A good friend sent me this article about how wealth measures up for folks in their 20s.
Check out the following chart:
They gave the following advice to consider as you sketch your financial plan for your 20s:
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.
Check out the following chart:
| How you measure up | | |
|---|---|---|
| What you have | Age 20-29 | Read 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 years | Insure 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.
Comments
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.