What is your age and net worth?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How did you all under 40 save so much money? I assume part of the pps here have really awesome paying jobs, but I can't imagine that majority of 35 year olds has jobs that pay over 300K. Was it a trust fund? Parents buying houses? What is it, honestly? If you had absolutely no money coming from parents or grandparents how are you saving so much?
Or is it that only rich are posting here and those that live pay check to pay check are not posting?

New P here, Ages 35,36, NW of $1.3 million, $300 of which is home equity. We were given $200k to help buy a place, but generally speaking, we both have been working since college graduation and saved saved saved. That means we have two incomes being saved for 14 years. We also paid off DH and my student loans in that time. Its been tight but I don't feel deprived.

This is interesting to me because we're 37 & 38, NW of $800k. If you strip out the $200k you didn't have to pony up for a DP and the $300k you wouldn't have without that gift, we're pretty much even. Except I've been working since I was 14 and save save saving.

It's nice that you "don't feel deprived," though.

PP here. It’s still expensive to live here and we have 2 kids and a third on the way. I’m not living large. That’s my point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are those of you who are in your 40s or younger including homes that you haven't paid off yet? I assume you need to subtract that from any assets you have, right?

I'm 33 and DH is 34. We have owned our home for about 2 years. Given that we don't have a huge amount of equity in the house yet and that we're paying for preschool, we have negative net worth, despite having well-paying jobs.

I'm confused as to how so many of you in your 30s have so much net worth? Do you not own a home?

Equity in the house is an asset. You owe $900k on a $1M house, you can still sell the house for $1M and get $100k. The mortgage is not a liability.

Exactly. Again, net worth is assets minus liability. In my case for example I just refinanced my mortgage of $750k and the house appraised at $1.55 million. So, not counting, my house contributes $800k to my net worth ($1.55 minus $750)

You lost me at "refinanced my mortgage." Only stupid people do that.

Right. I was stupid to refinance my mortgage to take advantage of a 2.875 percent interest rate. Real stupid.

How high was your interest rate before?

[Anonymous]

Both 40. 2.2 million. Bulk of it came from a recent IPO that we cashed out.

Retirement - 600k
House equity - 175k
Cash - 1.5 million

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How did you all under 40 save so much money? I assume part of the pps here have really awesome paying jobs, but I can't imagine that majority of 35 year olds has jobs that pay over 300K. Was it a trust fund? Parents buying houses? What is it, honestly? If you had absolutely no money coming from parents or grandparents how are you saving so much?
Or is it that only rich are posting here and those that live pay check to pay check are not posting?

New P here, Ages 35,36, NW of $1.3 million, $300 of which is home equity. We were given $200k to help buy a place, but generally speaking, we both have been working since college graduation and saved saved saved. That means we have two incomes being saved for 14 years. We also paid off DH and my student loans in that time. Its been tight but I don't feel deprived.

This is interesting to me because we're 37 & 38, NW of $800k. If you strip out the $200k you didn't have to pony up for a DP and the $300k you wouldn't have without that gift, we're pretty much even. Except I've been working since I was 14 and save save saving.

It's nice that you "don't feel deprived," though.

PP here. It’s still expensive to live here and we have 2 kids and a third on the way. I’m not living large. That’s my point.

Just think how "not large" you'd have to live if you paid your own way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How did you all under 40 save so much money? I assume part of the pps here have really awesome paying jobs, but I can't imagine that majority of 35 year olds has jobs that pay over 300K. Was it a trust fund? Parents buying houses? What is it, honestly? If you had absolutely no money coming from parents or grandparents how are you saving so much?
Or is it that only rich are posting here and those that live pay check to pay check are not posting?

New P here, Ages 35,36, NW of $1.3 million, $300 of which is home equity. We were given $200k to help buy a place, but generally speaking, we both have been working since college graduation and saved saved saved. That means we have two incomes being saved for 14 years. We also paid off DH and my student loans in that time. Its been tight but I don't feel deprived.

This is interesting to me because we're 37 & 38, NW of $800k. If you strip out the $200k you didn't have to pony up for a DP and the $300k you wouldn't have without that gift, we're pretty much even. Except I've been working since I was 14 and save save saving.

It's nice that you "don't feel deprived," though.

PP here. It’s still expensive to live here and we have 2 kids and a third on the way. I’m not living large. That’s my point.

Just think how "not large" you'd have to live if you paid your own way.

yup the fact is most people wouldn't be able to live here or at least not in their 1+ million dollar house

Starting out +100k vs -100k has a million dollar swing difference by late 30s early 40s

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are those of you who are in your 40s or younger including homes that you haven't paid off yet? I assume you need to subtract that from any assets you have, right?

I'm 33 and DH is 34. We have owned our home for about 2 years. Given that we don't have a huge amount of equity in the house yet and that we're paying for preschool, we have negative net worth, despite having well-paying jobs.

I'm confused as to how so many of you in your 30s have so much net worth? Do you not own a home?

Equity in the house is an asset. You owe $900k on a $1M house, you can still sell the house for $1M and get $100k. The mortgage is not a liability.

Exactly. Again, net worth is assets minus liability. In my case for example I just refinanced my mortgage of $750k and the house appraised at $1.55 million. So, not counting, my house contributes $800k to my net worth ($1.55 minus $750)

You lost me at "refinanced my mortgage." Only stupid people do that.

NP: Huh?? Refinancing my mortgage multiple times has been a financial no-brainer positive. We bought at 6%, no-cost refinanced to 4.25 and then to 3.25. Reduced the term to 20 years in the final one so we're paying less than we started with a shorter term. It has saved us several tens of thousands of dollars with no downside except a bit of paperwork hassle.

[Anonymous]

Anonymous wrote:How did you all under 40 save so much money? I assume part of the pps here have really awesome paying jobs, but I can't imagine that majority of 35 year olds has jobs that pay over 300K. Was it a trust fund? Parents buying houses? What is it, honestly? If you had absolutely no money coming from parents or grandparents how are you saving so much?
Or is it that only rich are posting here and those that live pay check to pay check are not posting?

PP with 1m in retirement/taxable account and 500K in equity in house. It's been a combo of two factors: multiple years of high paying jobs and for my husband, really strong employee matching (for 8 years they matched 10%). I am 35 and he just turned 40. Our income in 2019 will be around 600K and next year should be 650-700k. Have not received a dime from either sets of parents except for some assistance with undergrad (we both had loans though). I went to law school on a scholarship and DH paid a bunch of law school with summer money and pre-law school working.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are those of you who are in your 40s or younger including homes that you haven't paid off yet? I assume you need to subtract that from any assets you have, right?

I'm 33 and DH is 34. We have owned our home for about 2 years. Given that we don't have a huge amount of equity in the house yet and that we're paying for preschool, we have negative net worth, despite having well-paying jobs.

I'm confused as to how so many of you in your 30s have so much net worth? Do you not own a home?

Equity in the house is an asset. You owe $900k on a $1M house, you can still sell the house for $1M and get $100k. The mortgage is not a liability.

Exactly. Again, net worth is assets minus liability. In my case for example I just refinanced my mortgage of $750k and the house appraised at $1.55 million. So, not counting, my house contributes $800k to my net worth ($1.55 minus $750)

You lost me at "refinanced my mortgage." Only stupid people do that.

NP: Huh?? Refinancing my mortgage multiple times has been a financial no-brainer positive. We bought at 6%, no-cost refinanced to 4.25 and then to 3.25. Reduced the term to 20 years in the final one so we're paying less than we started with a shorter term. It has saved us several tens of thousands of dollars with no downside except a bit of paperwork hassle.

+1 What a silly comment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How did you all under 40 save so much money? I assume part of the pps here have really awesome paying jobs, but I can't imagine that majority of 35 year olds has jobs that pay over 300K. Was it a trust fund? Parents buying houses? What is it, honestly? If you had absolutely no money coming from parents or grandparents how are you saving so much?
Or is it that only rich are posting here and those that live pay check to pay check are not posting?

New P here, Ages 35,36, NW of $1.3 million, $300 of which is home equity. We were given $200k to help buy a place, but generally speaking, we both have been working since college graduation and saved saved saved. That means we have two incomes being saved for 14 years. We also paid off DH and my student loans in that time. Its been tight but I don't feel deprived.

This is interesting to me because we're 37 & 38, NW of $800k. If you strip out the $200k you didn't have to pony up for a DP and the $300k you wouldn't have without that gift, we're pretty much even. Except I've been working since I was 14 and save save saving.

It's nice that you "don't feel deprived," though.

PP here. It’s still expensive to live here and we have 2 kids and a third on the way. I’m not living large. That’s my point.

Having 3 kids IS living large, especially in this area.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are those of you who are in your 40s or younger including homes that you haven't paid off yet? I assume you need to subtract that from any assets you have, right?

I'm 33 and DH is 34. We have owned our home for about 2 years. Given that we don't have a huge amount of equity in the house yet and that we're paying for preschool, we have negative net worth, despite having well-paying jobs.

I'm confused as to how so many of you in your 30s have so much net worth? Do you not own a home?

Equity in the house is an asset. You owe $900k on a $1M house, you can still sell the house for $1M and get $100k. The mortgage is not a liability.

Exactly. Again, net worth is assets minus liability. In my case for example I just refinanced my mortgage of $750k and the house appraised at $1.55 million. So, not counting, my house contributes $800k to my net worth ($1.55 minus $750)

You lost me at "refinanced my mortgage." Only stupid people do that.

