The biggest strategy in investing is to invest in long-term trends. However, the high end does include 401k company contributions, as this is common for those with seniority and those who work at profitable, generous companies. Those accounts will likely have increased in value over the years, and theyre about to be used in retirement. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. 1000% in 5-10 years is unrealistic without a massive influx like an inheritance. They are a free online platform which aggregates all your financial accounts on their Dashboard. According to the Federal Reserve, a drop in net worth to $1,066,000 makes this a little different of a group. This chart can be used as a rough estimate for those with the RRSP plan in Canada and retirement plans in Europe and Australia as well. Know few folks who made 10x via TSLA in 2020. 4. The key is to stay disciplined with your savings and investing routine. It's always best to keep things conservative. Here is the median net worth for Canadians, broken down by age. Some studies show the average net worth for homeowners is 40X higher. 9) Enjoys empowering themselves through learning, whether it be through books, personal finance blogs, magazines, seminars, continuing education and so forth. My purpose is saying all this is: Key findings: Median net worth in the United States is $121,700, up 17.6 % from 2016 2 Average net worth is $748,800, up a more modest 2% from 2016 2 Black and Hispanic families had strong gains in median net worth between 2016 and 2019, 30% and 64% respectively, though the typical white family still has three to seven times the net worth 3 Home prices have historically returned just a bit above inflation every year e.g. In April 2021, by just sticking to it and letting the market do its thing, we now have a net worth of about $2.5 million. Im on about the same travel as you plus 9 years now 58, and now semi retired. Your net worth also should inform the kinds of insurance products you choose and how to plan for your estate. Search. May I ask how you can qualify for a low rate of mortagage without W2 income? That would yield us ~130k a year in retirement before taxes, health insurance etc. Its by reported income to the IRS. Videos on the channel are categorized into Entertainment, Film, Television program. Those people that are preparing to retire have the largest net worth of any age, thanks to years of assets increasing in value. HSA is actually pre-tax AND post-tax if you spend it on healthcare costs. If this is an inflated market, we might need a new inflated above average person spreadsheet. 1. I doubt it. I am not married. The average net worth of these American families would be $450,000. I am a landlord. Our editors and reporters thoroughly fact-check editorial content to ensure the information youre reading is accurate. )\\)","g"));return null!==b?b[0]:!1};a.prototype.disableAllAds=function(b){if(!b||p(b))this.all=!0,this.reasons.add("all_page")};a.prototype.disableContentAds=function(b){if(!b||p(b))this.recipe=this.content=!0,this.locations.add("Content"),this.locations.add("Recipe"),this.reasons.add("content_plugin")}; When used hand-in-hand with other financial measurements, such as your credit score and income, monitoring your net worth can help you feel in charge of your money and not the other way around. Select independently determines what we cover and recommend. To be in the richest 20% of the US population, you need a household net worth of nearly $500,000. Estimated net worth: $400 million. A net worth of $18 million is nothing to sneeze at, but it seems like pennies when you realize Forbes reported that the "Star Wars" franchise is worth almost $10 billion to its owners at Disney. Only after 59.5, when you can start withdrawing from your 401(k) penalty-free, do you need to pay taxes on the withdrawals. Catch 22: for tax purposes, you want to show you are losing money. For example, when I started contributing to my 401k in 1999, the maximum contribution limit was only $10,000. Read more about Select on, Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score Lower, Personal Loans for 670 Credit Score or Lower, worth going into debt for a college degree, Here's the average net worth of people under 35, Here's the average net worth of Americans ages 35 to 44, Here's the average net worth of Americans ages 45-54, Here's the average net worth of Americans ages 55 to 64, U.S. student loan borrowers owe a total of $1.7 trillionhere's the average student loan debt by age, One of the best travel credit cards has a new 80,000-point bonus offer. Could also be starting with a really small amount. Tori Rubloff is an editor at Bankrate, where she manages and creates data-driven, timely content that empowers readers to make informed financial decisions. I firmly believe if you join 55,000+ others and subscribe to the free Financial Samurai newsletter and immerse yourself in