Net Worth
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- GreenGoo
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Net Worth
So this is a topic that has crossed my mind multiple times over the last few years. I hear about Biden having a net worth of $500,000 and think does that include his home? How is that possible (to be the VP of the US of A and have such a low net worth). Then I read that Kimbo Slice is worth about the same and think that's pretty good for a mediocre MMA fighter.
So I've wanted to ask people here what they are worth, but I realize it's a pretty touchy subject for some people (me included). So I've been back and forth on asking. I think I'm going to do this as a poll so people can answer anonymously if they want. I don't know what sort of break down it should be. I know we have people from all walks of life and all economic brackets. I want to make it granular enough to be meaningful but not so granular as to have only 1 vote per category. Let's see how I do. Please choose the highest category that applies to you.
If you have anything unusual impacting this, such as an inheritance in the near future or whatever, you can include it or not as you feel fit. You can also post if you've got anything interesting happening in this area.
Please note I'm not trying to embarrass anyone or hurt anyone's feelings or create a platform for bragging. I am genuinely curious how people are doing financially. If you are uncomfortable voting, no worries. I will vote myself later on to try to anonymize it a bit.
edit: Hmm, used too many poll options. Trying again.
So I've wanted to ask people here what they are worth, but I realize it's a pretty touchy subject for some people (me included). So I've been back and forth on asking. I think I'm going to do this as a poll so people can answer anonymously if they want. I don't know what sort of break down it should be. I know we have people from all walks of life and all economic brackets. I want to make it granular enough to be meaningful but not so granular as to have only 1 vote per category. Let's see how I do. Please choose the highest category that applies to you.
If you have anything unusual impacting this, such as an inheritance in the near future or whatever, you can include it or not as you feel fit. You can also post if you've got anything interesting happening in this area.
Please note I'm not trying to embarrass anyone or hurt anyone's feelings or create a platform for bragging. I am genuinely curious how people are doing financially. If you are uncomfortable voting, no worries. I will vote myself later on to try to anonymize it a bit.
edit: Hmm, used too many poll options. Trying again.
Last edited by GreenGoo on Thu Jun 09, 2016 12:36 pm, edited 2 times in total.
- Isgrimnur
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Re: Net Worth
Between credit card debt, student loans, and the mortgage, it's negative. So '<$10k'.
It's almost as if people are the problem.
- GreenGoo
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Re: Net Worth
Despite having some serious issues with my wife's spending, and not having any significant investments (not pure investments anyway), my wife and I are doing ok. Better than ok imo actually. That we could be doing SO MUCH better if we had any sort of financial plan and control over our spending is a topic for another day.
Most of our net worth comes from the capital gain in our home and from both our pensions. I do have a small private retirement fund and education fund for my kids, and a decent amount in cash just sitting and rotting in the bank, but those numbers aren't on the same scale as our home and pensions.
My mother passed away last year and there is a significant amount of money coming to my brother and I in the near future from her estate, but I'm not counting that at the moment.
I'm worth more than my father ever was, and he was a smart man with an incredible work ethic but no financial knowledge or even interest in learning (outside of "I wish I had more money"). Of course ours was a single income family for most of my childhood, so he did damn well imo.
I don't even give a crap about money, except as either a game to be played, or as having enough to feed my wife and kids. I don't covet cars or big houses or shiny bling. I recently spent $2k on a new computer and it almost broke my mind to spend that much, it just seemed such an unneeded extravagance. So I guess I'm cheap, although having to bail my wife out repeatedly has made me more miserly than I had ever been in the past, and I don't like it.
Most of our net worth comes from the capital gain in our home and from both our pensions. I do have a small private retirement fund and education fund for my kids, and a decent amount in cash just sitting and rotting in the bank, but those numbers aren't on the same scale as our home and pensions.
My mother passed away last year and there is a significant amount of money coming to my brother and I in the near future from her estate, but I'm not counting that at the moment.
I'm worth more than my father ever was, and he was a smart man with an incredible work ethic but no financial knowledge or even interest in learning (outside of "I wish I had more money"). Of course ours was a single income family for most of my childhood, so he did damn well imo.
