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

$7,901

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

$36,000

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

$119,300

So you want to be a millionaire
Median income

$27,726

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

40.20%

Raise Kids Decision Center
Homeownership

30.50%

Home Buying Guide
Median value of home

$124,000

Home equity calculator
Own a car or cars

81.40%

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

$11,000

Insure Your Car Decision Center
What you owe

Households with debt

76.00%

Debt Evaluator
Median total debt

$20,800

Your Credit Rating Decision Center
% carrying credit card debt

46.60%

Credit Card Smarts Decision Center
Median balance

$1,400

Debt Consolidation Calculator
% carrying student loans

30.20%

Saving for College Decision Center
Median amount owed

$9,200

Cut College Costs Decision Center
% carrying installment loans

57.60%

Manage Debt Decision Center
Median amount owed

$12,000

A survival guide for new grads
% with a mortgage

27.50%

Home Financing Guide
Median amount owed

$97,000

Insure Your Home Decision Center
Households on the edge

Negative net worth

24.70%

Learn to Budget Decision Center
60 days late on a bill

10.00%

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

3.60%

Big debts, paid off fast
No health insurance

31.80%

A guide for the uninsured
Your future

Households with a pension

8.40%

Create a Plan Decision Center
401(k) or IRA

31.50%

A Beginner's Guide to Investing
Median value of accounts

$7,300

Retirement Planner
401(k) or IRA

31.50%

A Beginner's Guide to Investing
Median value of accounts

$7,300

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.

3 comments:

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!!!