Net Worth 2007

[wabmester]

As a follow-up to pollmeister DT's 2005 poll, I'm curious to see how things have changed.

Here are the rules of the game:

1) Calculate assets - liabilites + (25 * COLA'd annual pension) + (15 * non-COLA'd annual pension)
2) Choose the number above closest to your net worth without going over
3) Optionally post a message with your gripe about the poll, crowing about your gains, etc.

 

[jdw_fire]

1) Calculate assets - liabilites + (25 * COLA'd annual pension) + (15 * non-COLA'd annual pension)

Do we do the pension calculation only on pensions we are currently receiving or on anticipated pensions (eg. SS) also?

 

[Rich_by_the_Bay]

Assets with or without home equity?

 

[wabmester]

A home is an asset (and home equity is whatever's left after subtracting your mortgage liabilities).

Those pension value multipliers are suggestions assuming 30+ year payouts. If you want to refine those numbers, you might want to use Vanguard's annuity estimater to get a value specific to your pension terms.

 

[jdw_fire]

A home is an asset (and home equity is whatever's left after subtracting your mortgage liabilities).

Those pension value multipliers are suggestions assuming 30+ year payouts. If you want to refine those numbers, you might want to use Vanguard's annuity estimater to get a value specific to your pension terms.

Maybe I wasn't clear with my question. I'm not questioning your formula. I am questioning whether you want, for example, a 55 yo person performing the calculation on his future (expected) SS?

 

[wabmester]

Maybe I wasn't clear with my question. I'm not questioning your formula. I am questioning whether you want, for example, a 55 yo person performing the calculation on his future (expected) SS?

I was trying to be evasive.

Personally, I don't include social security in my net worth calculation, and I assume most people don't either. So, as long as I'm making up the rules:

4) Don't include social security

(Which opens a can of worms concerning the government pensions of those who didn't contribute to social security, but as long as nobody asks....)

 

[Jay_Gatsby]

Who's the wise guy/gal with more than $10 MM?

 

[jeff2006]

Who's the wise guy/gal with more than $10 MM?

Tom Buchanan?

 

[Dawg52]

Who's the wise guy/gal with more than $10 MM?

Awww shucks, your embarrassing me again.

 

[lazygood4nothinbum]

i'll let ya know after (if) the house sells

ps, who's the guy over $10mm. are you cute, single and at least bisexual?

 

[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!

 

[donheff]

Who's the wise guy/gal with more than $10 MM?

Bill Gates is a lurker.

 

[HFWR]

$10M is pocket change for ol' billy boy... :

 

[kcowan]

Looks like the median is around $1.4 million 49 below, 50 above of 99 posters.

I wonder what the ER subset of this crowd would be? Those actually living on this sum after FIRE? Like us.

 

[Nords]

are you cute, single and at least bisexual?

Three beers, right?

Looks like the median is around $1.4 million 49 below, 50 above of 99 posters.

Lemme try to lower that a bit...

I wonder what the ER subset of this crowd would be? Those actually living on this sum after FIRE? Like us.

For questions like that you have to start another poll!

 

[dm]

The wifes 25*pension really ups ours quite a bit. Ive been using her lump sum payout in my spreadsheet and there is a huge difference. Over 1 million

 

[mountaintosea]

Messed up your poll by one person. I wonder how many others did this? I answered it before reading the rules. Didn't include the house nor the pension.

 

[lazygood4nothinbum]

hey, if you're counting pensions, can we count (on) social security as part of our net worth? not that this pushes me into any higher bracket.

 

[Khan]

Messed up your poll by one person. I wonder how many others did this? I answered it before reading the rules. Didn't include the house nor the pension.

Same here.

Can the poll be changed to allow a vote change?

 

[Meadbh]

I last did the NW calculation (according to GAAP) March 31, 2006. Quick calculation now indicates a 9 month increase of approximately four times what I spent in 2006. Time to stop obsessing and get on with life!

 

[bbuzzard]

Who's the wise guy/gal with more than $10 MM?

Or girl, you sexist pig .

 

[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.

 

[Martha]

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.

 

[dmpi]

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.

 

[JustCurious]

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.