Net worth. Those two little words seem to at some point become a huge part of what we do. That is, unless you’re a bum or something. But as usual, I’m referring to the average worker. On a super high level, it’s just the difference between your assets and liabilities (some of you are walking liabilities..admit it). This number, your net worth, gives you a rough estimate of where you stand financially.

The Fed does a massive survey every few years and one of the reports if the net worth report, divided up by age groups and other factors. The current one is not yet published, but there is one from 2004 that can serve as a general comparison point.

For the under 35 age group, the median net worth is $14,200 and the average is $73,500. Unless you are extremely math challenged, you can tell that there is a huge difference between the median and the mean. Basically this means the majority of those in the under 35 age range have very little net worth, but there are a few (*ahem*certainfriendsofmineyoubastards) who have very high net worths, driving up the average.

While this is not to be meant as a one stop shop for financial well being, it is a good data point to consider. If you are way below the median, then it’s time to step back and look at your budgeting and spending. Unless you want to retire when you’re 98, starting to build your net worth now would be smart. Or don’t..just a suggestion. There’s always the martinis and Emperors Club to drown your sorrows.

Recent Changes in US Family Finances 2004 from the U$ Federal Re$erve