How Old are You and What is Your Net Worth?

[cschin4]

It seems you never really know if you are saving enough or not. So, I will start. I am early 40's. I have about $400K in retirement, stocks, and cash. That includes all my cash and EF. Any funds that I can sell for cash. I also own 2 homes with paid off mortgages. One home is valued at about $230K and the other $160K. I also own 2 cars. One is paid off the other will be in 2 yrs. So, I am not including other assets such as furniture, jewelry, etc as that cannot be so easily quantified. So, how am I doing and how are you doing?

[FoolFromAZ]

WOW. thats amazing. I wish I had atleast 25% of what you have. I am in my earlier 30's. mine is currently negative. I have $335K debt (mortgage, car, cc debt). I have 15k in Retirement and Savings. current value of my house is 175K (max) and 20K for my odyssey. So net worth is -$355 + 175K + 20K +15K = -145K.

If you could tell me more about how much you make and how did you get to this position, that would help me and others.

[ScrimpAndSave]

I'm 27 and have around $30,000 in savings, an annuity, my ROTH and my pension...something like that.

I have no house debt or car debt.

Guess that is pretty sad. Oh well.

[MaxPowers]

I am 23, have 1 car paid off (2006 Mazda 3). I have $5500 in my IRA (stock market sucks) and $22k in high yield checking account. (6%) Not to much but I am coming along. Any advice for someone of my age?

[MonkeyMama]

Sounds like you are doing well!

I am 30 and our net worth is around $250k. (Of course it was over $500k for a time - housing market has been a little volatile). That is investments, house and cars. (Only debt is mortgage).

I track my net worth on a regular basis but don't include any assets smaller than the cars. Everything else is just too piddly to keep track of, for me.

[MonkeyMama]

Originally Posted by MaxPowers

I am 23, have 1 car paid off (2006 Mazda 3). I have $5500 in my IRA (stock market sucks) and $22k in high yield checking account. (6%) Not to much but I am coming along. Any advice for someone of my age?

Save while you are young and don't have a lot of responsibilities.

Most of our net worth comes from the savings we did before we were 25. We have really not saved a lot these last few years because we cut our income in half and doubled the size of our family. Early planning made all the difference for us.

Also, save up the cash before you buy things. We just have never done the debt game. Exception being the mortgage since rents are so expensive where we live and the mortgage is an okay deal in comparison.

Sounds like you are doing well enough! Don't buy a house you can't afford and stay the course, and you will do well.

[kork13]

I'm 22yo, with my car nearly paid off, about $3500 in savings (so far), $21k between regular and retirement investments. Adding in a large personal loan, my best guess for a total net worth would be around $10k.

Over the next 5 years or so, that should be going up exponentially--by 2013 I expect to be closer to $100k, because I will have paid off all my debt and I am consistently saving/investing about $1000/mo. What I'm very happy about is that this plan is reasonable (if not conservative) based on my income and savings--not just pipe dreams. So I'm lucky to be looking good.

[tripods68]

Just to be clear what is being asked:

Networth is calculated: ASSET - LIABILITIES = NETWORTH

Assets includes: mortgage, retirement, taxable accounts, jewelries, life insurance, pension, annuities, real investments, cars, artworks etc.

Liabilities includes: mortgage, 2nd, car note, student loans, credit cards, personal loans etc.


($1.604 Million (Pension) + $335,629.00) - $318,240.93 = $1,621,388.07


Life Insurance value worth $750K and DW's pension worth excluded.


Our networth would be significantly lower if we sell our house at today's value and without Pension. However, we plan in keeping our home and work until retirement with full enjoyment of my pension.

[rennigade]

Why do threads like this need to be started? Is it for people to brag about what they own? I dont get it?

[cschin4]

tripods - I think it is much easier to compare if we don't include all the assets such as jewelry, etc. I really think it is easy to over estimate the value of ones assets such as that. I am asking in terms of cold hard cash in the forms of mutual funds, stocks and house mortgage, etc.
For those who have highly valued art collections, etc. that is not who I am asking. I could auction off the entire contents of my home including furniture, jewelry, etc and it really would only be pennies on the dollars I spent for that stuff. So, when I see "net worth" I think we often see this type of inflated value.
Anyway, I hope you know what I mean. I am not operating under a strict definition but just trying to look more at the middle class and what we really have.