personal finance by reading a great personal finance book, you will get there. Commercial Real Estate Investing Statistics 2021, Trends in Real Estate Investing Scams and Fraud, The House Flipping Statistics Investors Should Know in 2022. Absolutely. Roughly $160,000 of my annual passive income comes from real estate. All of our content is authored by You definitely will not have to work until age 60! Not sure what Sam did with the distributions (re-invest, party, ?. According to Bankrate, 62.1 percent of those between 35 and 44 owned a home in 2021. The average annual salary at Menus For Less Inc is $95,786, or an hourly wage of $46, in comparison to Celebrity Net Worth which pays $101,482 per year or $49 per hour. It's better to end up with a little too much than a little too little. In 2019, the median net worth of Americans under 35 years old was $14,000. As people reach 35 to 44, usually a decade into their working life, they may consider major life changes like starting a family or a business. If you want to achieve financial independence sooner rather than later, it's your accessible post-tax savings and investments that matters more than your tax-advantageous retirement accounts like your 401(k), IRA, Roth IRA, and so forth. The low and high end account for a conservative 0% return to a more historical 7% 9% constant rate of return. Slavica Ecclestone Net Worth. You make my accomplishment look minuscule compared to yours BUT I doubt that you only earned a gross of $10,500 annually for 40 years!!!!! That is the true value of the property, the rent saved for the remainder of the owner's life. Net worth is simply what you own minus what you owe. Agreed! Our banking reporters and editors focus on the points consumers care about most the best banks, latest rates, different types of accounts, money-saving tips and more so you can feel confident as youre managing your money. All Rights Reserved. I have been reading your site for years but have never commented. Study: How Diverse is the Real Estate Investing Community? 55% of working Americans feel behind on their retirement savings. Poll: How Did Investors Deal With Market Volatility in 2020? Key Bankrate insights on Americans' net worth. You deployed it from cash to equities? We are so far away from retirement it is impossible to say what these account balances will be. However, the median net worth is only $100,000. Are they really? editorial integrity, 2) If you have debt and/or children, life insurance is a must. With the launch of TikTok Business last year, it comes as no surprise that more influencers are earning insane amounts of money on the platform. You can read more about the right contribution order of your investments between tax-advantaged and taxable accounts. I believe your use of 2.55% is a fair assumption for current market conditions. Sorry. It is the best personal finance book you can read today. CrowdStreet specifically focuses on real estate opportunities in 18-hour cities like Charleston, South Carolina vs. 24-hour cities like Los Angeles, California. The mean net worth for the 45-54 age range, per the Federal Reserve, is $833,200. Just bought a copy of your book and am thoroughly enjoying. Matthew Wilson and . My personal responsibility comes down to funding the additional $2,000,000 plus I want to secure my quality of retirement life in addition to that. They receive money for their talent as they play live in concerts, produce soundtracks of top grossing films, as well as write lyrics or play instruments. They are also based on the more than 2,000 posts I've written since 2009 to highlight the average net worth of the above average person. The most affluent households in the U.S. skew the proportions, resulting in an average that's well above most people's realities. This Is the Average Income for Retirees in America, Survey: Investors Embrace Renewables, Not Ready to Let Go of Fossil Fuels, Consumer and Industry Outlooks on Electric Vehicles, Study: First-Generation Americans Face Unique Financial Obstacles, The Largest Companies by Market Cap in 2023. Understanding your wealth and how it compares to the average net worth can provide a clearer picture of your financial wellbeing and what areas may benefit from improvement. Your email address will not be published. "Video_Individual_Autoplay_SOff";a.Video_Coll_SOff_Smartphone="Video_Coll_SOff_Smartphone";a.Video_In_Post_ClicktoPlay_SoundOn="Video_In-Post_ClicktoPlay_SoundOn"})(u||(u={}));var v;(v||(v={})).None="none";var w;(function(a){a.WEIGHTEDCHOICE="weightedChoice";a.BERNOULLITRIAL="bernoulliTrial"})(w||(w={}));var x;(function(a){a.INTEGER="integer";a.FLOAT="float";a.BOOLEAN="boolean";a.STRING="string"})(x||(x={}));var y;(function(a){a.DESKTOP="desktop";a.MOBILE="mobile";a.ALL="all"})(y||(y={}));var z;(function(a){a.AdDensity= Net worth generally increases over time as assets grow in value and you purchase a house or pay down debt. This