I was browsing articles on the internet yesterday when I came across an article on Los Angeles Times with the headline:
Median Net Worth of Grads Under 40 with Student Debt is Only $8,700.
I’m a college grad, under 40, with student debt. And, as of April 30th, my net worth was $8,771. Wow! I am the median; 50% of grads under 40 (with student debt) are above me, and 50% are below. I’m right smack-dab in the middle. At least, as far as net worth goes. The article went on to say that the median amount of student debt for those grads is $13,000, which puts me on the lower end, with only $6,532 in student loan debt. My total debt is also lower than the median of $137,010 (my total debt is $76,824). Of course, my income is also lower than the $57, 941 (which is of all graduates with a Bachelor’s degree).
My hope is that by the time I reach 40 (in 4.5 years!) my net worth will be much higher. I also hope to have my student debt paid off by the end of the year. In which case, I’ll no longer be a “Grad under 40 with student debt”. Grads under 40 without student debt have a median net worth of $64,700. I still have a ways to go before I’m over that median!
In reality, does it really matter how I rank among my peers? Probably not. After all, this is my life. I have different resources, needs and goals from anyone else. My peers having more or less net worth than me really doesn’t change anything about my life, or my situation. Still, it’s interesting to see how I’m doing compared to others.
– Cindy W.