[MonkeyMama]

I think it is interesting to see where people are at. The "average" person my age has a negative net worth or something. I enjoy seeing people with the large net worth and hearing how they got there. Something to strive for and to learn from.

[cschin4]

No. If you think that is "bragging" then no need to respond. I thought this would be an appropriate place to ask this type of question. Sorry, but I don't discuss this in specific terms with friends and family so I am genuinely curious as to whether I am behind the 8 ball or not.
As for me, my first job out of college I was making $9 an hour and managed to save $3k after 2 yrs of work. I was living with a roommate who was/is an extremely frugal person. One day she had opened her mail and left it laying on the table. I swear! Anyway, in her bank account she had $35 K. I was absolutely stunned. At that point, I realized that I was frittering away too much money. And, I started to invest in the stock market. Not big amounts but starting mutual funds for $1000, that type of thing. Then, I went back to college and advanced my degree. Got married, lived in a rented apt for years and in my early 30's bought our first house at 1X our income. Then, I continued investing in market. I did a lot of reading on finances like these boards. Then, one day my older sister (11+ yrs older) mentioned that she paid off her house. I didn't understand that as I was told it was "stupid" to pay off your house. So, I kind of scoffed at her initially. Then when we decided to have kids, I could see the wisdom of that so I threw any and all extra money at the mortgage. Then, along came a small opportunity to start a small business and I took a risk. I left my job and then worked without earning a dime for 6 months. During that time I worked weekends, etc and only earned about $15K that year.
Over time, things went well. We then upsized our house, sold the old one and over a couple of years paid off the new mortgage. I now own 2 homes because as I posted before, I bought the old home back because I missed the neighborhood and since have done a complete remodel on it as we are planning to move back into it. That is where we are now.
Anyway, that is my story. You may choose to call it bragging or whatever you want. I have no wish to get into an argument with anybody. I am simply interested in hearing what direction to go next. I have 3 school age kids and college is looming down the road so it is a bit scary.

[FoolFromAZ]

Originally Posted by MonkeyMama

I think it is interesting to see where people are at. The "average" person my age has a negative net worth or something. I enjoy seeing people with the large net worth and hearing how they got there. Something to strive for and to learn from.

exactly my point. thats why I would like to know how they got there. that may help me or others to learn from them.

[red92s]

25 years old

Liabilities: $0
Assets:
- Savings: $9000
- Car (paid): $6000
- IRA: $1200
- 401(K): $12000
- Money Market: $4000
- HSA: $1500


So, I guess just about north of $30k.

[tripods68]

cschin4,

It's important to define Assets since not everyone have the same view of the inclusion of assets. But I know what you mean.

[cschin4]

red - That is much more than I had at 25. Good job!

[cschin4]

It's important to define Assets since not everyone have the same view of the inclusion of assets. But I know what you mean.

Yes, good point. But, I just find it easier not include all that stuff. I have nothing of any real value in my home. Mostly stuff that is tomorrow's yard sale!

[Caoineag]

My networth will be $0 sometime in February or March and I am 27. At the current moment its -$7k. Obviously I have cash and retirement funds but I have also been paying debt off including a student loan, hence my goal is positive networth at the moment. I am pretty sure though that if you give us a couple of years we will be doing a lot better. We had quite a bit to pay off. At one point a couple of years ago, we were a -$60k.

[tripods68]

Originally Posted by rennigade

Why do threads like this need to be started? Is it for people to brag about what they own? I dont get it?

This thread is about what information you want to share. We all contribute something to this board that allows ideas to flow good or bad sometimes with dear passions.

[tripods68]

Originally Posted by cschin4

Yes, good point. But, I just find it easier not include all that stuff. I have nothing of any real value in my home. Mostly stuff that is tomorrow's yard sale!

Bingo! Garbage to others treasure to some: