Hello Sophisticated Spenders!
Last year, I came across a cool wealthometer!
The wealthometer answers an important question:
What is your position in the US distribution of wealth?
Here’s how it works:
You enter your information.
Take a guess at where you fit compared to others.
Find out your wealth compared to the rest of the population.
Here are my results:
So my estimate of 64 was waaaay off!
That 86 means I am moving in the right direction with my wealth (I was at 77 last year)!
Here’s how I arrived at my numbers:
Real Assets: I used findthehome.com to estimate the values of my 2 properties and used Kelley Blue book for the value of my car.
Financial Assets: I included my retirement accounts (TSP, Roth TSP, and 2 other accounts) and investment accounts (Sharebuilder and TD Ameritrade).
Debt: Mortgages (2), construction loan and a student loan.
You can also use the tax simulator on the site. I totally didn’t understand it so I just left that alone.
On January 1st 2015 I wanted to pay off $87,798 of that debt (car loan and Chicago duplex). I got that number down to $68,731 in June of 2015 (paid off car and extra principle) and as of June 2016 that number is down to $43,930.
My goal is to get that number down to $0 in the next 2 years (end of 2018). That’s possible but it will require lots of work. My goal is to increase my passive income to get there.
Head on over to Wealthometer.org and tell me your results!!!!