What is your age and net worth?

[Anonymous]

Anonymous wrote:

Anonymous wrote:36, negative maybe 700K because of a mortgage. If you take that out it's positive 500K, but that's no how I think of things.

The mortgage is not a liability unless the house is worth no money. To include mortgage you would add the value of your home to your NW and then subtract the mortgage balance

Exactly. The difference between the two is your equity in your home, which is part of your net worth.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. I wouldn't count pensions. I'm not counting Social Security.

My breakdown is: retirement accounts 3.4 million, brokerage/checking/savings accounts $1.6 million, home equity $750k.

I quit working 5 years ago. Had worked in BigLaw.

Are others with healthy net worth continuing to work? If so, why?

Health insurance and trying to instill a work ethic in my kids who will likely inherit a lot of money one day, thanks to wealthy ILs.

Meh. With a high net worth you don’t need employer health insurance. You can just buy your own.

I'm a high net worth person and quit working. I've posted on here before, however, that health insurance is very expensive. I'm not complaining but just stating the facts. It increases again next month to about $5100 a MONTH for a family of four. Yes, we can "just buy our own" but that is quite a bit of "change."

Where do you live? I just did a search on the DC Health Exchange and the MOST expensive top of the line plan that they offer for a family of four doesn't even cost half that.

Northern va. In all of va there is a single plan that’s a ppo that’s available for an individual. For that you can have gold or silver - we do the “cheaper” silver one. We could do an hmo but want a ppo.

Even with your net worth, paying $60,000 a year for health insurance would drive me to getting an additional cash stream, preferrably from a job with health insurance.

NP - I'm in MD and before we made a change our health insurance was in the $4k/month range and that was a couple of years ago. Don't forget they are age adjusted and they go up dramatically in your 50s (where I am). So we definitely work in part to pay health insurance.

[Anonymous]

32 worth 450k. Dead, I'm worth an additional 600k.

[Anonymous]

Anonymous wrote:40 & 42. Net worth about 1.35. And I thought that was good. Ya'll are killin' it out here.

LOL I'm thinking the same

39/40 1.5M (no help/inheritance/or family money)

[Anonymous]

Anonymous wrote:

Anonymous wrote:40 & 42. Net worth about 1.35. And I thought that was good. Ya'll are killin' it out here.

LOL I'm thinking the same

39/40 1.5M (no help/inheritance/or family money)

You guys ARE killing it! While I'm sure you know and understand the power of compounding, you'll be surprised at how well it really works! We were around the same NW at your ages about 15 years ago now sitting on over $4M. Assets grow, salaries grow.. Just make sure your lifestyle doesn't grow with it too much..

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:36, negative maybe 700K because of a mortgage. If you take that out it's positive 500K, but that's no how I think of things.

The mortgage is not a liability unless the house is worth no money. To include mortgage you would add the value of your home to your NW and then subtract the mortgage balance

Safer (as in more conservative) to not add the house. You'll always need a place to stay in..

Safer, but incorrect. Net worth has one definition: assets minus liabilities. Counting the liability but not the asset is not net worth.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:36, negative maybe 700K because of a mortgage. If you take that out it's positive 500K, but that's no how I think of things.

The mortgage is not a liability unless the house is worth no money. To include mortgage you would add the value of your home to your NW and then subtract the mortgage balance

Safer (as in more conservative) to not add the house. You'll always need a place to stay in..

Safer, but incorrect. Net worth has one definition: assets minus liabilities. Counting the liability but not the asset is not net worth.[/quote

My "safer" suggestion was to leave out both..

[Anonymous]

64 and 66 and north of $50 million. When we got married 38 years ago it took everything we had to scrape together a $10,000 down payment on a house including skipping an engagement ring. I worked full time for 18-20 years and did pretty well but my husband did very well and we always saved a lot and invested smartly. FWIW when we were 35 our net worth might have been $500,000 (half from home appreciation) and $2 million at 45. My husband’s income really grew from age 45 until he retired at 62 and the stock market has been our friend for the last ten years though we have always been investors.

[Anonymous]

$3m....51 and 53. I will add the $3m is true net worth...if we liquidated everything and paid the outstanding taxes, etc.

[Anonymous]

Ok, so what do I need to invest in to get rich? PP with $50 million, how did you start investing? I am from Eastern Europe and really dumb about these things.

[Anonymous]

Anonymous wrote:Ok, so what do I need to invest in to get rich? PP with $50 million, how did you start investing? I am from Eastern Europe and really dumb about these things.

Polish?

[Anonymous]

46/41: $2.5M this includes $700K in home equity (home is paid off.). Zero debt. $200K cash. Rest in mutual funds (taxable or retirement). No help from parents. Actually help family with some bills here and there. Went to army before college for GI Bill Army College Fund. Graduated from state school with no debt. Starting salary 20 years ago was about $38K. Hit 6 figures about 14 years ago. Got as high as about 300K for a few years. Now is about 200K. Wife is STAH for about the past 13 years. We have two kids. As to another thread...and I am still maxing my 401(k), contributing max to Roth IRAs every year, and maxing my HSA each year. No pension or any of that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ok, so what do I need to invest in to get rich? PP with $50 million, how did you start investing? I am from Eastern Europe and really dumb about these things.

Polish?

No, more south. Don't want to give myself away. DH and I did invest.... in 2001 or 2002, a day before it crashed! I told dh not to rush, and he was let's do it or we never will. Even the banker was no rush, but dh was dead set on doing it that day(he is American, lower MC raised, his dad never saved a penny other than his Post Office retirement that is pretty good). I was maybe "better off" raised as much as that is an oxymoron in communist regime. We earn good money but are too scared to invest. Is there a bank or such that people can recommend that has a good track? For regular UMC fed workers, not for millionaires.

[Anonymous]

Anonymous wrote:

Anonymous wrote:40 & 42. Net worth about 1.35. And I thought that was good. Ya'll are killin' it out here.

LOL I'm thinking the same

39/40 1.5M (no help/inheritance/or family money)

This is where we are, too, along with the no inheritance or family money as adults. Our parents did pay for undergrad (in the 90s, when you could get a public university education for $50K or less, all in), which was a huge help - it's much easier to start at $0 than in the hole.

I love people who insist that, other than that trust fund and the $200K downpayment money, they totally did it all on their own. No doubt there are people in this situation that work very hard themselves but pretending like that level of financial assistance is no big thing? Bitch, please. At least acknowledge the helping hand you got there!

[Anonymous]

Anonymous wrote:Ok, so what do I need to invest in to get rich? PP with $50 million, how did you start investing? I am from Eastern Europe and really dumb about these things.

PP - we started investing in Fidelity mutual funds (Magellan, Equity Income) in the early 80’s. We were very aggressive savers the entire time we worked so while we lived comfortably we lived well below our means. Our investing is more sophisticated now but if we were starting out we’d invest in index funds through either Fidelity or Vanguard.