I don't even give a crap about money, except as either a game to be played, or as having enough to feed my wife and kids. I don't covet cars or big houses or shiny bling. I recently spent $2k on a new computer and it almost broke my mind to spend that much, it just seemed such an unneeded extravagance. So I guess I'm cheap, although having to bail my wife out repeatedly has made me more miserly than I had ever been in the past, and I don't like it.
- stessier
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Re: Net Worth
So I'm doing this correctly, how do I value my house? Do I say the mortgage is a liability and that's it, or do I say my house is worth $100k after I sold it but only can count $50k because of my mortgage?
I require a reminder as to why raining arcane destruction is not an appropriate response to all of life's indignities. - Vaarsuvius
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- GreenGoo
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Re: Net Worth
Thanks for replying. How old are you Isgrim? I know you recently got married and that can be an expensive time in anyone's life.Isgrimnur wrote:Between credit card debt, student loans, and the mortgage, it's negative. So '<$10k'.
- GreenGoo
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Re: Net Worth
Personally I would take the estimated value of the house and subtract the remaining mortgage from that. I don't know if that's the "official" way to calculate net worth on a home or not.stessier wrote:So I'm doing this correctly, how do I value my house? Do I say the mortgage is a liability and that's it, or do I say my house is worth $100k after I sold it but only can count $50k because of my mortgage?
- hepcat
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Re: Net Worth
One thing I do have in this world is a pretty damn good 401k savings account. I always put the max in mine, and I have for the last 16 years. Does that count towards my net worth?
...because if not, my selection is going to make me cry.
...because if not, my selection is going to make me cry.
He won. Period.
- stessier
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Re: Net Worth
Yes, 401k balance counts.hepcat wrote:One thing I do have in this world is a pretty damn good 401k savings account. I always put the max in mine, and I have for the last 16 years. Does that count towards my net worth?
...because if not, my selection is going to make me cry.
I require a reminder as to why raining arcane destruction is not an appropriate response to all of life's indignities. - Vaarsuvius
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- GreenGoo
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Re: Net Worth
Definitely. And way to go maxing it out. That's one of the simplest ways to increase financial worth and yet so many people don't do it. Congrats, seriously.hepcat wrote:One thing I do have in this world is a pretty damn good 401k savings account. I always put the max in mine, and I have for the last 16 years. Does that count towards my net worth?
...because if not, my selection is going to make me cry.
- stessier
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Re: Net Worth
How about insurance policies on...for example...amazing hair?
I require a reminder as to why raining arcane destruction is not an appropriate response to all of life's indignities. - Vaarsuvius
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- GreenGoo
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Re: Net Worth
Crap, when I went back and edited the poll because I used too many options, I removed the "greater than this" final option, so people worth greater than $750k don't have a valid option. Hmmm.
edit: I removed the 25k option and put in a greater than $750k option. 10 poll options just isn't enough to cover the broad spectrum here on OO. I'm not trying to offend anyone or leave anyone out. Sorry.
edit: I removed the 25k option and put in a greater than $750k option. 10 poll options just isn't enough to cover the broad spectrum here on OO. I'm not trying to offend anyone or leave anyone out. Sorry.
Last edited by GreenGoo on Thu Jun 09, 2016 12:14 pm, edited 1 time in total.
- stessier
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Re: Net Worth
You could remove the last option - I mean, no real need to count the people who don't vote.
I require a reminder as to why raining arcane destruction is not an appropriate response to all of life's indignities. - Vaarsuvius
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- Max Peck
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Re: Net Worth
Your poll is bad, and you should feel bad about it. All of the non-peon options collapse -- anything less than $750k is also less than $750k.
Also, what if I have more than that and am willing to discuss it with peons?
Also, what if I have more than that and am willing to discuss it with peons?
