A drop in income can impact net worth, which is essentially a calculation of all of a person's assets — including cash in checking and savings accounts, financial investments and the value of any real estate or vehicles owned — minus all their debt, including credit card balances, student loans and mortgages. Prior to the pandemic, U. The median, or midpoint, net worth of all U.
Not everyone's finances were negatively impacted by the global health and economic crisis. Thanks to stimulus payments and reduced spending, some Americans actually increased their savings levels during the pandemic.
Regardless of how your own net worth changed over the past year, it's likely worth taking the time to evaluate where you're at right now and starting to plan for the future, says Rob Williams, vice president of financial planning at Charles Schwab. Those who create a written financial plan typically have more savings and financial stability, as well as less credit card debt and late loan payments, Scwab's survey found.
The impact of the pandemic also had a silver lining. Perhaps the most significant result from the surveys came from respondents' rating of the most important factor in their overall happiness. Both before and after the pandemic, relationships were the most important and health was second.
Money came in third. This is a BETA experience. You may opt-out by clicking here. More From Forbes. Nov 12, , pm EST. Get the Insider App. Click here to learn more. A leading-edge research firm focused on digital transformation.
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