What's your net worth?
 

A lot of people here seem to have their act together financially. Let's see to what degree. In the event you don't know the definition of net worth...

Net worth = Everything you own minus all the money you owe.
Example: If you live in a $1.4 million house and owe $1.4 million then your net worth is zero. Remember, polls are anonymous.

Why?

OK, who are the 3 over 3 mil ?????

I need aloan :)

:D

No Takers? Well comparing how much your net worth is like comparing the length of your dick to the next guy..your always afraid that you will come up short.

The other thing about money is that it is NEVER ENOUGH...if I only had a little more I could affford to get.........

...a longer dick?

Measuring wealth in $ value is ok as away of keeping score but less meaningful in real terms.
After a certain point making money is relatively easy. Real wealth I believe requires money, time and the ability to enjoy it. The money is the easy part. How many do you know that made their own money that truly know how to enjoy it?
Comparison corner: Many would consider me and my husband wealthy simply because of lifestyle, income and debtfree status - we don't think of ourselves as wealthy but very lucky. We are now learning to accumulate freetime and to enjoy it!

We need a thread on net debt.

So true! When I was in college I worked in a small video store. The two owners made a lot of money and always grumbled about how happy all their customers were. Most of the customers came from several trailer parks down the road. Those guys truly thought the trailer dwellers were too stupid to understand how miserable they should have been for living in mobile homes!

Had this conversation with one of my more affluent buddies yesterday. He enjoys his money by making more....it's a drug.

He often wakes up and realizes he needs a break. But he is resting up so he can hit the grindstone even harder when he gets back. He's pretty much a comfirmed bachelor.

most people lie about money so i dont believe the results of this poll.

i measure my net worth by experiences, not money in the bank. Certainly cash is nice, but I also kep in mind my journey maxim: "Work to live, not live to work".

The real question is how much people have in LIQUID ASSETS

LIQUID...my bar is fully stocked...

I sat down about a month ago and ran all the numbers - interesting.

It is amazing how many people think it is just the value of their house (and never realize it is the value MINUS the mortgage balance - plus all the little things).

-100,000+

Education loans will do that to a person. Then again, I really don't care.

"It is not the level of prosperity that makes for happiness but the kinship of heart to heart and the way we look at the world. Both attitudes are within our power, so that a man is happy so long as he chooses to be happy and no one can stop him."
-Aleksandr Solzhenitsyn

Net worth doesn't take into account your age. I expect old geezers to be wealthy, but a chap 4 years out of college isn't going to be flush with assets, yet.

From Millionaire Next Door:
" Multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be." If your net worth is twice the above number, then you are a Prodigious Accumulator of Wealth (PAW).

Fascinating stuff in that book, and it is summarized at
http://www.washingtonpost.com/wp-srv/style/longterm/books/chap1/millionairenextdoor.htm

I strongly recommend the book if you want to get ahead.

It's no suprise that there are alot more "haves" than "have nots" on this board. I may not be in the 7 figure bracket, but I'm quite grateful of my lot in life & don't take it as a given.

I've made $0 since June last year when I started my own business (I'm living off savings). Multiplying my age times $0 income gives me zero! Divide by ten.... zero again. I've got 3 dollars in my wallet... so that means I am a PAW! :D

I'm in the negatives. But I'm also graduating from college today. :)

I read the Millionaire Next Door and it rocked my world. Nowadays (aside from the admittedly rediculous luxury of having two p-cars in the driveway), you'd never guess my net worth by looking at me. I live in the smallest apartment I own and my tenants live larger than I do. Of course, I'm 38 and I expect to be retired when I'm 45. Free time is more imprtant to me than toys.

Edit: Oops, "imprtant" should be "important". Apparently spelling isn't one of my top priorities !!

Basically the Millionaire Next Door said the guy livin large with the fancy house and fancy cars don't have the goods to back it up...

Further most Millionaires live rather modestly, dirive modest cars have modest homes....etc...That more or less fits my profile...except for when I'm out gamblin and drinkin and Buffetin...Yeah Baby give me the high life ...live fast die young without a dime in your pocket..the he11 with tommorow live for today...

I once met one of the Douglas's of McDonald Douglas Aircraft..his comment was that the rich drive Rolls Royces and the wealthy drive VW Buses....meaning that the really rich folk don't need the flash....

If it was 1920 I would be filthy rich.

Rich is, enjoying the love of my children, my wife, my parents, my dog, my friends..., my health is right up there, sitting on the porch and not worrying about too much. Knowing the bills are paid helps.

Isn't that the truth. Even in high school (circa 1982) a friend and I had an agreement that if one of us ever accumulated $2 million that we would give the other $1 million... because $1 million was as much money as anyone would ever need.

Like I said it's how much you have in Liquid Assets that matters. If your worth 2 Million and your house is the major portion of it...your wealth is an illusion cause if you sell you gota buy somethin to live in and it's gona cost you. So what good are all those zeros unless of course you wana move to Arkansas.

Depends on how you use the equity in the house. You can refi and essentially "sell" the house to yourself and then use the cash to invest in an incoming-producing equity. So long as the income from the investment exceeds the interest rate on the refi loan, then the house is working for you. I've done it and it works very well - especially since second mortgages are (for whatever reason) issued with very low interest rates. Turning it into a positive cash flow is surprisingly do-able.