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I have a net worth of 210,382.01 at age 30. is that good?

I know good and bad is mostly relative to something else. In this instance my peer group. I have 982,000 in assets and 771,000 in liabilities giving me a net worth of 210,000.00. Is this good or bad for my age?

Update:

34k of liabilities is student loans

198k mortgage on invest prop (invest prop worth 204k)

524k mortgage on principal residence (home worth 665k)

17k loan on luxury vehicle

Update 2:

38k in cash, 10k in mutual fund and 4k in vested stock.

13 Answers

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  • carole
    Lv 7
    1 decade ago
    Favorite Answer

    Sounds to me like you are doing great, unless your assets are outstanding receivables. If part of that money is a structured settlement or something, it still isn't really yours.

    That reminds me of an old neighbor who at the age of 23 said "I am sure I have made a million dollars in my lifetime - I must be a millionaire!" Oh how I laughed.

    I always find it interesting that people want to find where they are on a scale - I guess it is left over from a high school mentality that wants to know what our grade is and how we did overall in our peer group. To me, the measure of wealth is not so much how it all looks on paper, but a measure of my life - can I pretty much do what I want to, when I want to. For me, that means working for myself and walking in the sun more than calculating and comparing my earnings, assets, and bills.

    I will tell you that on paper you are doing a lot better than I ever have - but I have been working for myself for 10 years now and at the age of 39 I have never been happier.

    Peace!

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  • 1 decade ago

    It's not a bad amount, however, I will put it another way, a) what could the economy do to wipe that out and b) what can you do about it.

    It seems like you are quite leveraged so any changes in your asset value will wipe out your net worth easily, e.g. only a drop of 10% in all your assets (from housing crash, markets turned sour) will half your net worth while your liabilities stay pretty much the same. A drop of 10% is quite possible in a year in shares or real estate BUT not in debts/lending!!!

    As to what to do, reduce your leverage, i.e. your borrowings so that some drop in your asset value won't wipe out your net worth. Or increase your assets faster than liabilities (that's the ideal situation!)

    Source(s): No liabilties myself, just pure assets :-)
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  • Anonymous
    1 decade ago

    From the chart in this article, you would be well above average in net worth. The median net worth for a person aged 30-39 is only $39,000. You're well into the top 25%.

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  • Anonymous
    1 decade ago

    I'm 43 and in three hours I'll have a net worth of $28 dollars, but I had $28000 last year and tried opening a business. Now I'm back to square one but now worse. Oh well easy come, easy go- hard to pay back.

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  • 1 decade ago

    Yes, it's good but it could be a lot better.

    From your additional comments you are spending a lot of money you dont need to.

    No one really needs a luxury vehicle.

    You are getting into bad spending habits that will really hurt you if your cash flow ever goes bad or you lose your job.

    Expect the best....Plan for the worst

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  • ?
    Lv 6
    1 decade ago

    The assets are good but you owe to much Why and get it paid down and put what you have left in a mutual fund. Go to Vanguard.com.

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  • kyeann
    Lv 5
    1 decade ago

    I am 29 and my net worth is about $150 currently, so you are doing pretty good! lol

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  • CC
    Lv 7
    1 decade ago

    The median networth of a household is $100,894.

    30.6% of households have networths below $25K

    19.2% of households have networths between $25K and $99K

    21.6% of households have networths between $100K and $250K

    17.2% of households have networths between $250K and $500K

    8.7% of households have networths between $500K and $1MM

    2.7% of households have networths over $1MM

    I would say you're doing better than the middle of the pack.

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  • Anonymous
    1 decade ago

    sounds good but how is your cash flow

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  • Anonymous
    1 decade ago

    good for you

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