Every day, we entrepreneurs and business professionals all “dream” of a better tomorrow.
We all dream of hitting our quotas, acquiring our bonuses, achieving our profit levels, acquiring that new customer, closing that particular deal, and opening that new store.
What about today? While you might still be running on that journey to fulfill your dream, open that new business, close that new deal, etc., have you stopped to see how you measure up today?
While you might have not reached your “dream status” as of yet, you still might be doing much better than you think when compared to your peers. Here are six common metrics used to measure success that might boost your confidence.
Net worth is the calculation of assets – liabilities, where you add up every asset that you have currently, then add up all debt related payments, to determine your current Net Worth standing. According to the US Census Bureau and The Motley Fool, if you are under the age of 35 with just $6,682 in net worth, you are doing better than 50% of all individuals within your age group. If you are 35 to 44 with over $35,000 in net worth, then you are doing better than 50% of individuals within your age group. If you are 45 to 54 with a net worth over $84,542 then you are doing better than 50% of those in your age group.
According to GOBankingRates, if you are 25 – 34 with more than just $10,000 in savings/investment related accounts, then you have more saved than 85% of your peers. The same holds true for the 35 – 44 age bracket, 45 – 54 age bracket, and the 55 – 64 age bracket.
According to the US Census Bureau, the median income in the Unites States for an individual ranges between $27,000 – $29,000. So you will be on the higher side of the income equation if you make more than $29,000 per year.
According to research done by Value Penguin:
- If you are age 30 or younger with a credit score over 681, your score is actually higher than nearly 70% of your age group.
- If you are 30 – 39 with a credit score over 721, then your score is higher than 70% of your peers.
- If you are 40 – 49 with a credit score over 721, then your score is higher than 60% of your peers.
- Those 50 – 59 with a credit score over 721, have a score higher than 50% of their peers.
Ever heard the saying that the Bachelor’s Degree is becoming worthless because “everybody” has one?
Well, according to the US Census Bureau, if you graduate college with a Bachelor’s Degree, then you have acquired an accolade that nearly 70% of other Americans have not achieved. Furthermore, if you graduate with a Master’s degree, then you have an accolade that 90% of Americans have not achieved.
While purchasing power and cost of living play a factor in your final class measurement, using a national measurement criterion, you are currently middle class as an individual if you make more than $37,000 – $39,000 per year. Being at this middle class level of measurement, would mean that you make more in income per year, than 85% of the remaining individual income earners in the country.
As a household of two or more workers, you are considered middle class when you both are bringing in around $70,000 per year, which would mean your household is making more than 85% of other households nationally.