when it comes to gross income before the
government takes their taxes
how do you compare to people in your age
group
hi i'm troy sharp ceo of oak harvest
financial group certified financial
planner professional and host to the
retirement income show before we get
started if you could take one second to
hit that thumbs up button
that'll encourage youtube to show this
video to other people
so they can know where they stand and
hopefully catch up if they're not quite
on track when we look at gross income
we're talking about the combined family
income that people in your age range
receive before taxes come out this
information comes from the federal
reserve it's not
easy to find you have to dig through
their website so our team
has went through and compiled all this
data and we're sharing this with you in
a video series so
hit that subscribe button and that
little bell icon and you'll be notified
when we release
new data so you can understand how how
you compare when it comes to how much is
in your retirement account
how much you own in stocks all these
other data points that our team is
sifting through
we're gonna send to you as we get them
and produce these videos so when we talk
about pre-tax
family income whether you're single or
married
this study does not differentiate it's
just looking at
the average and the median gross income
before taxes for people in your age
range the median
is right in the middle so if we had a
thousand people
and 500 of them earned this much and 500
of them earned this much
the person right in the middle would be
the median the average
adds up what every single person makes
and then divides by a thousand to get
the average and you'll see
that the difference is in this video for
the
middle or median and the average or mean
is quite substantial so for
people under 35 years old in this
country
the average pre-tax family income is 65
160. the median is 48
870. so if you're under 35
this is where you should be really
forming your skills hopefully you have a
trade you have some marketable skill
and you're getting into your career if
you're in your 20s
you're just trying to to build as much
skill as you possibly can get into it to
a good company or start your own
business
but your prime earning years are in the
future so
whether you are at this number above
this number or below this number don't
stress about this too much the most
important investment that you can make
is in yourself at this stage of your
life what matters is that you're taking
time to invest in yourself
that you're building more skills that
you're making yourself more marketable
so when you get into your 40s and 50s
those are your prime earning years
that's when people earn the most amount
of money
of course we should be saving this we
should be investing as much as we can
but right now make as many investments
into yourself as possible so as you
progress through your career you'll have
a right to demand more income because
you will have more skills and the market
will pay you more
for those skills so if you're under 35
the main takeaways here are invest in
yourself make yourself more marketable
so you can demand more income over time
and the market will reward you for those
skills so make sure you're investing in
yourself
don't worry if you're above or below or
at this range these are just the
averages and this is the median
but your prime earning years are ahead
of you we put these videos together
to help you stay more connected to your
money and help you understand where you
are
relative to others so you can make
better decisions with your money
and this keeps you more connected this
keeps you on track make sure to hit that
subscribe button
hit that little bell icon and you will
be notified when we
when our research team compiles the rest
of the data that we're going through in
this series so we can
give it to you and of course hit that
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which encourages youtube to show this
video to other people