12-28-2006, 10:31 PM | #1 |
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Money Magazine: "How do you stack up?"
Thought this was interesting:
Ages 35-44 Upper Middle (households that place at the 60th to 79th percentile for income) Median Income: $68,800 Median Net Worth $131,580 Median Financial Assets (Savings and investments): $33,570 77.5% own a home 91.6% of those homeowners have a mortgage 64% carry a credit card balance with a median balance of $3,000 The average debt burden (payments as a percentage of income) 21% Upper (households that place at the 80th to 89.9th percentile for income) Median Income: $105,770 Median Net Worth: $266,600 Median Financial Assets: $74,460 86.1% own a home 96.2% carry a mortgage on that home 67% carry a credit card balance with a median balance of $3,525 The average debt burden is 20% Ages 45-54 Upper Middle Median Income: $69,830 Median Net Worth: $188,600 Median Financial Assets: $56,200 79.3% own a home 84.7% carry a mortgage on that home 64% carry a credit cart balance of which median balance is $3,150 Average debt burden is 18% Upper Median Income: $105,770 Median Net Worth: $406,940 Median Financial Assets: $138,750 89.9% own a home 85.1% of them carry a mortgage 61% carry a credit card balance of which the median is $4,000 Average debt burden is also 18% |
12-29-2006, 03:32 PM | #2 |
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Where is the 25-34 range. I would like to see where I rank...
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12-29-2006, 03:53 PM | #3 | |
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Quote:
This was the closest I could find, though: http://cgi.money.cnn.com/tools/netwo...ome/index.html Okay, I looked it up in the databases. This is from the Jan 2007 issue of money. They didn't do younger than 35. Last edited by BarbaraGordon; 12-29-2006 at 04:08 PM. |
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12-29-2006, 07:05 PM | #4 |
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12-29-2006, 07:08 PM | #5 |
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I thought that one of the more interesting pieces of information was that so many carry a balance on a credit card. Sure, the mean was usually in the $3,000's but still the percentage of people carrying a balance is much higher than I'd picture, especially at the higher income levels. I thought it was odd that the Upper's carried more credit card debt (even though their debt burden as a percentage was lower) than the Middle/Upper's.
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12-29-2006, 07:10 PM | #6 | |
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Quote:
Equity of House+Savings+Retirement+other assets (car etc..) - remaining balances on mortgage, credit card, School loans car loans How do they figure pay in there?
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12-29-2006, 07:17 PM | #7 |
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"Net worth includes all financial and nonfinancial assets (including liquid, quasi-liquid, vehicles, real estate and business interests) minus debt ( including mortgages, HELOC's, credit cards, installment loans, lines of credit and other debt)."
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12-29-2006, 08:16 PM | #8 | |
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Age: 37 (in January) Income: Higher than "Upper Middle" but lower than "Upper" (I'm being intentionally vague here) - Net Worth: $160K. (I just added up my assets and subtracted my debts) - Financial Assets (savings and investments): $35K-$40K. All of it in a 401K plan. - I own a home - I have a mortgage on that home - I have a credit card but carry a $0 balance - Debt Burden: 30%. (Debt burden is relatively high right now because we just closed on a new house last week. Hopefully as my income increases over the next few years then my debt burden as a percentage of income will decrease). Summary: I'm about as "Upper Middle" as it gets. |
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12-29-2006, 08:35 PM | #9 |
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I'm actually doing pretty good at savings and net worth for my age and income level, but I maintain a pretty high credit card level, which I usually pay off every spring with tax refund and/or company bonus.
This may sound sexist and dysfunctional, but I manage the credit card/available spending money so my wife doesn't go totally out of control. Basically if it's there, she'll spend it. So I put away a ton every month, and then she maxes out the credit cards and we have a crisis every December/January waiting for tax refund. It works. |
12-29-2006, 08:42 PM | #10 | |
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