View Poll Results: What is your net worth ?
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100,000 - 250,000
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26 |
3.89% |
250,000-500,000
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29 |
4.33% |
500,000-1 million
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125 |
18.68% |
1million-2 million
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217 |
32.44% |
2million-5 million
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216 |
32.29% |
5 million-10 million
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44 |
6.58% |
10 million & up
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12 |
1.79% |
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03-22-2011, 09:17 PM
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#161
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,882
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It helps, when asking questions, to be clear on the terms of the question before asking:
Believe it or not, there are accountants out there who have rules and definitions for how to calculate net worth. And yes, they at least agree that there are multiple ways of defining/calculating it, which usually depend on what you are using the number for.
Personally I calculate it two different ways: one way is what I consider a plain vanilla net worth, and use for general progress tracking. The other way is my FIRE net worth, which is essentially what I think I could take 4% of. The former includes my house and excludes the NPV of my child support payments, the latter includes precisely the opposite.
2Cor521
__________________
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03-22-2011, 10:54 PM
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#162
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,186
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Quote:
Originally Posted by GregLee
So as to answer the question of the poll.
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Oh....... I just picked a category that was behind the others at the time. Kind of a "cheer for the underdog" mentality. Were we supposed to use our actual net worth?
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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03-22-2011, 11:08 PM
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#163
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gone traveling
Join Date: May 2008
Posts: 3,864
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Quote:
Originally Posted by youbet
Oh....... I just picked a category that was behind the others at the time. Kind of a "cheer for the underdog" mentality. Were we supposed to use our actual net worth?
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Not me; I opted for the herd mentality, though I gotta tell you, that $10 million and up choice was mighty tempting...
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03-23-2011, 12:04 AM
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#164
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Recycles dryer sheets
Join Date: Aug 2010
Location: alberta
Posts: 51
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I am truly devastated and dumbstruck that somebody would pick Waterford over Stuart - must be the colonial influence .
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03-23-2011, 07:52 AM
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#165
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Quote:
Originally Posted by MasterBlaster
What I was questioning was the N X payments as the present value of a SPIA.
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Well, I don't present value discount any income stream (such as SS or my DW's two pensions) so I also don't for the SPIA.
I treat it more like a traditional savings account with a 0% interest rate - which BTW is close to the actual rate, today.
It's a different "animal" since unlike SS or pensions, neither of which I consider in my NW, the OP's question. However, I do include the remaining payments in my current NW, since (like the noted savings account), it will have value after I'm gone, assuming I have not drawn down the total remaining value in the account.
If I had a savings account for retirement income, and I decided to take out "$X" each month for income, how would you discount and calculate PV in that case? An SPIA is the same. Also, both the savings account and the SPIA have "estate value", depending on the draw-down and your date of death. Again, a superior estate product as compared to SS or a pension (which is our primary goal).
However, if it is of interest to you on how to calculate the PV of an SPIA, here's an article discussing how you can do so:
http://www.moneychimp.com/articles/finworks/fmpayout.htm
Further discussion on SPIA's as related to computation of true return rates is discussed here:
http://www.bobsfinancialwebsite.com/NotesOnAnnuities.html
BTW, a good paper that I use as a reference, and written by the past president of TIAA-CREF Life:
http://www.bobsfinancialwebsite.com/pdfs/040802.pdf
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03-23-2011, 05:28 PM
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#166
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Posts: 1,994
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I finally voted on this poll after trying to decide if SS benefits should be included..etc.
I did not use any SS future earnings since I have not started taking them....nor did I use any future income from family business (that functions like a pension - IF it is there). It is simply as of today...what is our net worth.
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03-24-2011, 07:35 AM
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#167
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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Both with and without SS, I'm still in the same poll bracket. But I definitely include SS as part of my retirement income.
__________________
Have Funds, Will Retire
...not doing anything of true substance...
