What is your house worth

[Anonymous]

Anonymous wrote:Did you quit a 200K job? Do not count the house in net worth; don't you need a place to live in?
You did not retire? Did you just quit? So let's say you have a 2 million net worth in savings. Only a mo ron would quit a 200K job with a 12-year-old. Not just do fewer hours for a couple of years? You are insane.
If you kept your job for another five years, you would be in 10 million dollar savings.
You are insane. Who does that?

Someone with health issues. One of the reasons why OP quit.

[Anonymous]

51 and 51
NW $2.6M (includes house value and also 2 pensions, which will be $120k a year when w retire)
HHI $260k (includes rental income)
House bought for $360k, now worth $1.6M (we're in NYC; it's a 2 family)
Children 10 and 12 in public school

I added our info for a dose of reality, lol. I know that wealthy people are more likely to answer these kinds of posts.

[Anonymous]

Anonymous wrote:What ages are you?
Net worth?
HHI?
# of kids?

Please share - curious - my sister thinks we are poor and it was dumb of me to quit. She is younger by 5 years and has much less but likes to criticize. I could have continued another 3-4 years or more but the politics and the gradually decreasing level of my staff (education, experience, communication, just overall) was demotivating.

Ages - 52, 51
NW - $3.7M (including house). Low per DCUM standards I know and HHI is even lower.
HHI - $200k now (from $425k as I just quit last week after 25 years when I turned 51 due to some chronic health issues).
Kid - 12 year old (in private school since age 5.

House was purchased for $500k two decades ago and value hasn’t moved much.About $700k. We’ve done $200k worth of improvements. New everything. We paid off our mortgage 5 years ago.

I would like to upgrade because I think our area is getting worse. DH is ok with that but wants to not spend a penny more than what we get for this house. I think we could afford a small mortgage even with private for a couple more years till middle. Sure we won’t save much but that’s OK. The houses I am looking at are about $1.2M.

OP, how are you affording to pay for private school on $200k? Also, if you sell and buy again in this market you will have a mortgage payment and you will paying more for a smaller home. You will likely have to give up private to move - if you move into a better school district would that be feasible?

Can you rent out your house, rent an apartment or smaller home in a better school district, and drop private school?

[Anonymous]

We're 53 & 60

House is $1.4m
NW about $3.2m
HHI is $165k. Was about $300k until DH retired last Fall.
Kids college is fully covered in their 529s (one starts in Fall, one rising college junior)

OP I would not be aiming to size up the house when you just went down to one income and are paying for private school. Give it a couple years of living on one income.

[Anonymous]

Age: 49
One kid in college, no scholarships, self pay
HHI: $117k
Home value: $750k (bought in 2003 for $385k, mortgage balance at 2.875% is around $175k)
Net worth: $1.5 million not including house equity

[Anonymous]

48 and 42
NW $1.4 M (includes current home and condo/co-op we're renting out)
HHI $360K (does not include rental income)
House bought for around 550K, now worth almost 700K; condo/co-op worth around 250K
3 children, all under 5 years old (yeah, we have a ways to go!)

[Anonymous]

Ages: 42, 47
NW: 1.4M (1M in 401ks, 300k home equity, and some cash and misc stocks)
Home value: 650k
HHI: 320k
Kids: 2 in public MS

[Anonymous]

Anonymous wrote:

Anonymous wrote:40 and 41
NW: $2M
HHI: $445K
Kids: 2 in private school

We are the poorest at out all our friends. Spouse and I drive 10+ year old hondas. I have a sibling who's rich, but not much wealthier than us. But they sure like to criticize our life choices.

Poor?

What's got you feeling poor is the 2 kids in private school.

Very True. It takes a big dent from our nest egg to pay for it, and you're surrounded by folks that make you feel poor comparitvely.

[Anonymous]

Ages: 43,37
NW: 4.8M (3.8 investments, 1 home equity)
Home value: 1.6M (purchased at 900k) (So Cal)
HHI: 200k (left biglaw, now consulting)
Kids: 2 pre K

[Anonymous]

Ages: 54, 54
NW: 7M (includes home and NPV of FERS pension)
Home value: 1.1M
HHI: 720k
Kids: 2 one in college and the other in HS

[Anonymous]

How man of these NW threads are we going to have? Geez. Talk about beating a rich dead horse.

[Anonymous]

Divorced, no kids
53
NW $1.2 m including $350k house equity
HHI $170k/yr (until last year was earning much much less)

[Anonymous]

Jesus - we need a massive increase in inheritance taxes in this country.

[Anonymous]

People that answer these type of questions are banal.

[Anonymous]

Anonymous wrote:People that answer these type of questions are banal.

And yet, here you are, answering it