much you earn and borrow to the amount you save and invest.

Despite pandemic-related setbacks and rising costs of living, a 2024 Schwab Modern Wealth survey found that more than 60% of Americans feel they are in a better position to achieve their financial goals than the generations that came before them.

Each age group holds a certain amount of the country’s wealth, for various reasons. Here are the latest statistics for which generation is the most and least wealthy, per Federal Reserve’s June 2024 data. These differentials exist for a reason, though, and not all are negative.

Before diving into broader generational wealth, you should understand where those figures come from. Wealth is determined by a person’s net worth, which is then aggregated for statistical data.

To calculate your net worth, add up the market value of all your assets. These often include cash and the current value of your investment accounts, equity in real estate, vehicles, personal property and cash value life insurance policies. Then, tally all of your debts, like what you might owe on credit cards and loans, and subtract that number from your assets.

When the total of your assets eclipses that of your liabilities, your net worth is positive. As that figure rises, wealth grows.

Your personal net worth will likely fluctuate over the years, for reasons that are both in and out of your control. For example, you may have to pay for a large expense that temporarily depletes your emergency fund. If you take out a loan to start a business, that debt can negatively impact........

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