Monday, March 31, 2008

How's Your Net Worth?

I've found an interesting net worth calculator on Money Magazine's website. You put in your age and income. Then, the calculator tells you the median net worth for your age and for your income. I was shocked at how low the numbers were, especially for my age. People in their early 30s must be carrying more debt than I really imagined...or else they are spending nearly everything they make. The numbers are really pitiful.

My financial goals aren't anything out of the ordinary: house, family/kids, secure retirement, and some nice vacations (though nothing too extravagant). But when I look at my numbers, I often wonder if I'll achieve all of these things. However, when I'm looking at the median net worth for my age group (or even my income group), I think I must be lucky -- well, it's probably more likely that the thriftiness is paying off because mine is hard earned money not lottery winnings! So, for a minute I feel better...but then, I realize that other people's numbers (i.e. median net worth) has nothing to do with whether I'll reach my financial goals. I have to stay focused on my own savings and not on what the proverbial Average Joe or Jane is doing -- or not doing.

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