is 11X greater than the average renter's net worth of $91,000. With elevated inflation here, it is vital to keep owning inflationary assets. I expect to be worth $600,000 by age 60. My spouse is pension eligible from two jobs, the highest paying job, we are considering 60% of her final pay to set a retirement date at age 60. CrowdStreet: A way for accredited investors to invest in individual real estate opportunities mostly in 18-hour cities. The Federal Reserve study showed that the average net worth of a homeowner is roughly $1,034,000. By the time they turn 28, they will have owned the property for 1 year. Our only witnesses were the official, his wife, and their dog. All the Details You Need. The median net worth of Americans in 2019 was $121,760. I also just got a new affordable 20-year term policy with them. The value of pensions have gone way up bc interest rates have gone way done. I am 40 she is 39. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Baseball Players; . While we adhere to strict Meet Jun Ji Hyun, the highest paid Korean actresses in 2021. Jonah Hill accepted $60,000 to work with Martin Scorsese in "The Wolf of Wall Street." Our net worth (give or take some crazy market volatility) is roughly $1.7M. It depends what your baseline is, obviously. I just made 42 and am above your number, all in my investment portfolio. Our goal is to give you the best advice to help you make smart personal finance decisions. I own 2 single family houses that I rent out. Study: What Are Gen Z and Millennial Investors Buying in 2022? For example, for the last five years, my company paid out more than $20,000 a year in profit sharing. 1) I feel torn with feeling that I should be OK if I dont crazy with spending so good job yet I also feel like I missed out on so much more $$ that could have been accumulated because I have been quite conservative in my investments and started later in life with the 401(k)s. I never used a financial planner. https://www.financialsamurai.com/how-do-i-calculate-the-value-of-my-pension/. Home; Journalists; Actor; Actress; Reality television Personality . This may be what you meant but I just wanted to clarify so no one thinks that theyre losing 85% of their SS benefits to taxes. Bankrate has answers. For simplicity lets assume they are all equally funded. Most celebrities don't have high-paying jobs like doctors or lawyers. Below is an estimated average earnings from advertising on the channel, depending on language, price and current audience. This demographic made a median income of $77,800 in 2019, according to the Fed, the highest of any age bracket. Rough breakdown of asset allocation would be 55/40/5 [stocks including 401k/condo owned free and clear/cash]. Let's look at the average net worth for above average people. In contrast, the average Middle Eastern aircraft owner is younger than the global . Join 55,000+ others and subscribe to myfree weekly newsletter. I have always been a good saver, but a divorce in my 50s (I made more $$ than my husband) really put a lot of what was built up at risk and did set me back several hundreds of thousands of dollars. Bankrate.com is an independent, advertising-supported publisher and comparison service. Net worth decreased in the period between 2007 and 2010 during the Great Recession, but has increased since, up 18 percent between 2016 and 2019 to a latest median net worth of $121,760. Great post thanks for the content and direction. Both the median and mean net worth increased for Americans between 2016 and 2019, according to the Federal Reserve. When it comes to your finances, everything is relative. Hear our experts take on stocks, the market, and how to invest. The value of real estate varies across all the land and the world. My spouse is saving in a pre-tax account and we are both are saving in our Roth IRAs. Learn how to negotiate one yourself through my bestseller, How To Engineer Your Layoff. Well done! If I live to be in my mid 90s, I shall only have 2 million more than you would at age 62. It's called clickbait. The low end of average net worth doubles between 30 and 35. Anyway, I, as a single, divorced individual (no alimony, I had to pay it to my ex for a time), have accumulated almost $755,000K in cash, $1,325,000 in 401Ks and an IRA, as well as have $750,000 in home equity for a rough net worth (not counting other things that can count toward net worth) of $2,830,000. For most investors, I think investing in a diversified real estate fund is the way to go. Denzel Washington: $280 Million. (not factoring in taxable events), NP=Number of periods=5.5 The middle column can be used for middle aged savers between 30 45. I've received over $624,000 in distributions since 2017. Social Security MY PLAN: $800,000 by age 62.5 and $1,000.000 by age 65. This chart does not take into consideration any after-tax savings post 401K contributions. I also believe saving $5,000-$15,000 a year in