A feature on MSN Money looks at finances of people in their twenties. The feature includes statistics such as median net worth, median income, percentage owning homes, etc. with which you can compare yourself if you happen to be in this particular demographic.
At age 29, I was doing well compared to these averages, but now that I’m in my thirties — 30, to be exact — I likely don’t stack up well against thirtysomethings.
Here are the article’s tips for those in their twenties. The headings are self-explanatory, so I won’t go into detail:
* Live cheaply as long as you can.
* Get health insurance.
* Shovel money into your retirement funds.
* Take a chance (regarding asset allocation).
* Be strategic about debt.
* Pay attention to your credit score.
Published or updated May 22, 2006.
{ 5 comments… read them below or add one }
All I have to say is: W00t!
I get down about my position in life so often that I often forget how well I am actually doing. All of my life I have compared myself with people who should be doing better than me. I still do it with finances. While I am just finishing my BS, the rest of my life would probably lead someone to believe that I am in my early to mid thirties. I have a house, am married, three kids… and my annual income is around the average annual income of those in their 50’s (according to the article). However, I need to sit back and remember that I am in my mid twenties… 25 to be exact. I am doing alright. I just need to finish my BS, get started on my MBA, and save, save, save.
Sounds like you’re pretty happy! There’s no way I would have wanted to be married and to have three children at age 25.
Great post.
Those of us in our 20’s need to take responsibility for our retirement, which could be more than 45 years away!
It’s easy to get lured into spending our hard earned cash on stuff we don’t need. So if you pay yourself first, it’s much easier to come out ahead.
-Grant
http://www.TheCornerOfficeBlog.com
Guess I better enjoy being so far ahead of the curve while I’m still in my 20s! I turn 30 within the next year, at which point I fall way below the pack. But I have ten whole years of being in my 30s to catch up. I’m ready for the challenge.
I am shocked to have learned twenty-somethings earn so little. Personally, I earn 36k (plus benefits) and still feel short-changed, unsatisfied and am broke!
Although, 30 is fast approaching; then is where I’ll be in the pits. However, I am currently working toward a more secure future.