What is your Net Worth?
 

Just curious, what is your net worth? this is anonymous so nobody will know...

If you don't know how to calculate Net Worth., just subtract your Liabilities from your Assets.

Here are examples of some Assets:

Your current house value, your car, art, books, your belongings, cash, anything else of value, stocks you own . dont count retirement savings here. (at least I dont think so).


Here are examples of Liabilities.

The balance on your mortgage, cc debt, school loans not paid off, etc..


So how did you get there? Inheritance, business, living below your means, saving aggressively, did you win the lottery?

this should be fun..
:D

If it wasn't for about 100k in student loans, I'd be doing pretty well.

I really do not want to think about this right now. I'm not sure it would be a positive integer.

What is this thing called net worth? Aren't we all-consuming americans?:D

15K

The goal for the end of the summer is to have that up to 20K, but that is going to require a fantastic caddy and catering season. Then that money needs to be invested aggressively, because I don't need more than 1K or so to get by for the year. Not too bad for a 19 year old, i think

If you would stop buying bikes!

What I have and what I owe is something I really do not know.
What I want and what I need is completely based upon my greed.

Go to networthiq.com. You are better off not counting personal property like 10-20 year old porsches.

Worked my a$$ off for it.

Had it not been for socking the max possible in several 401k's years ago, it would be a lot less.

Four years ago my boss had a very good season. He looked at all the employees company savings accounts. Any employee who had been there over a year he doubled everything that was in their total 401k account. Cost him a mil in cash but like I said, he did very well that year. I am very lucky that I had $30k in my account so far and it was doubled.

Second thing is that my house has done very well in the last 3 years.

Hard work, a bit of work with investments, luck and the grace of God has been very good to me. I could retire now if I wanted to scrape by (and work a bit on the side) but right now work is fun and I enjoy it, so why stop?

Joe

With student loans and the car note? My net worth would be right around -$15,000.

Plan for the summer is to put away enough each month to pay for 2 months of the car note, and still save some money so that I'm not in the spot next year I'm in now.

Plan is similar for school loans after college; I'm going to pay them off as quickly as possible. Owing someone money is NOT something I'm used to.

2 years ago I had my 944, paid for in cash, $9K in the bank and $1000 in my sock drawer. Not a lick of debt...My how times change...

Was sitting around talking over some beers with my two good friends and we got to talking about how much money we've pissed away after we tried to figure out how we would ever afford a house, furnishings, and a car. Figure I've spend on the order of, say, $35,000, might be more, @20 years old. Looking back, I wish I would have saved more, driven less (not at all?!?!) and ridden my bike more.

I'd estimate we have a few (or more than a few) guys who fall at a million plus.

edit:

How did I get to where I am? Was kicked out after I graduated High School, and found out not living at home is pretty damn expensive. Also lost my job, making it more expensive; car insurance alone was $250/mo. That took away my liquid assets, then I started working again and saving some money, but had to pay tuition and books at a community college. Back to broke, but still working. Hit and run forces new car purchase, putting me -$9K. Then I decided to go to college, and I have student loans.

It could be far, far worse so I'm not complaining...

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

If not for my house I'd be worth more dead than alive, pharkin' divorce managed that.

I am only 40 years old and really starting to put money away now that some bills are gone, unfortunatly the downturn in the housing market coupled with 3 hurricanes affected me over the last 2 years pretty bad. I am now 50K more in debt than I care to be but I am working on getting that gone again.

All that said I placed a vote in the top 3 choices.

My goals for the next 5-10 years os to get out of debt again and really sock away some money in my IRA.

You know...a million bucks just doesn't go as far as it used to. :rolleyes:

i just blew $200+ on some P factory tranny coating. I needed less than a qt but i had to buy 5gal. No responsibilities is the key to wealth.

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. If you've got a million bucks and you spend $60k a year, you're set for life.

Wealth is all relative. What seems extravagent to one person is just getting by to another.

If my ex-wife had her way mine would be about 25 cents.

Wow 19 millionaires here.
Impressive.

Not when you factor in the number of CA members who bought their houses more than 8-10 years ago. Whoopee--instant millionaires. :D

Can I answer after our fall orders come in? could be :D or :(

Money, Money, Money is that all you ever think about? Well YEAH! You know the best things in life are free, but you can give em to the birds an bees. Its money that I want. I need money.

