Tracking Networth with NetworthIQ

I have been using NetworthIQ to track my networth for a while. Besides the fact that you can easily see where your networth is heading to by using it, there is another feature that I really like. I can run various comparison reports with NetworhIQ.

After updating my networth this month, I wanted to see where I am standing now. So I ran following comparison reports and discovered some interesting trends.

1. Networth Comparison Report

As you can see you can compare yourself among the people who have the same age, income, occupation, education as you do. I usually look at the median value in my age and income group since it will reflect how I am doing more clearly and correctly. Average value tends to be more skew. There might be some persons born with a silver spoon and drag the average networth ridicularly high in my age and income group. Also, I don’t look at the networth data in my occupation and education group since I don’t want to compare myself with a people with 10 more years experiences than me. They will and should be having more networth than me. Right?

So how am I doing in terms of networth? In my income group, I am doing pretty well and my networht is above the median value of $13,919, which means I have been well ahead of 50% of the people in my income group. And for the first time, I am almost there for the median value of $33,100 in my age group, just $61 short. I hope I will exceed the median networth of my age group next month!

2. Home Ownership

Interesting enough, it looks like in my age and income group nobody is owning a home or having a home mortgage now. Hum…….

3. Credit Card Debt

Wee~~~, I don’t have any credit card debt at all,which is a very good thing, while the median number of the debt is $800 and $700 for my age and income group.

4. Cash

I am well behind in this category. As I am building up my emergency fund now, I expect to see the situation got changed next month. The target for my emergency fund is $5000.

There are more reports you can check out in NetworthIQ other than those four mentioned above. Although the number will not be 100% correct and perfect, it is still nice to see where you are standing, well, roughly.