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03-24-2011, 10:31 AM
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#168
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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It's true with me too. Inclusion of SS would not put me in a higher bracket.
But hey, I just remember something. If we talk per capita net worth, and since I am married, that would just about halve my number.
There, that's something for the single poll respondents to rejoice about.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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03-24-2011, 12:10 PM
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#169
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Posts: 1,994
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Same here. SS benefits would not change the poll level for me either.
However, the K1 from the family business might. But that is sort of like the stock market..."past performance is not a predictor of future performance"...particularly since we are coming close to the end of the 2nd generation. So...I didn't include it.
(don't count your chickens before they hatch)
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03-24-2011, 12:19 PM
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#170
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Thinks s/he gets paid by the post
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,342
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This is a simple "me too" post. If I multiply my expected future SS benefits by 25 and add them to my net worth I'll still be in the same poll bracket also.
I enjoy knowing that I can count on at least something from the government in my later years.
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03-24-2011, 12:27 PM
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#171
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Good, sage advice, it seems to me.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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03-24-2011, 12:33 PM
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#172
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Quote:
Originally Posted by NW-Bound
It's true with me too. Inclusion of SS would not put me in a higher bracket.
But hey, I just remember something. If we talk per capita net worth, and since I am married, that would just about halve my number.
There, that's something for the single poll respondents to rejoice about.
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I'm not rejoicing! Honestly I have enough, and if I had twice that, I'd have enough too.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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03-24-2011, 06:36 PM
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#173
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Quote:
Originally Posted by NW-Bound
It's true with me too. Inclusion of SS would not put me in a higher bracket.
But hey, I just remember something. If we talk per capita net worth, and since I am married, that would just about halve my number.
There, that's something for the single poll respondents to rejoice about.
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Really, except single people usually have more interesting things to concern themselves with than where they may rank in someone's "net worth" poll.
Ha
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"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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03-24-2011, 09:04 PM
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#174
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gone traveling
Join Date: May 2008
Posts: 3,864
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Quote:
Originally Posted by HFWR
Both with and without SS, I'm still in the same poll bracket. But I definitely include SS as part of my retirement income.
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Good to hear your're not one of those "swing voters"
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03-24-2011, 09:26 PM
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#175
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Posts: 1,994
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Quote:
Originally Posted by NW-Bound
But hey, I just remember something. If we talk per capita net worth, and since I am married, that would just about halve my number.
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Well...technically speaking ...I didn't include my other halfs net worth either. It would not have changed the bucket..although it would have raised us inside the bucket.
And probably unlike a lot of you here, we keep our finances somewhat separate except for sharing household expenses and joint endeavors.
Works for me and works for him.
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03-24-2011, 09:32 PM
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#176
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Full time employment: Posting here.
Join Date: Mar 2008
Posts: 979
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So in deciding whether or not to include your $1.25 pair of Goodwill sandals or your Social Security check into your net worth, is this actually changing anything about how you're living or feel about anything? That is, unless you're doing Step Whatever from Your Money Or Your Life?
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I'm free and I like it!
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03-25-2011, 07:30 AM
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#177
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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Heh. Being in Texas, if I vote Republican, I'm lost in the crowd. If I vote Democrat, I'm lost in the noise...
If they change my SS in the next few years, I'll deal with it. But I'm not one of the "rich", by any stretch, so I can probably sneak in unnoticed...
__________________
Have Funds, Will Retire
...not doing anything of true substance...
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03-25-2011, 10:39 AM
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#178
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Quote:
Originally Posted by sheehs1
Well...technically speaking ...I didn't include my other halfs net worth either. It would not have changed the bucket..although it would have raised us inside the bucket.
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Same for me !
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03-25-2011, 12:53 PM
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#179
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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Me too but I think I already made the point that the bucket was too large in the first place. If a factor of two makes no difference, what the hell?
__________________
For the fun of it...Keith
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03-25-2011, 01:23 PM
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#180
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Posts: 1,994
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