Since Mother takes care of all my finances I don't even have a clue as to what I'm worth? All I do is get a check once a month for whatever my Bills are. All I know is that in the past 3 weeks I ESTIMATE a 38.46% return on money invested in those auction finds.

If you can't eat it....
or sleep with it,
what good is it really?

i juSt KnoW thaat eye am reeealy sPecial!!!


(having reduced all liabilities to food, taxes, medical care, and girlfriend).

So very, very true....

my net worth is dependent on how much gas is in my pickup truck

If you've got a full tank, you're loaded :)

$6.52....
http://forums.pelicanparts.com/uploa...1175186056.jpg

I have four dollars in my pocket.

The highest percentage is 1M+. Hmmm Porsche = money???

But that's a fine safety net you've got... better than Social Security :)

One of the falalcies about looking at traditional net worth is that many people's largest "asset" is the equity in their home. Problem is that its not a liquid asset...except maybe to your heirs. Thus a high net worth may make you feel good and fuzzy but it is a largely inaccurate picture of your financial health if you have no liquidity. A better measure might be a question of "How long can I enjoy my desired lifestyle if I weren't working?"

I can't remeber which financial guru came up with it, but he assessed persoanal financial health by defining assets as those things that put money in your pocket vs liabilities as those things that take money out of your pocket. Thus, a home is not an asset per se since it takes money out of your pocket thru mortgage, taxes, insurance, etc.

Viewed from that angle, a more realistic picture emerges.

Good points all..Bob Brinker (Money talk, www.bobbrinker.com )
calls the ability to live the desired lifestyle without working "critical mass". I call it having "screw you" money. Money that allows you to say "screw you" to anyone you wish. Without working, of course. Some with "critical mass" enjoy working. Some don't.

Some people with lots of toys, a McMansion, etc. are running like crazy, just trying to keep up with the payments. Others living in a modest home in a quiet neighborhood could write checks for the toys and the McMansion if they wanted these things, but other aspects of life are more important to them. Having money gives one more choices. Some choose wisely, some don't.

Paul, I immediately thought of your "screw you money" analagy from some time back :). I wonder how many folks with a large net worth are leveraged to the max, and couldn't get off the "merry-go-round" even if they wanted to?

Sounds like someone is jealous of the McMansion type of lifstyle.

Personaly I like Hedonism.

Nope...I have a buddy who went that route. Built a dream home in a gated community near Lake Tahoe...6,000 square feet, guest cottage, etc. During the winter, his monthly heating bill was nearly $2,000. Once retirement loomed, and after a lengthy conversation with Cindy & I, he wised up. He sold that puppy, used the gains to buy a smaller 1,700 sq. ft. house in a retirement community. After all, he and his wife didn't need 6,000 square feet to rattle around in. So, he now plays with his two airplanes, his boat, etc. Right now I'm getting weekly email updates from the world cruise they are on. He and his wife are much happier with a smaller place to live. Cindy & I are quite happy in our 2400 sq. foot ranch house, thank you...a bigger house would just mean more to vacuum, dust, and clean. I've thought of adding a game room with a 9' Brunswick, but I just don't like it when the contractors & workers are running around. Cindy wants to redo the kitchen...I told her fine, but she'd better add my stay in Reno to the budget because I'd be pulling out the day the project started, she could call me when it's over.

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... ;)

Interesting distribution. I have to believe that the posters here are doing better than the general pop in this regard. We are also a little older in general so we've had a little more time to stuff the sock drawer.

The net worth is representative of the age of people, simply. The older you get, the more wealth you amass. No wonder it looks like a reverse pyramid on the PP board. Porsches appeal most to the 50+ age category. Pehraps a more meaningful measure of wealth would be the net worth over age ratio.

Aurel

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.

Or, as someone suggested, the amount of "wealth" that could be turned into cash within, say, a one month period (liquidity factor).

Wealth is relative (ask tabs).

Seriously, wealth is far more thanphysical assets which can be made worthless in an instant. I would posit that true wealth would include, somehow, a measure of the satisfaction one has with his or her lifestyle, including health.

+1. there are other variable that contribute to happiness.
However, money is a large component.

it is surprising to see that the majority here have a net worth over 1 million. probably due to age, as someone else suggested, and given this is a P- board, it's almost predictable?

With regards to liquid assets, anyone who has achieved a net worth over 1 million is probably smart enough to have some of that as cash or liquid assets - wich can be used on fun things like cars, boats, vacations, toys, etc..
I agree that net worth and lifestyle are very related. how often have we heard , "if you make more, you spend more" .