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View Poll Results: What's your new net worth?
< 0 2 0.74%
< 100K 1 0.37%
< 250K 9 3.31%
< 500K 25 9.19%
< 750K 28 10.29%
< 1 Million 33 12.13%
< 1.5M 58 21.32%
< 2M 34 12.50%
< 2.5M 30 11.03%
< 3M 16 5.88%
< 4M 15 5.51%
< 5M 12 4.41%
< 10M 6 2.21%
>= 10M 3 1.10%
Voters: 272. You may not vote on this poll

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Re: Net Worth 2007
Old 01-02-2007, 05:20 PM   #21
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Re: Net Worth 2007

Quote:
Originally Posted by Jay_Gatsby
Who's the wise guy/gal with more than $10 MM?
Or girl, you sexist pig .
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Re: Net Worth 2007
Old 01-02-2007, 05:46 PM   #22
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Re: Net Worth 2007

Do I divide by two since I live in a community property state ? But seriously, comparing a single member household to a multi-member household is not kosher.
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Re: Net Worth 2007
Old 01-02-2007, 06:06 PM   #23
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Re: Net Worth 2007

Quote:
Originally Posted by bbuzzard
Do I divide by two since I live in a community property state ? But seriously, comparing a single member household to a multi-member household is not kosher.
I think it is fine. We don't split down to whether people have kids at home or not. Or what states they live in re property values.
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Re: Net Worth 2007
Old 01-02-2007, 07:43 PM   #24
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Re: Net Worth 2007

Look at all the high net worth people. Tell us your story & share some tips.
And for the guy less than zero, I want to hear your story too.
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Re: Net Worth 2007
Old 01-02-2007, 07:58 PM   #25
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Re: Net Worth 2007

Quote:
Originally Posted by dmpi
And for the guy less than zero, I want to hear your story too.
I'm not that guy, but that's an easy story to tell. When I graduated from graduate school, I had a lot of student loan debt and no assets to speak of. So, my net worth at the time was very negative. It's not negative anymore, but the point is, for young people with student loans (not to mention credit cards or other debt), it's very easy to have a negative net worth.
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Re: Net Worth 2007
Old 01-02-2007, 08:42 PM   #26
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Re: Net Worth 2007

Single...no kids...miniscule debt will be paid off in a couple of months....current net worth just shy of $1M.....will be 50 yo & FIREing in April!!! I'm just a happy Goon!
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Re: Net Worth 2007
Old 01-02-2007, 08:51 PM   #27
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Re: Net Worth 2007

I think the first thing you will find is that one's net worth will obviously be somewhat tied to their household income. I think the key is how well are you doing with what you do have. No - I am not the $10M guy...or even the $5M...wish I were, though.

I started with a weekly budget many, many years ago and yes, I budgeted for everything. When it cost $100 to register my car, I budgeted $2/week. On week 25 of the year, I knew that $50 in my checkbook was untouchable as it was my car registration. I always thought it was funny when my friend would say "I have to use this week's paycheck to pay my car insurance." I used every paycheck to pay my car insurance! I simply took my car insurance bill and divided it by 52. That's how much went into the bank each week that I couldn't touch until my bill came due. Repeat for all expenses, so you know how much of your paycheck goes into your "bill-paying checking account". I took a portion of any excess and started an Automatic Savings with my first mutual fund. (Oh, and if you divide all your monthly bills by 4, you have "built in saving", as you will get 1 extra payment for each of those bills a year. I knew when those "extra payments" were available and took that money and put it aside for Xmas presents. I never worried about having enough for Xmas, but I also had to stay within that budget.)

Anyway, at the end of every year, I would review what we spent and adjust my budget accordingly for inflation or new expenses. That way, when we got our raises, I knew exactly how much I could increase my retirement savings by. I would then either increase a particular investment or diversify into a new one. We haven't changed our standard of living much in 20 years, except we have started to take nicer vacations, now that the kids are too old to bring along. But even still, we aren't spending more on vacation, we are just bringing fewer people.

In summary:
1) max out everything you can in a pre-tax 401(k)s at work. My company matches between $.60 and $1.00 on the $1.00 for the first 7% of your salary. I am amazed at the people not even participating!!!

2) Create and live within your budget. Be sure additional savings are in that budget. If there isn't, are you really sure you need everything else in that budget?? I am amazed what some people pay for cable and phone bills.....

3) Review that budget every year and adjust for inflation or new expenses

4) Don't take all of your raise and spend it - unless it is for something significant like a new house. Give as much of it to your retirement funds as you can.

5) Be sure you need something before you buy it. Do you really need a bigger house, newer car, latest and newest electronic device, $1000 in shoes and $3000 in clothes, etc, etc. If you do, go for it. But be sure you do.

6) Don't save so much that you are miserable (you have to treat yourself every now and then), but don't get everything you want. You don't need it. Trust me. I'm 49 and just bought my first car (used, no less) with power windows and locks. Just couldn't ever see paying extra for it.

7) Realize that one day everyone who used to call you "cheap" will start calling you "frugal" and then eventually "wise".


I think that is about it!