"What? What? What?" -- The 14th Doctor
It's not enough to be a good player... you also have to play well. -- Siegbert Tarrasch
It's not enough to be a good player... you also have to play well. -- Siegbert Tarrasch
- GreenGoo
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Re: Net Worth
a) I asked people to pick the highest category that applies to them. If they selected something else, it's a training issue not a problem with the poll.Max Peck wrote:Your poll is bad, and you should feel bad about it. All of the non-peon options collapse -- anything less than $750k is also less than $750k.
Also, what if I have more than that and am willing to discuss it with peons?
b) I agree with your question and as I said above, my original poll covered the billionaires but then the software wouldn't let me post it and when I went back and edited it, I screwed up. I've made the change.
If you're worth exactly $750k, I don't want to hear from you.
Last edited by GreenGoo on Thu Jun 09, 2016 12:18 pm, edited 1 time in total.
- Scuzz
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Re: Net Worth
I am like this. Probably over 50% of my net worth is in an IRA account. We almost own our house (we owe $50k on a house worth $250k) and I have some stocks worth something. I also am part owner of two businesses. Some of this I inherited from my parents, but with my main job the emphasis over the years was to put every dime we could into the IRA instead of wages.hepcat wrote:One thing I do have in this world is a pretty damn good 401k savings account. I always put the max in mine, and I have for the last 16 years. Does that count towards my net worth?
...because if not, my selection is going to make me cry.
However....those items don't come with a lot of income potential right now. My wife is losing her job next week and I haven't paid myself even minimum wage this year. I am currently looking for a part time job to help. I am 60, so I am going to need to work for several more years to get the most out of SS and my IRA.
So net worth doesn't really have to mean much.
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- GreenGoo
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Re: Net Worth
I completely admit that it's just a number and doesn't necessarily speak to quality of life or anything like that. It's a fairly objective number though, and it ties in with my curiosity when I hear things like biden being worth so little (imo) after years as a successful politician (which comes with a decent salary and potential legal business opportunities).Scuzz wrote: So net worth doesn't really have to mean much.
- RunningMn9
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Re: Net Worth
I wouldn't count those unless they have a cash surrender value, and then I would just count the current cash surrender value.stessier wrote:How about insurance policies on...for example...amazing hair?
I also wouldn't count certain ongoing obligations. I have 24 years left on a 25 year lease (solar power system), but I don't count the net present value against myself (although a true accounting of net worth would probably take that into account).
My answer to the question is "not nearly high enough for my age". But being single income in the People's Republic of NJ for the past 15 years has made progress in that department more challenging. Watching my house shed $165,000 in value didn't help either.
Still, we've made progress, so there's that.
Last edited by RunningMn9 on Thu Jun 09, 2016 12:27 pm, edited 1 time in total.
And in banks across the world
Christians, Moslems, Hindus, Jews
And every other race, creed, colour, tint or hue
Get down on their knees and pray
The raccoon and the groundhog neatly
Make up bags of change
But the monkey in the corner
Well he's slowly drifting out of range
Christians, Moslems, Hindus, Jews
And every other race, creed, colour, tint or hue
Get down on their knees and pray
The raccoon and the groundhog neatly
Make up bags of change
But the monkey in the corner
Well he's slowly drifting out of range
- Kelric
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Re: Net Worth
I'm not going to count my wife's $120k in student loan debt, because that would just make me sad. I will count the mortgage, though.
- Isgrimnur
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Re: Net Worth
Just turned 40. Just passed a year on the house purchase, started at $190k loan. I have $28k in retirement savings and $40k in revolving debt, some of which I'm going to try and lock into an 8% consolidation loan this summer. And another $26k in the student loans.GreenGoo wrote:Thanks for replying. How old are you Isgrim? I know you recently got married and that can be an expensive time in anyone's life.Isgrimnur wrote:Between credit card debt, student loans, and the mortgage, it's negative. So '<$10k'.
Part of my financial straits are due to my graduating with an IT degree in the spring of 2000, immediately after the crash, and not being able to find a job. This led to me chasing opportunities in my college town that never panned out, and taking 7.5 years to get my career started in the Big City at the age of 31. So I'm essentially a decade behind.
It's almost as if people are the problem.