NP: Huh?? Refinancing my mortgage multiple times has been a financial no-brainer positive. We bought at 6%, no-cost refinanced to 4.25 and then to 3.25. Reduced the term to 20 years in the final one so we're paying less than we started with a shorter term. It has saved us several tens of thousands of dollars with no downside except a bit of paperwork hassle.

+1 What a silly comment.

PP likely claims to be a finance expert -- oh you NEVER refinance because you keep elongating the term of your mortgage. Likely never occurred to her that people refinance to get reduced rates, reduced terms or sometimes both.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How did you all under 40 save so much money? I assume part of the pps here have really awesome paying jobs, but I can't imagine that majority of 35 year olds has jobs that pay over 300K. Was it a trust fund? Parents buying houses? What is it, honestly? If you had absolutely no money coming from parents or grandparents how are you saving so much?
Or is it that only rich are posting here and those that live pay check to pay check are not posting?

New P here, Ages 35,36, NW of $1.3 million, $300 of which is home equity. We were given $200k to help buy a place, but generally speaking, we both have been working since college graduation and saved saved saved. That means we have two incomes being saved for 14 years. We also paid off DH and my student loans in that time. Its been tight but I don't feel deprived.

This is interesting to me because we're 37 & 38, NW of $800k. If you strip out the $200k you didn't have to pony up for a DP and the $300k you wouldn't have without that gift, we're pretty much even. Except I've been working since I was 14 and save save saving.

It's nice that you "don't feel deprived," though.

PP here. It’s still expensive to live here and we have 2 kids and a third on the way. I’m not living large. That’s my point.

Just think how "not large" you'd have to live if you paid your own way.

Some of you posters are so annoying. We would be FINE if we had gotten no gift from the parents. We would have still be able to get a house in the neighborhood we live in but a bit smaller, we would have just 200-300 less saved. Yes, that is a lot, but I wouldn't have changed working hard or saving, so whats the difference?? It certainly helps, but my lifestyle hasn't changed. I don't even think i would feel like it would make that much difference because money is such a hedonistic treadmill. When I was 27 and saving, I though having X more money would make things better, and it doesn't. It just gives you more choices. 200k is A LOT but its not life changing. Again, the bulk of what we saved was from working and saving. I paid for my own college with scholarship, loans, and 3 jobs, and my husband paid for his own grad school too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:35 and 36 and I guess around $1-1.3 million including the equity in our home. A lot of our assets came from some inheritances I received over the last few years and gifts from my parents. My husband is a surgeon and didn’t finish his residency until he was 31 so he’s only been saving for 5 years. I had a job I loved but the pay was so low that once I became a mom I’ve stayed at home. We are now saving at a very good rate and we have paid off my husband’s medical school loans!

People like you suck sorry not sorry

Same age same net worth and no bs help from Mommy and Daddy

Give me a break. I’m not that poster but I have a significant net worth because my parents died young and never met my kids. So you’re saying in my position you wouldn’t have accepted the inheritance? Suuuuure.

What the hell does your parents meeting your kids have to do with anything?

Not the PP, but clearly it means: "Instead of having a large net worth thanks to having inherited money from my parents, I would rather they had lived longer and met my children".

Correct. What’s your issue, anyway?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How did you all under 40 save so much money? I assume part of the pps here have really awesome paying jobs, but I can't imagine that majority of 35 year olds has jobs that pay over 300K. Was it a trust fund? Parents buying houses? What is it, honestly? If you had absolutely no money coming from parents or grandparents how are you saving so much?
Or is it that only rich are posting here and those that live pay check to pay check are not posting?

New P here, Ages 35,36, NW of $1.3 million, $300 of which is home equity. We were given $200k to help buy a place, but generally speaking, we both have been working since college graduation and saved saved saved. That means we have two incomes being saved for 14 years. We also paid off DH and my student loans in that time. Its been tight but I don't feel deprived.

This is interesting to me because we're 37 & 38, NW of $800k. If you strip out the $200k you didn't have to pony up for a DP and the $300k you wouldn't have without that gift, we're pretty much even. Except I've been working since I was 14 and save save saving.

It's nice that you "don't feel deprived," though.

PP here. It’s still expensive to live here and we have 2 kids and a third on the way. I’m not living large. That’s my point.

Just think how "not large" you'd have to live if you paid your own way.

Some of you posters are so annoying. We would be FINE if we had gotten no gift from the parents. We would have still be able to get a house in the neighborhood we live in but a bit smaller, we would have just 200-300 less saved. Yes, that is a lot, but I wouldn't have changed working hard or saving, so whats the difference?? It certainly helps, but my lifestyle hasn't changed. I don't even think i would feel like it would make that much difference because money is such a hedonistic treadmill. When I was 27 and saving, I though having X more money would make things better, and it doesn't. It just gives you more choices. 200k is A LOT but its not life changing. Again, the bulk of what we saved was from working and saving. I paid for my own college with scholarship, loans, and 3 jobs, and my husband paid for his own grad school too.

