What is your Net Worth?

[TerryBPP]

Originally posted by Rick Lee
My folks have a huge net worth and never made more than about $130k between them in a year.

One of my best friends in subprime mortgages was, at his peak, making about $50k a month in commissions and is now about to sell his house and move back into his rental property, take a 401k loan.

I'd rather get rich slowly but surely than go straight to the top and then lose it all.

Thats funny, I just ran into a guy I went to highschool about 4 months ago. He pulled up in a 07' Bentley GT with 20's on it. I thought wow this guy is doing well. So I asked him "so what line of business are you now?". He replied "mortgages", in a cock tone. I smiled and said congradulations.

Although, some people have a knackt for finding the hot market over and over again. I hope he does.

[Rick Lee]

Originally posted by Moneyguy1

I would posit that true wealth would include, somehow, a measure of the satisfaction one has with his or her lifestyle, including health.

Gawd, just imagine if the gov't. found a way to tax you on that!

[rick-l]

You used to be able to retire if you had a million dollars.

Now if you are unemployed (pay your own health ins) you are looking at > $150,000 in medical expenses alone between the ages of 50-65.

[targa911S]

Own my home
No debts
My pension pays taxes, insurances, living overhead.

If I want something, I sell something.

The old gunshow rules " If you leave home with two you can come home with two" They may not be the same ones though. of course I have left the house with one empty case too. " Bye honey...see you later." And another one in the safe. Once you have a bunch they lose track.

[Moneyguy1]

Rick..they already do. To be healthy and get your meds you either pay yourself as mentioned above, or you pay in government subsidies to the pharmecutical industry. Not to mention that these costs the government pays are not based on competitive bids........

[Joe Ricard]

I voted without reading. I put money I could put my hands on right now.
one house paid for one nearly paid and closing on 3rd next week.

Worked hard and live below my means.

[TheMentat]

Originally posted by cowtown
Why is this information useful to you? I voted, but I'm just wondering why.

I plan to sell everybody's personal info to an email marketing outfit (spammers). This info will help in my negotiations

[strupgolf]

I am very happy with what I have been given. I'm very happy with what I have saved. I'm very happy with what I have. I'm very happy with my investments over the years. So, I'm just a happey guy. Like I said, "another round please" .

[Por_sha911]

Originally posted by RallyJon
It would be an interesting poll to see what peoples' net wealth vs burn rate is. If you've got a million bucks, but you spend half that a year, you aren't doing very well.

Unless the doctor said you only had a year to live.

[LakeCleElum]

A million doesn't mean what it used to. The poll should break down the millionaires 1 million, 2, 3, etc......Be interesting to know with that many voting for 1+ mil.

Me, all my money is tied up in cash......

[onlycafe]

in texas, they say that you have to go broke three times before you make it big.

[angelny911]

lucky i almost went broke because of a divorce but rebounded ..now mortgage is paid for ,one daughter out of college one in ,retired and now i'm about to buy my cayman s and loving it .boating, traveling,kids get what ever is left after i enjoy myself !!! LOL

[tabs]

Originally posted by pwd72s


At this stage in my life, I prefer to avoid hassles...just like to keep things simple and easy.

Tabby, you're a little more than a decade younger than I...you may understand, given time. (edit) And if you don't? Screw you...

At a certain age, things become more or less meaningless to you, being regular every mornining is what becomes important. I know that...Mother told me so...

See I'm all for Cindy redoing her Kitchen, mostly cause I cook..she wants to make what she has nicer.. and what else is there for U to blow yur money on, you don't have a P car addiction anymore.

I see having quality around U is more important than bigger is better. To have pleasant surroundings. So Paully go out and buy that Big Screen TV or Pool Table if you want it. Sure it isn't going to make happy in of itself, but U will get some enjoyment out of it. Instead of fking around with that miserable 19 inch Zeinth you bought back in 1973.

About 2 years ago I woke up one morning thinking how many Smith and Wesson mdl 27s do I need. I have 2 postwar 5 screws a 3 1/2 inch barrel and a 6 inch barrel in the box... both of which I shoot on occasion...and I have 2 really clean prewar Registered Mags, one is NIB, both of which I don't shoot. So I don't really need anymore ahh spoons. I have enough, and will now only add to fill a hole in the collection or upgrade. Let me tell U a little secret everything I have aqquired recently is going to new homes as soon as I can find one for them.

One thing that gets lost in the aquisition of the Bigger and Better, is the cost of upkeep. The bigger house costs more to heat, to keep clean, cool and ohh ***** I'm broke now.

[tabs]

Originally posted by Wayne at Pelican Parts
Wayne's strategy: bank the coin when times are good. Spend 10-15% if you have more money one year than you're used to - save the rest in either stocks & bonds, or put it away in a 529 for the kids. Avoid buying things / assets that depreciate in value (new cars, timeshares, vacations). Instead buy things that tend to appreciate, or at least hold most of their value (classic cars, collectables, art, vintage Porsche parts).



-Wayne

Hey Wayne Ya can over and be my wifey anytime ya like...

[island_dude]

I have to second the idea that the poll needs to go beyond 1M. Its not unusual fo people to have a lot tied up in their houses. Even with large mortgages, if the timeing was right they could sell and have a large component of their net worth in hand. Otherwise, its just another source of bills.

A million bucks just doesn't go very far any more. Not like it did when having a milion was really somthing. Anybody with a steady income and semi responsible spending habits will get there near retirement.

[tabs]

Houses not withstanding how many people have the Mill....that is the right question to ask. Houses don't provide income or cash flow.

[widgeon13]

Net worth is assets - liabilities, that's fine by me. At a certain point it just becomes a measure.

[Dan in Pasadena]

Originally posted by Aurel
The net worth is representative of the age of people, simply. The older you get, the more wealth you amass.

Yeah, but the fly in the ointment of your proposal is if you've been through a divorce and how late in life it happened.

I got divorced at 45 after 20 years of marriage and I'll never have (financially) what I had before. It took me the last 6 years to pay off all the divorce related stuff, re-establish a home with nothing down, acquire the basics that you take for granted. I have worried about this a good bit and I even thought about taking a hazardous duty assignment in Iraq to try and recoup....until the thought of someone cutting off my head made me reconsider!

At this time in my life money represents freedom and options, not much more. I'm reasonably sure that winning the lotto for me would be one giant exhale of release and not the accumulation of toys, houses, etc. At least I hope I'd have that much sense.