- GreenGoo
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Re: Net Worth
I'm purely on a fact finding mission here with no judgments attached. Some people value money more than others, and some people just haven't had the same opportunities as others. If circumstances have provided you with opportunity or lack of opportunity, you can comment on that too if you want.RunningMn9 wrote:.
My answer to the question is "not nearly high enough for my age". But being single income in the People's Republic of NJ for the past 15 years has made progress in that department more challenging. Watching my house shed $165,000 in value didn't help either.
Still, we've made progress, so there's that.
Me, my life has been insanely fortuitous when compared to the level of effort made. But I'm a white male who grew up in a stable middle class household and educational opportunities. My brain works pretty well on average as well, which is lucky. I've blown more opportunities than most people get in a life time, a fact that I'm not proud of. I've also made my own opportunities where none existed, so that counters that a little.
I'm right where I always wanted to be, but not nearly as far a long as I feel I could have been with more effort and ambition. Despite being where I always hoped I'd be, I'm not happy in general, which makes me confused.
- Max Peck
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Re: Net Worth
Of all the things you should never expect, second only to the Spanish Inquisition is l'users reading the manual.GreenGoo wrote:a) I asked people to pick the highest category that applies to them. If they selected something else, it's a training issue not a problem with the poll.Max Peck wrote:Your poll is bad, and you should feel bad about it. All of the non-peon options collapse -- anything less than $750k is also less than $750k.
Also, what if I have more than that and am willing to discuss it with peons?
b) I agree with your question and as I said above, my original poll covered the billionaires but then the software wouldn't let me post it and when I went back and edited it, I screwed up. I've made the change.
If you're worth exactly $750k, I don't want to hear from you.
And is ">=" so much to ask?
"What? What? What?" -- The 14th Doctor
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It's not enough to be a good player... you also have to play well. -- Siegbert Tarrasch
- ImLawBoy
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Re: Net Worth
As a 45 year old main wage earner for a family of five, I really should have some idea of my net worth.
I do not.
I do not.
That's my purse! I don't know you!
- GreenGoo
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Re: Net Worth
Understood and thanks again for the candor. From what I've read of your life these days things are really moving along in a great way now though. Good luck.Isgrimnur wrote:Just turned 40. Just passed a year on the house purchase, started at $190k loan. I have $28k in retirement savings and $40k in revolving debt, some of which I'm going to try and lock into an 8% consolidation loan this summer. And another $26k in the student loans.GreenGoo wrote:Thanks for replying. How old are you Isgrim? I know you recently got married and that can be an expensive time in anyone's life.Isgrimnur wrote:Between credit card debt, student loans, and the mortgage, it's negative. So '<$10k'.
Part of my financial straits are due to my graduating with an IT degree in the spring of 2000, immediately after the crash, and not being able to find a job. This led to me chasing opportunities in my college town that never panned out, and taking 7.5 years to get my career started in the Big City at the age of 31. So I'm essentially a decade behind.
For the record I didn't get married until I was 31 and didn't start my "career" until I was 32. I drank a lot of my 20's away. On the plus side education and student loans aren't nearly as debilitating up here in the North, which was lucky, obviously. So even though I wasted about a decade, I didn't start as far in the hole as some might.
- GreenGoo
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Re: Net Worth
There, ya big baby.Max Peck wrote: And is ">=" so much to ask?
It's an informal, voluntary forum poll, not a loan application.
- Grifman
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Re: Net Worth
It's "net" worth So estimate the value of the house and subtract amount owed on mortgage.stessier wrote:So I'm doing this correctly, how do I value my house? Do I say the mortgage is a liability and that's it, or do I say my house is worth $100k after I sold it but only can count $50k because of my mortgage?
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- Grifman
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Re: Net Worth
Dude, bad, bad, bad, this is killing youIsgrimnur wrote: $40k in revolving debt
Tolerance is the virtue of the man without convictions. – G.K. Chesterton
- Isgrimnur
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Re: Net Worth
I am well aware. The effective interest rate on this currently is ~12% between the accounts. And I play the cheap transfer game on a regular basis to try and keep it low. But, as rates are eventually going to rise, that's why I'm trying to get it into signature loans to get a cap on it and an eventual payoff date.
