I recently found this tool (and MANY others) on CNNMoney.com, and it’s pretty freakin’ interesting. It just asks for your age and your yearly income, and it plops you out a couple of nice and simply graphs. The first shows the average “net worth” for your age-group (as posted to the left), and the second shows the average “net worth” for your particular income level.
Both graphs are pretty cool to see. That first one is SCARY though! Can you believe that? man…. luckily, i’m WAY better off than the average in this group (Opah!), but my $66k is wayyyyy below the average for my income level. Age plays a huge part in this ofcourse, as I’ve only been at this salary for less than a year, so I’m just hoping i can stick with it and/or increase it for years to come!
Give it the old college try, and see how you compare. Hopefully you’ll be on top of at least one of the graphs! And if not? Well, now you have something to strive for. Just keep reading the blogs to help pump you up ;)
*I’ve also just added a new section of helpful links*
It can be found on the left column, and it links to some pretty sweet tools & calculators out there. So far I have the following:
- Bankrate: today’s rates
- Millionaire calculator
- Refinance calculator
- Debt free calculator
- Find a blogger :)
- Compare your net worth
- Est. mortgage payments
I’ll be updating/revising them over time, so feel free to holler if you’d like to see a special on in particular, or even if you have found a more helpful one.
- The "Budget/Net Worth" spreadsheet - the colorful Excel template I personally use.
- The "Money Snapshot" spreadsheet - a simple Excel template I created for my former $$$ clients
- PersonalCapital.com (free) - a great way to track your net worth AND investments. You can see our full review of them here: Why I Use Personal Capital Almost Every Single Day
- Mint.com (free) - the original lazy way to automate your budget/net worth
Bonus tip: Find a good "balance transfer" offer to help pay off debt faster!
If you’ve been making payment after payment (on time) and still haven't been able to get your debt under control, snatching up a good balance transfer credit card offer may be the ticket to try. That’s where in order to gain your business - credit card companies will let you transfer your existing debt to a new card and let you pay ZERO PERCENT interest on it. Saving you tons every month!
What's the catch? Usually balance transfer cards charge a fee (around 3% of your debt balance) to let you transfer your balance to their 0% interest offer. But we've found a great credit card that will let you do a balance transfer absolutely free. Click here to learn more and see if you qualify!
PS: If you don't trust yourself with another credit card, ignore this! This strategy is to help you get out of debt quicker, not risk adding more to it.