What is your age and net worth?

[Anonymous]

45/47 net worth of $3.99million. No family help. There is definitely power in compounded interest. Kids will be going to college in 3-5 years and have about $500k (for both) for their college so far. Grew up super poor and now feeling more secure in our finances.

[Anonymous]

Anonymous wrote:45/47 net worth of $3.99million. No family help. There is definitely power in compounded interest. Kids will be going to college in 3-5 years and have about $500k (for both) for their college so far. Grew up super poor and now feeling more secure in our finances.

I call BS on this ( and most of the others), compound interest? At todays rates you would be losing money to inflation. Liar or idiot.

[Anonymous]

So, is there a good online calculator one can use to figure net worth or are you all just sitting down and doing the math?

Just trying to figure out what all I should include or not include if I wanted to calculate net worth.

[Anonymous]

Anonymous wrote:

Anonymous wrote:45/47 net worth of $3.99million. No family help. There is definitely power in compounded interest. Kids will be going to college in 3-5 years and have about $500k (for both) for their college so far. Grew up super poor and now feeling more secure in our finances.

I call BS on this ( and most of the others), compound interest? At todays rates you would be losing money to inflation. Liar or idiot.

You know they aren't talking about a passbook account, right. The market was up 20%+ this year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:45/47 net worth of $3.99million. No family help. There is definitely power in compounded interest. Kids will be going to college in 3-5 years and have about $500k (for both) for their college so far. Grew up super poor and now feeling more secure in our finances.

I call BS on this ( and most of the others), compound interest? At todays rates you would be losing money to inflation. Liar or idiot.

You know they aren't talking about a passbook account, right. The market was up 20%+ this year.

Right. A better term may have been compounded returns.

[Anonymous]

Anonymous wrote:So, is there a good online calculator one can use to figure net worth or are you all just sitting down and doing the math?

Just trying to figure out what all I should include or not include if I wanted to calculate net worth.

You add up the balances in all your financial accounts--401k, IRA, brokerage, and bank accounts.

Add the value of your house and car, as well as any other real estate owned.

Subtract the amount of your mortgage, car loan, and any other debt like credit card debt. (I always skip cars because we paid cash and it doesn't add much, but if you skip the car and have a car loan there is no need to deduct the loan if the value of your car exceeds the amount owed.)

You may have slightly more complicated assets. For example a trust that pays X a year. Divide X by 4 and multiply by a hundred for a rough approximation of the value. The same would apply to a pension, but there are differing views on whether a pension should be included in net worth.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So, is there a good online calculator one can use to figure net worth or are you all just sitting down and doing the math?

Just trying to figure out what all I should include or not include if I wanted to calculate net worth.

You add up the balances in all your financial accounts--401k, IRA, brokerage, and bank accounts.

Add the value of your house and car, as well as any other real estate owned.

Subtract the amount of your mortgage, car loan, and any other debt like credit card debt. (I always skip cars because we paid cash and it doesn't add much, but if you skip the car and have a car loan there is no need to deduct the loan if the value of your car exceeds the amount owed.)

You may have slightly more complicated assets. For example a trust that pays X a year. Divide X by 4 and multiply by a hundred for a rough approximation of the value. The same would apply to a pension, but there are differing views on whether a pension should be included in net worth.

Ok. That’s what we ended up doing. No complicated assets. We are in the $450-500k range not counting pensions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:45/47 net worth of $3.99million. No family help. There is definitely power in compounded interest. Kids will be going to college in 3-5 years and have about $500k (for both) for their college so far. Grew up super poor and now feeling more secure in our finances.

I call BS on this ( and most of the others), compound interest? At todays rates you would be losing money to inflation. Liar or idiot.