It's almost as if people are the problem.
- hepcat
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Re: Net Worth
The number of well to do wig makers who call me on a daily basis would boggle your mind. But I'll tell you what I tell them: God put this magnificent coif on my head for a reason, and I aim to see it through to the end.RunningMn9 wrote:I wouldn't count those unless they have a cash surrender value, and then I would just count the current cash surrender value.stessier wrote:How about insurance policies on...for example...amazing hair?
Last edited by hepcat on Thu Jun 09, 2016 12:50 pm, edited 1 time in total.
He won. Period.
- Isgrimnur
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Re: Net Worth
On the bright side, I just discovered that the state of Texas is holding on to $117.50 of liquidated TravelZoo shares. They're going to take $1.76 off the top to send it to me, though.
It's almost as if people are the problem.
- GreenGoo
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Re: Net Worth
For the record when my wife surprised me (the first time) with an insane credit card bill, I looked at lots of options but then borrowed from my mother to pay it off. Obviously not everyone has that option. The second time she surprised me with a huge credit card bill, I paid 1/2 of it off with cash and then dumped the rest on my mortgage. The third time she surprised me (well, I wasn't very surprised) I had saved enough to pay it off in cash. And now we've learned why it's so incredibly hard for me to loosen my purse strings.
My wife and I have some financial problems that are only indirectly related to money.
My wife and I have some financial problems that are only indirectly related to money.
- YellowKing
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Re: Net Worth
I have no clue and I'm too lazy to calculate it. The good news is that the only debt I have is my house and one car.
- EvilHomer3k
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Re: Net Worth
Why isn't this an option on the poll? I have no idea. Not sure how much I have in my IPERS or TIAA-CREF. I put plenty into it and the college puts in 7.5% but I couldn't tell you what's in there now. I can tell you what our house is valued at and what we owed on it when we refinanced but I have no idea what we owe now. I only recently have any idea how much we owe in CC debt since we just moved them all to a home-equity line of credit (which I need to lock in this month) with some home improvements. Savings and checking I know what's in there. No idea how much I owe on the car. Mostly, I have no idea how much money I have, where I spend it, or what my financial plan is. All I know is I have enough to order stuff from amazon whenever I feel like it, buy name-brand clothes for the kids, and throw out brown lettuce. I do own YNAB so I have, at least, thought about figuring that stuff out. Thanks to Mint I also know that I spend about $5k per year at the local grocery store (not including Target groceries).ImLawBoy wrote:As a 45 year old main wage earner for a family of five, I really should have some idea of my net worth.
I do not.
I do get annoyed when I come home and find my kids just wasted half a gallon of milk filling up 4 different glasses to the brim with milk and then drinking 1/3 of it and putting it in the sink with the milk still in it.
That sound of the spoon scraping over the can ribbing as you corral the last ravioli or two is the signal that a great treat is coming. It's the washboard solo in God's own
bluegrass band of comfort food. - LawBeefaroni
bluegrass band of comfort food. - LawBeefaroni
- Isgrimnur
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Re: Net Worth
Oh. I forgot the $4k I still owe my parents for my air conditioner.
So, yeah. Negative.
So, yeah. Negative.
It's almost as if people are the problem.
- GreenGoo
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Re: Net Worth
BecauseEvilHomer3k wrote:Why isn't this an option on the poll?.ImLawBoy wrote:As a 45 year old main wage earner for a family of five, I really should have some idea of my net worth.
I do not.
a) I never thought of it.
b) I couldn't find a place to put it on the poll if I did.
But honestly I find it hard to believe that people have such complicated financial lives that they can't estimate withoutin a few 10's of thousands what they are worth.
Most people have a house, a mortgage, a retirement fund of some kind, and loan/cc/car liabilities. If people don't want to think about it that's absolutely fine by me, I'm not complaining that you aren't participating in my poll. I'm just confused that people don't have an even rudimentary understanding of their current financial state.
Obviously if you are a special case that's different and potentially understandable.
On the plus side, some of these comments are making me feel better about my own lack of financial tracking and planning.
