Here are the ages you financially peak at everything throughout life

young woman wealthy happy© Provided by Business Insider
young woman wealthy happy

Your financial situation is ever-evolving — just like your happiness.

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But similar to your state of mind, your finances are bound to peak at certain times in your life.

To find out what that timeline looks like for the average person, we’ve gathered some research on how Americans spend, save, and earn money.

The graph below pinpoints the age at which you peak at everything in terms of your money.

BI Graphics_the age you peak at everything financially© Provided by Business Insider
BI Graphics_the age you peak at everything financially

Keep reading to learn more about the five financial peaks:

Age 25: You spend the most money you don’t have

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Anyone, regardless of age, can be guilty of overspending. But for the average American 20-something, the propensity to overspend is often greater than any other cohort.

According to data from the Bureau of Labor Statistics, a 25-year-old’s average pre-tax income is $31,000, while their annual spending is around $33,000. That means they’re likely racking up debt — or getting a handout from mom and dad — to cover their expenses.

Living beyond your means is

Article source: http://www.msn.com/en-ca/money/personalfinance/here-are-the-ages-you-financially-peak-at-everything-throughout-life-%E2%80%94-from-salary-to-net-worth/ar-BBGNB2m?srcref=rss