after-tax income is very realistic for the above average person, and probably very easy for many who earn more than $85,000 per person. If you want to achieve financial freedom, purchase a hardcopy of my new Wall Street Journal bestseller, Buy This, Not That: How To Spend Your Way To Wealth And Freedom. At-a-glance: Median net worth trends in the U.S. Further, mortgage rates remain low, although they've ticked up. The average net worth for the above average person also owns his or her primary residence and invests in real estate for income and diversification purposes. The right column can be used by younger savers under 30 who get to max out at $19,500 a year at the minimum for the majority of their careers. Survey results collected from February, 2019 - April, 2020 from the Federal Reserve SCF. Its liquid but still earns some interest (used to be 2.0% but now around 1.5% because the Fed). We then continued on to my next work assignment in California. The government systems that have to support lifetime benefits can not guarantee them if they use the more risky investment options. The argument whether you rent vs own and thus build implied RE equity seems to me very individual. I think youll love it as I go deep into money matters and tackle some of lifes biggest dilemmas. We can debate the merits of this study all day long (demographic sampling, housing price changes, etc), but the point is: above average people generally all own homes and are much wealthier than renters. The 401(k) is a tax-advantaged account where you contribute pre-tax dollars, which lowers your taxable income and tax bill. Mustafa's net worth has been reported at $5 million, meaning he was making an estimated $500,000 a year during the decade. And I believe heartland real estate is one of the best long-term trends over the next 20+ years. The richest musicians in the world are the masters of their domain and some of their albums have spawned songs that were later tagged as some of the world's favorites. Wisdom is always welcomed. Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. I figure I have a long time to work so dollar cost averaging will continue to serve me well. 4 Chris Hemsworth, Pine, Evans and Pratt are cumulatively estimated to be worth in excess of $150 million according to a Google search. He or she will continue on without fail until 65. according to the Congressional Budget Office (CBO). That is, half of households in the United States have more net worth, and half less - average is biased by high net worth households dragging the average upwards. I have been reading your site and The Balance on and off for a few years now. What Is Net Worth? I call it a blessing for which I am very grateful. Im shocked too! I do believe it is more accurate than the one that uses the $100 monthly income x 18,000 which is the one I used for the low end of the net worth and is likely the one used for traditional Annuities. Therefore, there is a mix of individual income and household income. From 80 years of age and forward, the average net worth is $973,141 and the median is $235,193. I will hit your net worth target for age 30 but Im worried I am somewhat misallocated as 50-60k of my worth will be equity in the home and Ill be keeping a 10% cash buffer of the homes value for emergency purposes with the rest in Roth and 401k accounts invested aggressively in equity indexes. HAPPY REMEMBRANCE DAY!!! How much money does Celebrity Gossip make from YouTube? From 80 years of age and forward, the average net worth is $973,141 and the median is $235,193. I am 34 next month, and this net worth estimate is spot on. Returns as of 05/01/2023. When I say post-tax, I mean taxable investment portfolios such as your online brokerage account. The average (I use 5.5 years) per year would be $116.4K which translates to 14.4% annual return. Shania Twain has been in the music business since the '90s, and she's racked up quite an impressive amount of wealth over the last few decades. Sprinkle has an estimated net worth of between $1 million- $5 million. Thanks for ordering my book. Ive spent a lot of time figuring out whether or not to pay back this or that debt and I truly believe any debt that is low interest should be left alone as.mucb as possible. And, your payments will go up on those unless you had a higher rate to begin with. Your site is mostly about financial matters which is why I appreciate and enjoy it. 8. So different habits must be formed. Let's all shoot to be above average with our one and only lives! First, we'll focus on the simple 401(k) retirement savings system. After 55, people may begin to slow down at work before some begin to retire at 62, though many will still likely work past 62. There's no rewind button in life. Current assets as follows: In fact, the above average person reads 10X more than the average person. If you are a 40 year old, it's best to focus on the Mid End column. But these