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Here's a fun exercise: Use this Bankrate calculator to determine your net worth. That's the sum of all your financial assets, minus any debts. Now that you've got that number, do you ever wonder how you compare to everyone else? A new website lets you find out just how you stack up against the Joneses.
The website, NetworthIQ, allows anyone to post their net worth and income online, anonymously if you choose. Then you can see how you compare to people based on age, education, occupation, income level and state.
According to the Federal Reserve Board, the median net worth for U.S. families in 2007 (the latest year that data is available) is $120,000.
So the big question is, what will you do with this information once you've discovered how you compare? Will it drive you to work harder or give up if you fall short, or will you go on a spending spree (or maybe just allow yourself a smug smile) if you are above the norm?
If you're serious about planning for retirement, use this Bankrate calculator to find out how much you need to retire based on what you're spending. That's the best kick in the pants to start a savings program.