Last edited by GreenGoo on Thu Jun 09, 2016 1:16 pm, edited 1 time in total.
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Re: Net Worth
I'm surprised you have to ask. The answer, as always, is "hookers and blow."GreenGoo wrote:How is that possible (to be the VP of the US of A and have such a low net worth).
My net worth recently went positive for the first time in forever.
Black Lives Matter
- Paingod
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Re: Net Worth
I'm not really sure, honestly. I can only guess.
We bought our house in a housing slump for far less than it's worth, so I'm guessing I could sell it for far more than we paid - and we've been paying the mortgage for 7 years now. I own a car that's still being paid for and has 4 years left to finish. My wife owns a car that's probably worth $5,000 and has no payments. We have a small mountain of credit card debt. We have our respective 401k plans, but those are fairly small overall I think still (under $20,000 combined?); IIRC the investment portfolio for the 401k's tanked a few years back and we lost thousands.
I'm 38, and I think if we sold the house, sold the cars, paid off the credit card, and cashed in the 401k's we'd walk off with less than $75,000.
The sad part is that if we buckled down and stopped pissing away money, we could pay off the credit card in less than a year - pay off my car the next year, and then pay off the house in another 5 years.
We bought our house in a housing slump for far less than it's worth, so I'm guessing I could sell it for far more than we paid - and we've been paying the mortgage for 7 years now. I own a car that's still being paid for and has 4 years left to finish. My wife owns a car that's probably worth $5,000 and has no payments. We have a small mountain of credit card debt. We have our respective 401k plans, but those are fairly small overall I think still (under $20,000 combined?); IIRC the investment portfolio for the 401k's tanked a few years back and we lost thousands.
I'm 38, and I think if we sold the house, sold the cars, paid off the credit card, and cashed in the 401k's we'd walk off with less than $75,000.
The sad part is that if we buckled down and stopped pissing away money, we could pay off the credit card in less than a year - pay off my car the next year, and then pay off the house in another 5 years.
Last edited by Paingod on Thu Jun 09, 2016 1:14 pm, edited 1 time in total.
Black Lives Matter
2021-01-20: The first good night's sleep I had in 4 years.
2021-01-20: The first good night's sleep I had in 4 years.
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Re: Net Worth
You count the net value of your house (market value - mortgage). Unless you are underwater, it should add to your net worth.Kelric wrote:I'm not going to count my wife's $120k in student loan debt, because that would just make me sad. I will count the mortgage, though.
Black Lives Matter
- Isgrimnur
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Re: Net Worth
I decided to do the math and add it all up. Grand total, I'm $228k in the hole. If I were able to walk away from the house at a break-even mark, I'm still $42k in the hole. Of course, my mortgage is through age 69.
If I can stand my current employer for another 2.5 years, I'll have a pension equal to 11% of my salary per year. So that will be a nice lump of at least $36k in the retirement bucket.
I am putting back some in a Roth IRA starting this year, as the pension replaces the complete lack of any 401k matching, so there's no point in limiting myself to the company's offerings, and I already have money in Fidelity. It's a little less than half of individual max for me, and I don't think the wife has anything set up currently, as she's in retail hell.
If I can stand my current employer for another 2.5 years, I'll have a pension equal to 11% of my salary per year. So that will be a nice lump of at least $36k in the retirement bucket.
I am putting back some in a Roth IRA starting this year, as the pension replaces the complete lack of any 401k matching, so there's no point in limiting myself to the company's offerings, and I already have money in Fidelity. It's a little less than half of individual max for me, and I don't think the wife has anything set up currently, as she's in retail hell.
It's almost as if people are the problem.
- Jag
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Re: Net Worth
I've got some investment funds, some retirement funds and a little equity in the house. A big chunk of those funds are 529 college accounts for my kids, so I don't think that should be counted as part of net worth because it will be all gone in a few years.
- hepcat
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Re: Net Worth
This made more sense to me...Isgrimnur wrote:Oh. I forgot the $4k I still owe my parents for my hair conditioner.
He won. Period.