average net worth numbers are skewed by the super rich who have generated an enormous amount of wealth since the financial crisis. Ive been following this site for a few years; I enjoy your work. In fact, due to the coronavirus pandemic, the demand for real estate is surging because we're all spending much more time at home. A Red Ventures company. All the celebrity net worth sites are BS. Some of you may simply prefer real estate over stocks. (this.video=!0,this.locations.add("Video"),this.reasons.add("video_tag"))}catch(c){B.error("ClsDisableAds","checkCommandQueue",c)}}a.prototype.checkCommandQueue=function(){var b=this;this.adthrive&&this.adthrive.cmd&&this.adthrive.cmd.forEach(function(c){c=c.toString();var d=b.extractAPICall(c,"disableAds");d&&b.disableAllAds(b.extractPatterns(d));(d=b.extractAPICall(c,"disableContentAds"))&&b.disableContentAds(b.extractPatterns(d));(c=b.extractAPICall(c,"disablePlaylistPlayers"))&&b.disablePlaylistPlayers(b.extractPatterns(c))})}; However, depending on two separate calculations I have recently read it can be worth $450,000 or $1,019,607.00 in net worth. By most accounts in this article, Im on/above schedule but already feeling a little burned out. In 2019, the median net worth of white Americans was $189,100. MarketWatch provides the latest stock market, financial and business news. You've got one life to live. Further, work from home is here to stay after a long pandemic. .rll-youtube-player, [data-lazy-src]{display:none !important;}, Updated: 01/07/2023 by Financial Samurai 1,000 Comments. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Since then, as a producer and as an actor-producer, he has shown an uncanny . It is the most comprehensive personal finance book on achieving financial freedom and making optimal decisions for some of lifes biggest dilemmas. And if you're not ready to think about estate planning, knowing your net worth can help you decide the value of your life insurance policies (if you still have debt to pay off), as well how much your disability insurance covers in the event you lose income and are still paying off debt like a mortgage. Im not an expert, but the rate may be higher without W2 income, if you can even get a loan. Fundrise: A way for accredited and non-accredited investors to diversify into real estate through private eFunds and eREITs. In 2023 Ill be 70, so I will get SS along with some small pensions since those started to phase out big time when I was in my 30s. Lisa O'connor / AFP . Just luckythey did see their net worth increase by $1M YOY. )['"]/g);if(null!==b)return b.map(function(c){return c.replace(/["']/g,"")})};a.prototype.extractAPICall=function(b,c){b=b.match(new RegExp(c+"\\((.*? This is the most recent data available. The net worth of Celebrity Gossip's channel through 29 Apr 2023. I was recently attending a seminar that a client of ours hosts and the attention placed on how an individual saves and *where* those dollars are saved was incredibly impactful for how best to position for retirement. Find a personal loan in 2 minutes or less. 45 to 54: $521,100. By the time you finish BTNT you will gain at least 100X more value than its cost. The median net worth is $168,600. $1.2 Billion. You can't get anything livable in San Francisco, New York City, Los Angeles, Washington DC and Boston for $320,000. We do not include the universe of companies or financial offers that may be available to you. In your blog you have mentioned the average net worth for all age group. Finally I am at the time of my life where I have an opportunity (work, family, location, etc.) [A-Z]{2,})/i.exec(b):!1};return a}();if(m=window.adthriveCLS)m.disableAds=new g(window.adthrive);n.ClsDisableAds=g;Object.defineProperty(n,"__esModule",{value:!0});return n}({}) That's fine. 65-74: $1,066,000 75+: $1,067,000 Not bad. 1/NP=0.18181818. For example, if you own a home worth $300,000 and you owe $100,000 on it, you have $200,000 in equity toward your net worth. 2023 SELECT | All rights reserved. But this compensation does not influence the information we publish, or the reviews that you see on this site. I am just as rich as DENNIS RODMAN and almost twice as rich as AMY JO JOHNSON!! In 2019, credit bureau Experian reportedthe average total debt per consumer (including mortgages) was $90,460, which outpaced the average annual income of $50,413. 7. Freedom to make ones own choices is the best asset of all. Ive found the people who bring up politics are most passionate about politics, so feel free to share your views too. Here are a couple of ways you can start to boost your net worth: Market beating stocks from our award-winning service, Investment news and high-quality insights delivered straight to your inbox, You can do it. Completely agree with this question!! Financial Samurai earns a commission for each sign up at no cost to you. ya but how much fun(eh coke) did you have during the time. Between 70-74, the average is $1,173,653 and the median is $258,531. Ive personally invested $810,000 in private real estate to take advantage of lower valuations and higher rental yields in the Sunbelt. Subsidized student loans vs. unsubsidized student loans which is right for you? Let's assume that upon retirement, you have your house paid off and can attribute this amount into your net worth. I .an immigrant and started saving late but am applying a lot of the stuff you mention in your book. Hamill isn't enjoying a huge piece of that pie. