Wednesday, April 13, 2011

Net Worth Goals

I reported yesterday that my current net worth is approximately $22,428.  Being that I'm now 28, I wondered what a "good" net worth would be by the time I'm 30.

So, I did some digging on the internet.

Based on a Survey of Financial Security undertaken in mid-2005 by Statistics Canada leading into retirement the median net worth by the age of major income recipient of the household was:
     Under 35 – $15,000
     35 to 44 – $140,000
     45 to 54 – $230,000
     55 to 64 – $407,000

Fast forward to 2009, when Money Sense looks into median net worths based on data from Stats Canada:
     Under 35 - $25,000
     35 to 44 – $145,000
     45 to 54 – $245,000
     55 to 64 – $420,000

Presently I am single with no children.  Since this may not always be the case, I've come up with a net worth goal for the next 5 years at age 30 and 33 considering the same scenario:
     Age 30 (August, 2012) - $33,000
     Age 33 (August 2015) - $55,000

I don't know if these figures are too low/too high/realistic, but writing a number down makes me accountable!

Have you set a personal net worth goal?


  1. Yes we have, although I'm not sure that we'll hit this years target!

    Good luck with your goals :)

  2. I've never set a personal net worth goal. I keep track of my net worth but I don't include the equity in our property because to actually get at that equity, it would cost thousands of dollars. I could take a look at doing this for 2012 or even for the last half of 2011.

  3. I don't set net worth goals, but I like seeing myself hit milestones like $0 (when I was out of debt) or $50,000 :)

  4. It's a work in progress. Maybe by the time I'm 35 I'll have a networth of $25,000. I have very few assets right now, but I am out of debt :) You are doing so well!

  5. We're the same age - I'm also 28 this year!

    Currently, I'm sitting just shy of $25,000 but only realized last week I forgotten about $5000 worth of MFs my dad had purchased for me back in '97. No targets for now.

  6. Hey there! It's my first time here and I love the blog! Definitely will link back. I haven't set any personal net worth goals, but like FB said, I do love hitting the milestones. I'm 25 and I'm hoping next month I can hit the $30,000 mark. I'm just a few hundred shy!

  7. My goal is to hit a net worth of $100,000 by the time I'm 30. I have to pay off a good chunk of debt first, but I think it's doable :)

  8. How on earth did you pay off $33,000 in student loans in one year!? That is truly amazing! I have $18,000 in student loans and was hoping to have it paid off in 4 years.