Useful Links

Mo Money · 08-10-2014, 06:52 AM

Current or former users of Net Worth IQ ("NWIQ") may be interested in knowing about another site I just stumbled across on a PF blog: networthshare.com

Seems to have a few more features than NWIQ, and wow: it's supported, even!

I'd be interested to see if other E-R.org members are using it, or think they'll find it to be useful. Given NWIQ's steady decline (in my opinion), it's nice to know that someone is aiming to fill the void.

6miths · 08-10-2014, 07:48 AM

I still log onto NetWorth IQ now and then. It's support has always been tenuous in the time that I have used it and it's question section is constantly full of spam. I have looked at networthshare a few times and signed up for the beta version a couple of years ago (I would guess) but have never had the energy to transfer all the data over. I just use an Excel spreadsheet most of the time. Be interested to know what users think of the newer site.

photoguy · 08-10-2014, 07:49 AM

I also just use a spreadsheet.

Are there any features of these sites that you find particularly useful? (that are difficult to do in a sheet).

Mo Money · 08-10-2014, 07:51 AM

I just checked. If you give the current networthshare moderator your user name from NWIQ (not your password), they have a way of importing your old public entries. They do it for you. It looks like several NWIQ users have done just that. The networthshare forum title on that topic is: "Any way to import old entries?"

Mo Money · 08-10-2014, 07:53 AM

Quote:

Originally Posted by photoguy

I also just use a spreadsheet.

Are there any features of these sites that you find particularly useful? (that are difficult to do in a sheet).

It's a useful way to track and compare your net worth to others. My only current quibble is that they seem to offer "average" net worth data, but not median. The former is not so valuable to me, but the latter is. Plus, it's yet another forum in which to be an e-vagrant.

Willers · 08-10-2014, 07:55 AM

I ran across it a while back and it was interesting to look at some of the examples. I was actually surprised at the range of values. I would have expected more bias toward large NW's given their interest in posting on that site. Maybe some are using it for motivation.

I never considered using it because our situation is unique so comparisons really don't mean much to me. My NW is tracked automatically in quicken and that's all I really need.

6miths · 08-10-2014, 08:12 AM

There was quite a wide range of users on Networth IQ and the variation in NW was quite impressive with many in the red and only a couple that were particularly high - there is also an option to make one's profile 'private' and then no one sees it. Much more representative of the general public than looking at something like the Bogleheads net worth survey.

Mo Money · 08-10-2014, 08:18 AM

Quote:

Originally Posted by 6miths

There was quite a wide range of users on Networth IQ and the variation in NW was quite impressive with many in the red and only a couple that were particularly high - there is also an option to make one's profile 'private' and then no one sees it. Much more representative of the general public than looking at something like the Bogleheads net worth survey.

+1 Exactly. And this newer site has a "private" option also.

samclem · 08-10-2014, 09:15 AM

Quote:

Originally Posted by 6miths

Much more representative of the general public than looking at something like the Bogleheads net worth survey.

The Federal Reserve does an extensive survey every three years that includes information on US family net worth. The 2010 summary results are here (the PDF format "SCF Chartbook" report will be the easiest for most people to use). That will probably be a lot more representative than self-entered data from a group of self-selected individuals visiting a "let's track our net worth" web site. Plus, the data is broken into various demographic groups (age, education, income, etc) which may be more useful or interesting to some people.

I never much cared how our net worth stacked up against others, I just wanted to know if it was going in generally the right direction and if I'd be able to jump off the w*rk hamster wheel at some point.

6miths · 08-10-2014, 09:22 AM

Quote:

Originally Posted by samclem

The Federal Reserve does an extensive survey every three years that includes information on US family net worth. The 2010 results are here. That will probably be a lot more representative than self-entered data from a group of self-selected individuals visiting a "let's track our net worth" web site. Plus, the data is broken into various demographic groups (age, education, income, etc) which may be more useful or interesting to some people.

I never much cared how our net worth stacked up against others, I just wanted to know if it was going in generally the right direction and if I'd be able to jump off the w*rk hamster wheel at some point.

Points taken. Some of the information available on sites like NetWorthIQ and the ability to manipulate them make them fun to look at. Agree that (hopefully) government collected data is the gold standard (as far as what is available to the general public).

growing_older · 08-10-2014, 10:16 AM

networthiq still appears to be active and contains more member data than networthshare. What is the advantage of the new site?

If you are interested in this kind of thing, the bogleheads do an annual survey - and there are some high networths over there.

Mo Money · 08-10-2014, 11:00 AM

Quote:

Originally Posted by growing_older

networthiq still appears to be active and contains more member data than networthshare. What is the advantage of the new site?

If you are interested in this kind of thing, the bogleheads do an annual survey - and there are some high networths over there.

The Bogleheads net worth study is a good tool indeed, and so is the federal data cited above. What's good about networthshare is that it's a forum to discuss net worth and PF issues, and it often encourages you to mind that bottom-line number. Assessing net worth is not the be-all-and-end-all, but it's a useful tool. Networthshare.com is simply a web site that focuses on that legitimate bottom-line metric.

As to how networthshare is better than networthiq: it's supported and not clunky. The data on NWIQ is getting stale very quickly -- to the degree the site even operates well (it depends on the day).... While NWIQ has more participants, its clunkiness, and rep as being an unsupported has-been site, causes me to suspect that many will migrate to a newer site where the site owners actually care what's happening, and actually support the site. Hope that helps.

**sengsational** · 08-10-2014, 01:02 PM

I'm not sure why anyone would use a site like networkshare.com.

It offers nothing to the user and has FaceBook Connect and Google Plus trackers on the page.

Mo Money · 08-10-2014, 02:46 PM

Quote:

Originally Posted by sengsational

I'm not sure why anyone would use a site like networkshare.com.

It offers nothing to the user and has FaceBook Connect and Google Plus trackers on the page.

Well, with all due respect, I suggest you read my prior posts. When NWIQ was at its height (before it became unsupported) it had at least a thousand users, probably more. My prior listed reasons in posts above explain why it would be used, and there are at least a thousand people who disagree with you...

I am at a loss to know why a FB or Google link matters -- the purpose of the site is to have your summary NW data be public -- if you desire it to be public. The links merely make it usable via FB or Google. No changin' that trend.

REWahoo · 08-10-2014, 02:58 PM

Quote:

Originally Posted by Mo Money

I'd be interested to see if other E-R.org members are using it, or think they'll find it to be useful.

To specifically answer your questions: Not me, and no, I see absolutely no more use in a site like that than a "How big is your schwantz" website...

Mo Money · 08-10-2014, 03:02 PM

Well, whether it's schwantzes or NW, some people like to measure it. And share the measurements. I'll happily do so. You can refrain - your prerogative, REWahoo.

REWahoo · 08-10-2014, 03:07 PM

Haven't you suffered enough embarrassment already?

Mo Money · 08-10-2014, 03:09 PM

SumDay · 08-10-2014, 03:11 PM

I don't happen to have a schwantz, but I do like to compare my net worth to others of my age, or in my state, whatever. It's anonymous, it's just statistics, and it makes me feel good to know we're in pretty good shape, relatively speaking.