DP: You are stupid. PP is obviously talking about the stock market.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are 49 and 54. Our net worth is pretty high-I’d say about 10mm+ which includes about $3 million in liquid or easily convertible funds. I know this will sound strange but I don’t feel a can just relax and enjoy because the only reason we have that money is because our parents left us so much. We have no mortgage because we inherited enough to pay of off on our $2m home. We have 3 others we bought as investments that we have also paid off.
BUT we feel strongly that we should pass on what we inherited plus what we have added during our lifetimes to our children to give them the security we have enjoyed just knowing we have financial safety. We do not live a wealthy lifestyle at all except that are paying for private schools for our kid’s and we will pay for college through to masters. Our HHI is $450k so we don’t really have to touch inheritance to live day by day.
We don’t spend money on 80% of what our friends spend money on -new cars every 3 years (we buy used and drive until dead) several holidays a year (we take one) l, upgrading furniture (never unless damaged) and plan to live on our pensions which will be more than enough since I work for an international organization on a decent salary and have a fully funded pension that will last until i die plus medical insurance.
We can have a pretty good though not extravagant life on that and leave what we have inherited plus what we added to that during our lives to our children.

I still only shop in sales, look around for bargains and discounts. I’ve learned how to dress as well as my contemporaries on a fraction of what they spend. They always ask where I bought this lovely outfit or that-usually consignment or eBay or Poshmark. I don’t think I could live without thinking about what I’m spending. I just don’t know how to do that.

I mean this kindly, PP, but it sounds like a good use of some of that money would be a therapist. You seem to have some pretty deep issues about money.

That made me laugh. It’s the British in me and the horror of “spending your kids’ inheritance” .
I don’t think I’m obsessed with money. In fact the opposite. I just do not feel I need an extravagant lifestyle at the expense of leaving my kids with less financial security. It’s a very un American approach but well instilled in me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are 49 and 54. Our net worth is pretty high-I’d say about 10mm+ which includes about $3 million in liquid or easily convertible funds. I know this will sound strange but I don’t feel a can just relax and enjoy because the only reason we have that money is because our parents left us so much. We have no mortgage because we inherited enough to pay of off on our $2m home. We have 3 others we bought as investments that we have also paid off.
BUT we feel strongly that we should pass on what we inherited plus what we have added during our lifetimes to our children to give them the security we have enjoyed just knowing we have financial safety. We do not live a wealthy lifestyle at all except that are paying for private schools for our kid’s and we will pay for college through to masters. Our HHI is $450k so we don’t really have to touch inheritance to live day by day.
We don’t spend money on 80% of what our friends spend money on -new cars every 3 years (we buy used and drive until dead) several holidays a year (we take one) l, upgrading furniture (never unless damaged) and plan to live on our pensions which will be more than enough since I work for an international organization on a decent salary and have a fully funded pension that will last until i die plus medical insurance.
We can have a pretty good though not extravagant life on that and leave what we have inherited plus what we added to that during our lives to our children.

I still only shop in sales, look around for bargains and discounts. I’ve learned how to dress as well as my contemporaries on a fraction of what they spend. They always ask where I bought this lovely outfit or that-usually consignment or eBay or Poshmark. I don’t think I could live without thinking about what I’m spending. I just don’t know how to do that.

I feel sorry for you

Why? I’m pretty happy that we and our kids will not have to worry about money, ceteris paribus.

[Anonymous]

46 year old single mom. I’ve never made more than $100,000 in a year. My net worth is about $1 million between home equity, retirement and brokerage accounts. My only debt is my mortgage ($150,000 at a very low interest rate). No car payment, pay off credit cards every month. I think I’m doing okay but the kid starts college next year. He has three years of prepaid Virginia tuition but has been looking out of state.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are 49 and 54. Our net worth is pretty high-I’d say about 10mm+ which includes about $3 million in liquid or easily convertible funds. I know this will sound strange but I don’t feel a can just relax and enjoy because the only reason we have that money is because our parents left us so much. We have no mortgage because we inherited enough to pay of off on our $2m home. We have 3 others we bought as investments that we have also paid off.
BUT we feel strongly that we should pass on what we inherited plus what we have added during our lifetimes to our children to give them the security we have enjoyed just knowing we have financial safety. We do not live a wealthy lifestyle at all except that are paying for private schools for our kid’s and we will pay for college through to masters. Our HHI is $450k so we don’t really have to touch inheritance to live day by day.
We don’t spend money on 80% of what our friends spend money on -new cars every 3 years (we buy used and drive until dead) several holidays a year (we take one) l, upgrading furniture (never unless damaged) and plan to live on our pensions which will be more than enough since I work for an international organization on a decent salary and have a fully funded pension that will last until i die plus medical insurance.
We can have a pretty good though not extravagant life on that and leave what we have inherited plus what we added to that during our lives to our children.

