We shouldn't measure our "success" by measuring our net worth to others. Why? Because each person is different and unique. However there are times when it is useful to determine if we are "on track" with our asset accumulation.

Here is a nice article on what the typical American accumulates during their lifetime. 

Where do you fall in comparison? 

Are you ahead?  Then good for you!  Keep up the good work and enjoy the benefit!

Are you behind?  This can be a great stimulus for you to work to boost your savings for the future. 

How Does Your Net Worth Compare?

Note:  In this article, they use two different measurements of wealth. Here is a simple way to think of these numbers.  Average can be thought of a "typical" or "most common" number in the group.  Median is the number "in the middle" of the group, where half of the people in the group are below this number and half are above this number. 

Note:  WCRM is not responsible for...

Chances are that during this COVID lockdown, yoiu did a lot less driving.  For many people this resulted in a check showing up one day in the mail.  A refund check from your auto insurer. 

Yes, it may have been a small check, but heck ... that money is better in your pocket than the insurers, especially when their pay-outs for claims is far reduced due to significant reduction of insured driven miles by their policyholders.

More Possibilities for Savings

But beyond that check, there are other opportunities for savings on your auto insurance costs.

 Let's look at some you can consider:

• Permanently Reduced Mileage. If you find that you are now working from home far more, on a permanent basis, you can call your insurer and have your annual travel mileage changed to reflect that new driving level.  In some cases it may result in a reduction of your premium.  Another option with some carriers is to look into a "pay per mile" option for coverage. Be sure to...

Having too much money in an account that is a problem that I am sure all of us would love to have.  It's not common, but can happen when you have saved money in a specific account for a specific purpose. The college 529 saving account is one such account.  If the person who the account was created for has completed their higher education, there may be a nice "nest egg" remaining in the account. 

This current Wuhan Covid 19 virus pandemic has changed the way many parents, students and others are looking at college.  The focus on a college education may be reduced, replaced by a focus on career training in a trade school.  Not only is that a better choice for many individuals, it may dramatically reduce the amount of money used for higher education.  In that setting, a surplus of funds in a 529 plan may be a reality for more and more people. 

In his article, David Crossman, senior portfolio manager for Bedel Financial Management reviews some of the...