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View Poll Results: Estimate Your Current Net Worth - 2006 Update
Negative 0 0%
0 - 25,000 2 1.39%
25,000 - 50,000 2 1.39%
50,000 - 100,000 3 2.08%
100,000 - 200,000 2 1.39%
200,000 - 300,000 6 4.17%
300,000 - 400,000 3 2.08%
400,000 - 500,000 5 3.47%
500,000 - 600,000 7 4.86%
600,000 - 700,000 9 6.25%
700,000 - 800,000 10 6.94%
800,000 - 900,000 7 4.86%
900,000 - 1,000,000 9 6.25%
1,000,000 - 1,250,000 11 7.64%
1,250,000 - 1,500,000 11 7.64%
1,500,000 - 1,750,000 14 9.72%
1,750,000 - 2,000,000 7 4.86%
2,000,000 - 2,250,000 4 2.78%
2,250,000 - 2,500,000 11 7.64%
2,500,000 - 2,750,000 4 2.78%
2,750,000 - 3,000,000 4 2.78%
3,000,000 - 3,250,000 3 2.08%
3,250,000 - 3,500,000 1 0.69%
3,500,000 - 3,750,000 1 0.69%
3,750,000 - 4,000,000 0 0%
4,000,000 - 4,250,000 1 0.69%
4,250,000 - 4,500,000 1 0.69%
4,500,000 - 4,750,000 2 1.39%
4,750,000 - 5,000,000 1 0.69%
5,000,000 - 6,000,000 1 0.69%
6,000,000 - 7,000,000 1 0.69%
7,000,000 - 8,000,000 0 0%
8,000,000 - 9,000,000 1 0.69%
9,000,000 - 10,000,000 0 0%
10,000,000 - 15,000,000 0 0%
Voters: 144. You may not vote on this poll

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Re: New Improved 2006 ER Forum Current Net Worth Survey
Old 03-21-2006, 01:26 PM   #21
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Re: New Improved 2006 ER Forum Current Net Worth Survey

Originally Posted by ESRBob
I'm having this conversation with my 14 year old -- he has realized that the perfect way to get at Dad's buttons is to buy new consumer electronic gadgets with shocking frequency and little real research.* ERs with teenagers on the way, beware this could be your own private hell brewing!
Ah yes, we've gone through this with the music player.

Which is kinda ironic considering that our kid can't stand classic rock the kind of crap she listens to. She knows from TV commercials that if she buys her iPod and uses iTunes that she'll look like MasterBlaster's avatar. (Not, of course, that I'm implying she won't look like that anyway when she turns 18.) So she was willing to cash in all her birthday, holiday, & job money to "do it right".

We kept up the "I don't know, I'm kind of worried that iPods have problems" or "Have you figured out how to use iTunes yet?" or "What does the CNET review say?" and dragged her through consumer hell by her earlobes. (OTOH she used iTunes to cut a few new "Best Of" CDs for her mother, so she's learning something from the experience.) She started browsing music/video websites (avenged herself by sending me to spyware hell) and got enough of a fix to put the project on hold for a while. Besides she didn't want to walk the three miles to Wal-Mart and at the time she didn't have a credit card for Internet purchases.

A month later she got the screaming green gimmes, figured out the different types of players available, and bought herself a $30 personal CD player on sale on Wal-Mart. We figured she'd paid her dues so we just hung back and tried to keep our mouths shut.

Three months later, just out of warranty, the CD player's cover snapped off after another tough day in the school backpack. The consumer outrage was of Titanic proportions.

Last month at a garage sale she found a replacement personal CD player/radio receiver for $3. It easily retailed for $100 and it does everything she wants. Now we don't fight over the car radio, she can listen to all the crap fine Jawaiian & hiphop that she wants, and I can keep cleaning the car speakers with Van Halen.

She's really stressing herself over rising gas prices. I think she's afraid that gas will cross $3/gallon soon (she's right) and price her right out of her driver's license by the time she's 16 (almost three years to go). Last week she said that instead of inheriting our 1994 Ford Taurus wagon for her 16th birthday or buying a used car with her $5000 "Kid's 401(k)", she'd rather contribute her $5000 toward the family purchase of a Toyota Prius. We can use it when she's not, Dad can tinker with the aftermarket booster battery pack (charged, of course, from a photovoltaic array), and she proposes to sell her share back to us when she finishes college. I was so proud I almost burst into tears.

Yesterday she had a serious talk with me about rolling her "Bank of Kid" CDs over from the current six-month system to a five-year ladder to coincide with high-school graduation. During this three-week school break she decided she wanted to earn $100 at various jobs and she's already over halfway there.

I think she gets it. This week.

I think all kids have to work through that phase of life one way or the other (although some never get all the way through it before flying the nest). I think the best we can do is to keep matching the kid's salary to ensure the Roth IRA is maxed out and just hope that they grow out of it.

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on "The Military Guide to Financial Independence and Retirement."

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Re: 2006 ER Forum Current Net Worth Survey
Old 03-21-2006, 02:54 PM   #22
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Re: 2006 ER Forum Current Net Worth Survey

free4now said on whatcha worth thread-- Some people's nest egg provides for just themselves, while other people's nest egg provides for their partners too. I think this muddies things up a bit... one person living off 2 million dollars is in a different financial strata from 2 people living off 2 million.

Maybe the next survey should have "divide by number of adults supported"? Since two people can usually live cheaper than twice one person, maybe we'd need some scaling factor, like for two people divide by 1.6 (just a number I pulled out of my hat).

Jeez you are so demanding! I took ER to get away from folk like you

I did these a while ago - not sure they meet what you want.
If not I'm going to ask Suze Orman to give you an assignment, remember be careful what you ask for...

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Re: 2006 ER Forum Current Net Worth Survey
Old 03-21-2006, 03:10 PM   #23
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Re: 2006 ER Forum Current Net Worth Survey

In our case the difference is almost irrelevant. One extra car, some extra clothes, a little extra food. Over 30-40 years its lost in the noise.

The baby, on the other hand, is another matter. Someone in the family, who will remain nameless because its me, keeps buying him stuff to play with...
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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