Ever wonder what your net worth really is? It’s straightforward: add up your assets, like cash, investments, home or property value, vehicles, and business equity, then subtract debts such as loans, mortgages, or credit cards. As a dog musher, trainer at Alaska Dog Works, podcast host with Dog Works Radio, and founder of First Paw Media, I just ran mine through Empower’s free calculator (empower.com/tools/net-worth).
It factors in kennel gear, client contracts, and podcast revenue streams (e.g. advertising, affiliate relationships, coaching, co-hosting, executive production), which is eye-opening for tracking progress in this wild world. Try it yourself, share your number in the comments. What’s your net worth story?
What Net Worth Really Means (Beyond Just Your Salary)
As I approach 55 here in Willow, Alaska, I’ve taken time to assess my financial position more closely. My annual salary provides a stable foundation, but the true measure of progress lies in net worth: total assets minus liabilities. For many, especially business owners, this figure reveals the long-term value created beyond regular income.
The Millionaire Next Door Benchmark for Expected Net Worth
A widely referenced benchmark from The Millionaire Next Door by Thomas J. Stanley and William D. Danko calculates expected net worth as (age × pretax annual income) ÷ 10. Applying this to my situation yields approximately $508,750 as a reasonable target for someone accumulating wealth at an average rate. Those who exceed this, often through disciplined habits and business ownership, are considered “prodigious accumulators.”
My Businesses: Key Drivers of Surpassing the Benchmark
My four businesses, centered on my lifelong passion for dogs, training, media, and outdoor experiences, have been instrumental in surpassing that benchmark:
- Dog Works Training Company
- First Paw Media
- Peak Experience
- Team and Trail
Collectively, these ventures represent significant asset value, well over $1 million when valued based on earnings, assets, and comparable market data (professional appraisals are always recommended for precision).
Additional Assets, Liabilities, and My Estimated Net Worth
Additional assets include my primary residence, other properties, tangible personal property (such as equipment and vehicles), and liquid cash reserves. Liabilities are modest, including auto loans and credit cards, resulting in an estimated personal net worth comfortably above $1.175 million.
Federal Reserve Benchmarks: How My Net Worth Compares (Ages 55–64)
To provide context, the Federal Reserve’s 2022 Survey of Consumer Finances (the latest detailed benchmark) reports a median net worth of approximately $364,500 for households headed by individuals aged 55–64, with a mean (average) of about $1.57 million (the mean is higher due to influence from high-wealth outliers).
Here’s a quick comparison table:
Category | Amount | Notes |
Median Net Worth (55–64) | $364,500 | More representative of typical households |
Mean Net Worth (55–64) | ~$1.57 million | Pulled higher by top earners |
My Estimated Net Worth | >$1.175 million | Exceeds median; aligns near mean |
Millionaire Next Door Expected | ~$508,750 | My actual far exceeds this benchmark |
My position exceeds the median substantially and aligns favorably with the broader average, largely attributable to the equity built in those businesses.
The Unique Challenges and Rewards of Entrepreneurship in Alaska
Entrepreneurship in a place like Alaska, where challenges include long winters and remote logistics, requires resilience, but it has allowed me to create lasting value rather than relying solely on salary-based accumulation. These reflections reinforce the importance of ongoing planning, reinvestment, and professional guidance as I look toward the future.
If you’re evaluating your own net worth, particularly as a fellow entrepreneur or someone in a similar life stage, how does it compare to these benchmarks? I welcome your thoughts in the comments below, whether you’re managing multiple ventures, building in a rural setting, or simply tracking progress toward retirement.
Share Your Thoughts: How Does Your Net Worth Compare?
Give it a shot yourself, it’s quick, free, and surprisingly motivating. Drop your net worth in the comments (or just your biggest takeaway), share your story, and let’s inspire each other to keep building that financial strength. What’s one step you’re taking next toward your goals?
Note: this is not intended to be financial advice: For the most accurate assessment, consulting an accountant or business valuator is advisable, as valuations can vary with market conditions.)
Here is the link again to Empower’s free net worth tracker (empower.com/tools/net-worth).