Yes, you got a life changing gift from your parents and continue posting about how it's not a big difference in your life. Yes, buying a house without having to furnish a down payment is life changing. Being able to pay off your loans while building equity because you didn't have to decide between the two is life changing. Being able to start a family that much sooner because you didn't have to save up for years is life changing. Being able to have a third kid in one of the most expensive cities in America is life changing. But you think it's NBD because you've "worked since college" -- who hasn't?

The idea that it's annoying to you when people notice how nonchalant you are about this unearned privilege is funny to me. Stay annoyed, princess.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are those of you who are in your 40s or younger including homes that you haven't paid off yet? I assume you need to subtract that from any assets you have, right?

I'm 33 and DH is 34. We have owned our home for about 2 years. Given that we don't have a huge amount of equity in the house yet and that we're paying for preschool, we have negative net worth, despite having well-paying jobs.

I'm confused as to how so many of you in your 30s have so much net worth? Do you not own a home?

Equity in the house is an asset. You owe $900k on a $1M house, you can still sell the house for $1M and get $100k. The mortgage is not a liability.

Exactly. Again, net worth is assets minus liability. In my case for example I just refinanced my mortgage of $750k and the house appraised at $1.55 million. So, not counting, my house contributes $800k to my net worth ($1.55 minus $750)

You lost me at "refinanced my mortgage." Only stupid people do that.

NP: Huh?? Refinancing my mortgage multiple times has been a financial no-brainer positive. We bought at 6%, no-cost refinanced to 4.25 and then to 3.25. Reduced the term to 20 years in the final one so we're paying less than we started with a shorter term. It has saved us several tens of thousands of dollars with no downside except a bit of paperwork hassle.

+1 What a silly comment.

PP likely claims to be a finance expert -- oh you NEVER refinance because you keep elongating the term of your mortgage. Likely never occurred to her that people refinance to get reduced rates, reduced terms or sometimes both.

Or, like us, we refinanced from 30 years to 15

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How did you all under 40 save so much money? I assume part of the pps here have really awesome paying jobs, but I can't imagine that majority of 35 year olds has jobs that pay over 300K. Was it a trust fund? Parents buying houses? What is it, honestly? If you had absolutely no money coming from parents or grandparents how are you saving so much?
Or is it that only rich are posting here and those that live pay check to pay check are not posting?

New P here, Ages 35,36, NW of $1.3 million, $300 of which is home equity. We were given $200k to help buy a place, but generally speaking, we both have been working since college graduation and saved saved saved. That means we have two incomes being saved for 14 years. We also paid off DH and my student loans in that time. Its been tight but I don't feel deprived.

This is interesting to me because we're 37 & 38, NW of $800k. If you strip out the $200k you didn't have to pony up for a DP and the $300k you wouldn't have without that gift, we're pretty much even. Except I've been working since I was 14 and save save saving.

It's nice that you "don't feel deprived," though.

PP here. It’s still expensive to live here and we have 2 kids and a third on the way. I’m not living large. That’s my point.

Just think how "not large" you'd have to live if you paid your own way.

Some of you posters are so annoying. We would be FINE if we had gotten no gift from the parents. We would have still be able to get a house in the neighborhood we live in but a bit smaller, we would have just 200-300 less saved. Yes, that is a lot, but I wouldn't have changed working hard or saving, so whats the difference?? It certainly helps, but my lifestyle hasn't changed. I don't even think i would feel like it would make that much difference because money is such a hedonistic treadmill. When I was 27 and saving, I though having X more money would make things better, and it doesn't. It just gives you more choices. 200k is A LOT but its not life changing. Again, the bulk of what we saved was from working and saving. I paid for my own college with scholarship, loans, and 3 jobs, and my husband paid for his own grad school too.

Yes, you got a life changing gift from your parents and continue posting about how it's not a big difference in your life. Yes, buying a house without having to furnish a down payment is life changing. Being able to pay off your loans while building equity because you didn't have to decide between the two is life changing. Being able to start a family that much sooner because you didn't have to save up for years is life changing. Being able to have a third kid in one of the most expensive cities in America is life changing. But you think it's NBD because you've "worked since college" -- who hasn't?

The idea that it's annoying to you when people notice how nonchalant you are about this unearned privilege is funny to me. Stay annoyed, princess.

Actually I worked through high school, and the gift again was late in life, so not sure ? why you are so wrapped around the axle. It wasn’t even from my family. The point is to respond to the PP that you CAN save big chunks by working and saving and not blowing it on vacations etc name your indulgence. Also, having a third kid is a blessing, not a pure financial decision because it’s never financially sane to have children!