20-Something - Poor Now But Not Too Early to Invest
MSN Money has an article looking at the finances of twenty-somethings. It is easy for an old guy like me to reminisce about those days, but actually with my kids now in or approaching their twenties I want them to start planning for their future - and hopefully be better at it than I was.
I did open my first IRA at 16 (my dad made sure of it) but have not been faithful in my savings over the years - times get tight and sometimes food is an important commodity. This article not only gives you an idea where others are at this stage of life but also has links to some good articles and ideas on how to improve your situation.
| How you measure up | ||
|---|---|---|
What you have | Age 20-29 | Tools |
Median net worth | $7,901 | |
Median net worth of top 25% | $36,000 | |
Median net worth of top 10% | $119,300 | |
Median income | $27,726 | |
Life expectancy* | 58.2 years | |
Children in household | 40.20% | |
Homeownership | 30.50% | |
Median value of home | $124,000 | |
Own a car or cars | 81.40% | |
Median value of vehicle(s) | $11,000 | |
What you owe | ||
Households with debt | 76.00% | |
Median total debt | $20,800 | |
% carrying credit card debt | 46.60% | |
Median balance | $1,400 | |
% carrying student loans | 30.20% | |
Median amount owed | $9,200 | |
% carrying installment loans | 57.60% | |
Median amount owed | $12,000 | |
% with a mortgage | 27.50% | |
Median amount owed | $97,000 | |
Households on the edge | ||
Negative net worth | 24.70% | |
60 days late on a bill | 10.00% | |
Owe $10K or more on credit cards | 3.60% | |
No health insurance | 31.80% | |
Your future | ||
Households with a pension | 8.40% | |
401(k) or IRA | 31.50% | |
Median value of accounts | $7,300 |
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