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Re: Net Worth 2007
Old 01-02-2007, 08:54 PM   #28
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Re: Net Worth 2007

Quote:
Originally Posted by crazy connie
Intresting question comes to mind for us singles. Do couples half the figure I feel really good about where I am but I think in this type of poll singles are comparing a single apple to a bowl Dual income teams have a distinct advantage in both the FIRE & Networth equations. Just food for thought and not too sour of grapes!
Quote:
Originally Posted by Goonie
Single...no kids...miniscule debt will be paid off in a couple of months....current net worth just shy of $1M.....will be 50 yo & FIREing in April!!! I'm just a happy Goon!
Connie, meet Goonie.

Problem solved.
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Re: Net Worth 2007
Old 01-02-2007, 09:27 PM   #29
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Re: Net Worth 2007

Quote:
Originally Posted by wab
Connie, meet Goonie.

Problem solved.
Still a slight problem...I'm still a devout member of the Little Rascals' "He Man Woman Haters Club"
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Re: Net Worth 2007
Old 01-02-2007, 09:33 PM   #30
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Re: Net Worth 2007

Quote:
Originally Posted by Goonie
I'm still a devout member of the Little Rascals' "He Man Woman Haters Club"
Is there a Darla in the house?
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Re: Net Worth 2007
Old 01-02-2007, 11:01 PM   #31
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Re: Net Worth 2007

Quote:
Originally Posted by Goonie
Still a slight problem...I'm still a devout member of the Little Rascals' "He Man Woman Haters Club"
Rats!!! Foiled again!
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Re: Net Worth 2007
Old 01-02-2007, 11:25 PM   #32
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Re: Net Worth 2007

Quote:
Originally Posted by dmpi
Tell us your story & share some tips.
Buy some investment property at the beginning of a real estate boom
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Re: Net Worth 2007
Old 01-03-2007, 07:42 PM   #33
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Re: Net Worth 2007

Start a high paying career with no debt. Work hard so you don't have time to spend what you earn. Start saving ASAP and pay yourself first. Don't be house poor. Buy quality goods that last, e.g. Japanese car.

Select your parents carefully. If not independently wealthy, they should be (a) frugal; (b) willing to pay for your education and (c) get along with you sufficiently to leave you something in their will.

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Re: Net Worth 2007
Old 01-03-2007, 09:28 PM   #34
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Re: Net Worth 2007

Here's my story.
Worked summers to pay for school. After graduating got good job & lived with parents for 5+ years.
After getting kicked out by parents, bought house with 30% down. Met wife at work. Year & half later got married, pooled money and paid off house. LBYM + 2 good incomes + no debt for 15+ years.

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Re: Net Worth 2007
Old 01-03-2007, 09:52 PM   #35
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Re: Net Worth 2007

I find it very interesting that one third of the people responding to this poll have a net worth of less than 1 million.

It is interesting because a good number are reporting combined net incomes for two, and, it includes home equity, and it includes the present value of pensions. Since I assume home equity is a good chunk for many, that tells me that a fair number of people are retired and living off a nest egg of substantially less than 1 million. Very interesting. And more than half have a net worth of less than 1.5 million.

Don't get me wrong, these are big numbers, and anything close to a million is a lot of money, but I am a bit suprised at the relatively low amount compared to what I expected, especially since this board includes many older (relative to the average age of mid 30's) retired people who presumably feel comfortable enough with their finances to forego earned income, and who are some of the most financially savvy and independent people around. It makes me re-evaluate how much I would really need to live on in retirement.
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Re: Net Worth 2007
Old 01-03-2007, 10:01 PM   #36
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Re: Net Worth 2007

Quote:
Originally Posted by JustCurious
It makes me re-evaluate how much I would really need to live on in retirement.
ER's just not as expensive as people think.

Working can be far more costly...
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Re: Net Worth 2007
Old 01-03-2007, 10:16 PM   #37
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Re: Net Worth 2007

Quote:
Originally Posted by JustCurious
I find it very interesting that one third of the people responding to this poll have a net worth of less than 1 million.
Uh, many of the folks on the board are still working. I assume some of them responded.

In other news, we moved up a notch, but it looks like everyone else moved up 2 notches. Congrats to all.
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Re: Net Worth 2007
Old 01-03-2007, 10:32 PM   #38
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Re: Net Worth 2007

Quote:
Originally Posted by LOL!
In other news, we moved up a notch, but it looks like everyone else moved up 2 notches. Congrats to all.
It's not easy to see how many notches people moved up since net worth wasn't calculated consistently in the last poll, but we do have some heavy hitters these days, eh?

I moved up a notch due mostly to real estate gains (including tax-free realized gains -- woohoo!). That's going to be harder for me to replicate next year. I might actually have to increase my stock allocation to keep up with you guys (or go down in flames with you, as the case may be).
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Re: Net Worth 2007
Old 01-04-2007, 06:25 AM   #39
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Re: Net Worth 2007

Quote:
Originally Posted by JustCurious
I find it very interesting that one third of the people responding to this poll have a net worth of less than 1 million.
I think this is because many on this forum are in their 20's and 30's and have not had the full benefits of compounding. They are well on their way, but not there yet. Easier to amass the second million than the first.
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Re: Net Worth 2007
Old 01-04-2007, 07:59 AM   #40
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Re: Net Worth 2007

At the risk of repeating myself .... was upside-down on 4 mortgages during the early 90's. Soooo I dug-in deeper buying another dozen properties at auction/REO (~1993-95). Fast-forward 10 years, fire at 43.

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