Here's the average salary each generation says they need to feel 'financially healthy.' Gen Z requires a whopping $171K/year — but how do your own expectations compare?

Moneywise
Here's the average salary each generation says they need to feel 'financially healthy.' Gen Z requires a whopping $171K/year — but how do your own expectations compare?
Here's the average salary each generation says they need to feel 'financially healthy.' Gen Z requires a whopping $171K/year — but how do your own expectations compare?

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Almost 4 in 10 Americans say they feel “financially unhealthy,” as prices remain high after a year of record-breaking inflation. However, how much you think you need to get financially well may depend more on what year you were born than how much is sitting in your bank account.

Gen Z says they require an average salary of $171,633 to feel financially healthy — the highest income compared to older generations, like baby boomers at $78,317 — according to a survey from personal finance company Personal Capital and retirement plan provider Empower, conducted by The Harris Poll.

But even while Americans remain concerned about the state of their finances, experts say not to lose hope.

“Yeah, making more money is great, but it’s what you do with your earnings that makes the real difference,” says Lacey Cobb, director of advice solutions at Personal Capital.

Even if you can’t hit the salary mark you need just yet, you still have options when it comes to maximizing your income and bolstering your savings.

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Deal with your debt

“Regardless of the number on your paycheck, avoiding high-interest debt and saving a meaningful percentage of your income can put you in a better spot in the long run,” says Cobb.

Depending on how much interest you pay on your credit cards, a personal debt consolidation loan could save you thousands.

A debt consolidation loan puts all your existing debt into one payment that’s often at a lower interest rate than you’re currently paying.

Credible* is a free online services that shows you the best options so you can save a ton in interest.

Plus, checking rates* won't affect your credit score.

Read more: Unlocking financial prosperity: Jeff Bezos shares the path to prime earnings through hassle-free real estate investment — don't miss out on this opportunity to revolutionize your financial future

Take control of your money

Once you’ve got your debt under control, think about how to make the best use of your money.

While investor sentiment may be low right now, Craig Birk, chief investment officer at Personal Capital, advises against panic selling your investments.

Consider investing your money in real assets outside the stock market. Alternative investments have traditionally been exclusive to ultra-high-net-worth individuals, but new platforms are making it easier and cheaper to buy in.

Contemporary art, for one, has outperformed the S&P 500 by 131%* for the past 26 years, and it has a near zero correlation to stocks according to Citi. Masterworks* lets you invest in shares of individual works — just select which shares you want to buy and they will handle the rest.

Another option is real estate*, which has actually demonstrated its resilience in times of rising interest rates despite rising mortgage rates.

First National Realty Partners* lets accredited investors own a share of institutional-quality properties for a stable, positive cash flow while the firm handles the work for you.

For non-accredited investors, there are still ways to break into the real estate market. Fundrise*, for example, lets you invest in dozens of high-end properties with as little as $100.

Then plan for the future

With solid investments and no debt, you’ll want to make sure you’re tucking some savings aside as well.

The Personal Capital survey found that 58% of Americans are putting away more into their short-term savings and retirement savings — but with many predicting they’ll need $1.25 million in savings to retire comfortably, you’ll want to start preparing immediately.

A financial planner can help you set up your finances for the future and make sure your assets are safeguarded.

WiserAdvisor* can help you get started — their easy-to-use platform connects you to the best financial advisers based on your unique needs. And it costs nothing to check out your matches* and decide which adviser is right for you.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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