Monday, November 10, 2008

Net Worth IQ Increasing

In a previous post, I mentioned how readers are innately curious about comparing their net worth to others in a similar income range or age group. I talked about three tools that help people figure out where they stand in relation to others. One of PFStock's readers wondered if personal finance (PF) bloggers had higher than average net worth. Another reader stated that such networth figures are not representative because people with a high net worth would be over-represented due to self-selection.

These are good insights, and in this post I want to talk more about the NetworthIQ website. As I mentioned, this site has compiled a set of Net Worth Statistics based on what its members have reported. To review, for the case of a 40 year olds, the median net worth was $462,658. And for for those making $100,000 a year, the median net worth was $260,828. I mentioned that these data were current as of 1/26/2008.

The latest data that Networth IQ has compiled are current as of 6/3/2008. For 40 year old the median net worth is now $491,100. For those making $100,000 a year, the median net worth is now $267,042. While these number are greater than the previous data point (from January), they do not include the effects of the latest downturn. It would be interesting to know if NetworthIQ's median net worth is still increasing after that.

In addition to age and income, NetworthIQ allows you can compare net worth based on education, occupation, and state of residence. In short, it is a treasure trove for those who are intent on comparing their net worth to others.

See also: Net Worth Update