Hazzard, at Everybody Loves Your Money has a nifty chart of what your net worth should be at every age from 21 to 64. As long as we're talking about net worth, it works for me. I'm only a few thousand behind. But I suspect it's really savings Hazzard is talking about. In that case, I'm way off the mark. I should have $580,781 accumulated. Instead, as of this morning, I have $172,009. If I count my rental home, which could be liquidated, that only brings the total up to $309,605.
Sigh.
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I'm afraid to look. I am so far from where I should be, and am so close to the age where it'll become nearly impossible to get hired for the amount of income I need to live on, I'm paralyzed.
Should one look at a chart like this?
Should one look at one's FICO score?
I have not. I'm afraid I will be paralyzed with fear.
However, I did take one step: I talleyed up how much I owe in credit card debt, and what all my expenses are. Against my income, it is staggering, especially when you factor in how close I am to retirement and how unprepared I am financially for that stage of my life.
You're making a start. As both Confucious and AA say, "ya gotta start at the first step." (Well, actually Confucious said something more like "A journey of a thousand miles starts with the first step." And AA says to take one day at a time.)
At any rate, knowing where you are is a good first step. I wouldn't worry too much about the end--forget the charts for awhile, and just concentrate on reducing debt and racking up savings. Both will make your retirement better when you finally get there.
Thanks for stopping by.
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