The section that I found most interesting was the section on Net Worth, because I consider this to be the goal of much of personal finance, distilled down to one number. I've noticed from the poll that I ran that many of my readers of this blog are under the age of 35.
Here is the 'Under 35' category of the net worth section:
Poorest 20% = Below $1,300
Next 20% = Below $9,400
Middle 20% = Below $34,400
Next 20% = Below $89,700
Wealthiest 20% = More than $89,700
Surprisingly we actually fall into the 'Wealthiest 20%' category by quite a margin.
And here is the 'age 35-44' section:
Poorest 20% = Below $18,300
Next 20% = Below $79,100
Middle 20% = Below $163,800
Next 20% = Below $309,200
Wealthiest 20% = More than $309,200
Increasing net worth is simple. You can increase your net worth on a monthly basis by simply:
- Saving some portion of your income.
- Using that savings to either pay off debt, or buy assets, or both.
As your net worth grows, it becomes harder and harder to move the needle of growth month to month and year to year. As of last check up in September we were moving our net worth up at a rate of 5.5% (per 2 month period). This was the slowest rate that I have recorded since I started measuring net worth.