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How Is Your Wealth Doing?

November 13th, 2006 at 06:42 am

There is an article on MSN Money about how broke people in 20s are. On the other hand, people in 20s are innovators and entrepreneurs (think Google). It's true that my peers are burdened with debt, but I think we're also best positioned to become millionaires and create wealth.

It includes some benchmarks for comparison, I selected a few to measure myself. Please comment on my progress and show me how far you have come (my comments are in italic).

Median income $27,726. I'm above the median!

Median value of vehicle(s) $11,000. KBB says it's $7,000, minus the car loan. Yikes, I'm below!

Median credit card debt balance $1,400. OMG, I'm at staggering $27,942!

Median amount of student loans owed $9,200. I seem to owe everyone money, $20,697.


Here are some advices:
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.


(Read the full article here to see some statistics.)

Update: As Sun mentioned, I'm including other non-debt related info.
401(k) or IRA accounts 31.50%. Cool, I'm part of the group.

Median value of accounts $7,300. My 401k is $1,646, Rollover IRA is $15,621, Roth IRA is $9,208.

9 Responses to “How Is Your Wealth Doing?”

  1. rduell Says:

    I'm not in my 20s but it's still interesting to compare:

    Median income $27,726. I'm below

    Median value of vehicle(s) $11,000. Mine is worth $15,580

    Median credit card debt balance $1,400. $6,5895 (This is minus DS#1's tuition that I just put on and will pay this week)

    Median amount of student loans owed $9,200. None, thank goodness!

    Off to read the article! Thanks for posting!

  2. happyzookeeper Says:

    I'm not in my 20's but liked this article!

    Median income $27,726~ I'm way below working 25 hrs every 2 weeks. (good thing I have dh!

    Median vaue of vechicles $11,000~ We have 2 paid for cars(2001 Taurus and a 2003 Rio)

    Median credit card debt and balance $1400~ We have ZERO(We spent years paying it off~whew!)

    Median amout of student loans owed $9200~ ZERO thankfully!

    Don't fret your cc debt!!! You'll get it paid off! It just takes time.Heck if we can do it anyone can. Your way ahead of the game too in my opinion getting out of debt in your twentys! Best of luck!

  3. Broken Arrow Says:

    I'm in my 30's, and although I'm above my median income and below on credit card debt.... Hmm. It doesn't sound so bad until we get to the part about student loans. I'm at -27k. Frown That and I AM in my 30's. Argh.

  4. Sun Says:

    I didn't read the full article but these statistics are interesting. However, the numbers are all kind of debt-related. What about savings and investing? Does it mean that people in the 20s only have negative net worth?

  5. Golbguru Says:

    Jen, sorry for this late reply on one of your comments where you asked about rewards cards. Here is a site where the author has better details than what I could tell you:

    http://www.mymoneyblog.com/

    On the top right hand side there is a link which says "My favorite rewards cards" read that ..but more importantly read all the comments...people have commented on which card they like and why and I am sure you will pick up something nice from there. Hope that helps.

  6. jersey jen Says:

    * sun

    thanks for the reminder, i've included some retirement stats.

  7. jen-taylor Says:

    * golbguru

    great, thank you!

  8. observer Says:

    I'm in my 30's (33!).
    Median income $27,726. Above

    Median value of vehicle(s) $11,000. Below (no car note but driving an old car in a good condition).

    Median credit card debt balance $1,400. Runs somewhere 2k/month but we pay everything every month.

    Median amount of student loans owed $9,200. Paid off!

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