Recent Divine Discussions

Friday, September 14, 2007

Your 20s: See how your wealth measures up

A good friend sent me this article about how wealth measures up for folks in their 20s.

Check out the following chart:

How you measure up

What you haveAge 20-29Read more
Median net worth


Your free financial report card
Median net worth of top 25%


5 lessons the rich can teach you
Median net worth of top 10%


So you want to be a millionaire
Median income


Live well without busting your budget
Life expectancy*58.2 yearsInsure Your Life Decision Center
Children in household


Raise Kids Decision Center


Home Buying Guide
Median value of home


Home equity calculator
Own a car or cars


Buy a Car Decision Center
Median value of vehicle(s)


Insure Your Car Decision Center
What you owe

Households with debt


Debt Evaluator
Median total debt


Your Credit Rating Decision Center
% carrying credit card debt


Credit Card Smarts Decision Center
Median balance


Debt Consolidation Calculator
% carrying student loans


Saving for College Decision Center
Median amount owed


Cut College Costs Decision Center
% carrying installment loans


Manage Debt Decision Center
Median amount owed


A survival guide for new grads
% with a mortgage


Home Financing Guide
Median amount owed


Insure Your Home Decision Center
Households on the edge

Negative net worth


Learn to Budget Decision Center
60 days late on a bill


How not to pay your bills
Owe $10K or more on credit cards


Big debts, paid off fast
No health insurance


A guide for the uninsured
Your future

Households with a pension


Create a Plan Decision Center
401(k) or IRA


A Beginner's Guide to Investing
Median value of accounts


Retirement Planner
401(k) or IRA


A Beginner's Guide to Investing
Median value of accounts


Retirement Planner

They gave the following advice to consider as you sketch your financial plan for your 20s:

  • Live cheaply as long as you can.
  • Get health insurance.
  • Shovel money into your retirement funds.
  • Take a chance.
  • Be strategic about debt.
  • Pay attention to your credit score.

My take on the article:

Interesting. Majority of folks I know that are in that age range fall way above the medians for income, credit card debt, and student loan debt. Median credit card debt is $1400??? I would leave to see where they got their data from.


SavingDiva said...

The one thing that I'm having problem with is, "live as cheaply as long as you can." My lifestyle has been inflating along with my raises. I'm planning on going back to school next fall (full time student), so my income will be cut in half...OUCH! I don't know how I will be able to adjust my spending habits...

Dimples said...

@ saving diva

You gotta go with the flow. You don't want to put yourself in a position to be even more in debt than you already are.

Sistah Ant said...

CONGRATULATIONS on meeting your e-fund target! That is wonderful!!!