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. The maximum contribution amount will likely go up by $500 every couple years if history is any guide. (Video) Cole Sprouse Luxury Lifestyle 2021 Net worth | Income | House | Cars | Girlfriend | Family (Celebrity Rewind) In this chart I've listed the median and average net worth by age, plus the top 1% by age. 22nd century, here I come! This man has been in some of the highest grossing films quite simply ever, which is his main source. I found that I dont have time to pick individual deals and assemble a portfolio. With companies like Google investing $13 billion in heartland real estate to expand operations, you know other companies and investors will follow. Federal Reserve's Triennial Consumer Finance Survey, Buy This, Not That: How To Spend Your Way To Wealth And Freedom, The return on rent is always negative 100%, Buy This, Not That: How to Spend Your Way To Wealth And Freedom, https://www.financialsamurai.com/how-do-i-calculate-the-value-of-my-pension/, The Average Net Worth For The Above Average Couple. Mike Tyson The former heavyweight champion of the world (and sometimes ear biter) was once worth about $300 million at the height of his career, according to Celebrity Networth. You have not. 9. Pre-tax median income for those between 35 and 44 was $74,300 in 2019, according to the Fed. This way you can see where you can optimize your finances. Investments made in ones 20s have begun to see major returns several decades later. Jun Ji-hyun. Thanks to a bull market, the average net worth for investors has skyrocketed. To calculate your net worth, add up your total assets, then subtract your liabilities. Before you put down your hard-earned cash, consider your investment style. Is 529 a component of post-tax saving? Source: Survey of Consumer Finances, the Federal Reserve. The Right Order Of Contribution Between Your Investment Accounts. But given the above average person puts down about 20%, the 3-4% returns suddenly turns into a 15%-20% cash-on-cash per year. The median net worth of Americans with a high school diploma was $73,890. Add on the tax benefits for mortgage interest deduction and owning a home through a mortgage becomes very beneficial for higher income earners. the Extra-Terrestrial'. Hence, the returns are likely closer to 8-10% IRR. The mean and median net worth listed here is not a required number to retire or live comfortably, and it may not be possible for many people to achieve, especially when inflation squeezes peoples savings. I figure if/when the market slows down, it will slow down for everyone so I will be all good. The median net worth of Americans between 65 and 74 years old was about 19 times higher at $266,070. Afterwards, don't miss the net worth by age calculator. Again, START EARLY WITH A GOOD FINANCIAL ADVISER and LEARN FROM YOUR ADVISER TO HAVE SOME OF YOUR MONEY IN AN ONLINE ACCOUNT TO ENJOY LOWER MER FEES. Net worth is simply everything you own, or your assets, minus everything you owe, or your debts. Lane Gillespie is a writer for Bankrate, specializing in writing well-rounded financial content that answers readers' questions, regardless of where they are in their financial journey. They make their money by selling per click ad space based on eyeballs. Most other sellers dont care whether you pay cash. $10,750+ per year!!! I see return content for your Fundrise investments but have not come across actual return info for CS. You can have the average net worth in America, which is pretty low. In addition to all the variables that often (necessarily) get simplified for general analyses, the thing I find most confounding to me is the concept of property taxes. I work a normal 8-5 M-F job, I rent out rooms on airnbnb, and I rent out cars through touro. While keeping a monthly budget and tracking your daily expenses is just as important, checking net worth every few months helps you make sure your hard work is moving you toward your goals, not against yourself. As of 2021, only 38.3 percent of homeowners were under 35, according to Bankrate. On this page is a household net worth percentile calculator for the United States. After all, you can't withdraw from your 401(k) before 59.5 without a 10% penalty. THE KEY: Get a good financial planner early and invest primarily in equities (especially American) to start.
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