I still only shop in sales, look around for bargains and discounts. I’ve learned how to dress as well as my contemporaries on a fraction of what they spend. They always ask where I bought this lovely outfit or that-usually consignment or eBay or Poshmark. I don’t think I could live without thinking about what I’m spending. I just don’t know how to do that.

I feel sorry for you

Why? I’m pretty happy that we and our kids will not have to worry about money, ceteris paribus.

Plus she knows what “ceteris paribus” means. That’s wealth all by itself.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are 49 and 54. Our net worth is pretty high-I’d say about 10mm+ which includes about $3 million in liquid or easily convertible funds. I know this will sound strange but I don’t feel a can just relax and enjoy because the only reason we have that money is because our parents left us so much. We have no mortgage because we inherited enough to pay of off on our $2m home. We have 3 others we bought as investments that we have also paid off.
BUT we feel strongly that we should pass on what we inherited plus what we have added during our lifetimes to our children to give them the security we have enjoyed just knowing we have financial safety. We do not live a wealthy lifestyle at all except that are paying for private schools for our kid’s and we will pay for college through to masters. Our HHI is $450k so we don’t really have to touch inheritance to live day by day.
We don’t spend money on 80% of what our friends spend money on -new cars every 3 years (we buy used and drive until dead) several holidays a year (we take one) l, upgrading furniture (never unless damaged) and plan to live on our pensions which will be more than enough since I work for an international organization on a decent salary and have a fully funded pension that will last until i die plus medical insurance.
We can have a pretty good though not extravagant life on that and leave what we have inherited plus what we added to that during our lives to our children.

I still only shop in sales, look around for bargains and discounts. I’ve learned how to dress as well as my contemporaries on a fraction of what they spend. They always ask where I bought this lovely outfit or that-usually consignment or eBay or Poshmark. I don’t think I could live without thinking about what I’m spending. I just don’t know how to do that.

I feel sorry for you

Why? I’m pretty happy that we and our kids will not have to worry about money, ceteris paribus.

Except you ARE worrying about money, so you're contradicting yourself.

[Anonymous]

Anonymous wrote:46 year old single mom. I’ve never made more than $100,000 in a year. My net worth is about $1 million between home equity, retirement and brokerage accounts. My only debt is my mortgage ($150,000 at a very low interest rate). No car payment, pay off credit cards every month. I think I’m doing okay but the kid starts college next year. He has three years of prepaid Virginia tuition but has been looking out of state.

You can use it for out of state tuition. My DS is currently in an OOS school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are 49 and 54. Our net worth is pretty high-I’d say about 10mm+ which includes about $3 million in liquid or easily convertible funds. I know this will sound strange but I don’t feel a can just relax and enjoy because the only reason we have that money is because our parents left us so much. We have no mortgage because we inherited enough to pay of off on our $2m home. We have 3 others we bought as investments that we have also paid off.
BUT we feel strongly that we should pass on what we inherited plus what we have added during our lifetimes to our children to give them the security we have enjoyed just knowing we have financial safety. We do not live a wealthy lifestyle at all except that are paying for private schools for our kid’s and we will pay for college through to masters. Our HHI is $450k so we don’t really have to touch inheritance to live day by day.
We don’t spend money on 80% of what our friends spend money on -new cars every 3 years (we buy used and drive until dead) several holidays a year (we take one) l, upgrading furniture (never unless damaged) and plan to live on our pensions which will be more than enough since I work for an international organization on a decent salary and have a fully funded pension that will last until i die plus medical insurance.
We can have a pretty good though not extravagant life on that and leave what we have inherited plus what we added to that during our lives to our children.

I still only shop in sales, look around for bargains and discounts. I’ve learned how to dress as well as my contemporaries on a fraction of what they spend. They always ask where I bought this lovely outfit or that-usually consignment or eBay or Poshmark. I don’t think I could live without thinking about what I’m spending. I just don’t know how to do that.

I feel sorry for you

Why? I’m pretty happy that we and our kids will not have to worry about money, ceteris paribus.

Plus she knows what “ceteris paribus” means. That’s wealth all by itself.

Spending enough of our money on us is Pareto optimal. We can’t take it with us.