S/O of dual income HHI thread - what's your net worth compared to your income?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:plus you really have to take into account how much you expect to inherit, and when.

ROFLMAO, how in the world can you judge if your parents will die at 80 or 100? And beware the second spouse, who can take all that planned inheritance money away from the kids. Happened to me.

Me too. 2nd spouse gets everything. DHs parents don't have anything for us to inherit. So we are on our own, which is just fine and we are doing very well.

my parents don't have much, but they are pretty clear as to what they expect to give to their children. I guess you never know about second spouses, but it doesn't really seem to be a risk in their case. mid to late 70s each. But if my mom died first and my dad remarried, good for him I suppose.

My dad remarried at 70. Don't count any chicks before they hatch.

how long was your mom gone before pops remarried?

[Anonymous]

Mid-30's. Two kids. HHI = $165,00 Net worth = $350,000

[Anonymous]

Anonymous wrote:

Anonymous wrote:plus you really have to take into account how much you expect to inherit, and when.

ROFLMAO, how in the world can you judge if your parents will die at 80 or 100? And beware the second spouse, who can take all that planned inheritance money away from the kids. Happened to me.

Ha ha ha! No kidding! I think my MIL will outlive us! Maybe PP plans to inherit from somone who is already VERY old ...

[Anonymous]

well I am definitely planning on inheriting at least $500K. If I don't, I am hosed.

[Anonymous]

HHI = $275K
Home Equity = $600K
401(k) = $550K
Cash, investments = $150K
We're 38 and 45 with two small kids. No debt other than mortgages (subtracted to reach home equity amount).

[Anonymous]

Anonymous wrote:

Anonymous wrote:plus you really have to take into account how much you expect to inherit, and when.

ROFLMAO, how in the world can you judge if your parents will die at 80 or 100? And beware the second spouse, who can take all that planned inheritance money away from the kids. Happened to me.

....and don't forget to factor in when you win the lottery. Some ppl are priceless.

Ohmigod....I hope my parents live a very long life and enjoy all of their $ in retirement. I don't expect anything from them and I certainly don't factor it into my own financial strategy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:plus you really have to take into account how much you expect to inherit, and when.

ROFLMAO, how in the world can you judge if your parents will die at 80 or 100? And beware the second spouse, who can take all that planned inheritance money away from the kids. Happened to me.

this just happened to my best friend. Mom died at 68. Dad remarried within 2 years and died the next year. Entire inheritance went to the new wife. Kids are nearing 40 and lost both parents and every cent of their parent's money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make a combine $250k or so, and excluding our extremely onerous student loans and our mortgage, our net worth is around $50k.

I am sorry, no offense, but why are you excluding your student loans? There is no tangible equity there. At least with the home there is--you can sell it or it can go up in value.

I personally, do not see a reason to leave student loans unpaid while getting on with a mortgage and other debt.

New poster - I have $25K left in student loans from grad school. Locked in at 3.25%. Because of the low interest rate, there is no incentive for me to pay more than the minimum monthly payments (around $220 per month). Interest rate on our mortgage is higher, and long-term return on investments is higher, so extra cash goes there, not to student loans.

Dh and I are 38. Two kids. HHI $190. Net worth around $800K

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We make a combine $250k or so, and excluding our extremely onerous student loans and our mortgage, our net worth is around $50k.

I am sorry, no offense, but why are you excluding your student loans? There is no tangible equity there. At least with the home there is--you can sell it or it can go up in value.

I personally, do not see a reason to leave student loans unpaid while getting on with a mortgage and other debt.

New poster - I have $25K left in student loans from grad school. Locked in at 3.25%. Because of the low interest rate, there is no incentive for me to pay more than the minimum monthly payments (around $220 per month). Interest rate on our mortgage is higher, and long-term return on investments is higher, so extra cash goes there, not to student loans.

Dh and I are 38. Two kids. HHI $190. Net worth around $800K

Ditto on the student loans. Mine are locked in below 2.5%!!!! I think 2.375% ...? Not paying those off but for the minimum payment! I can get almost that much in a savings account ...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:plus you really have to take into account how much you expect to inherit, and when.

ROFLMAO, how in the world can you judge if your parents will die at 80 or 100? And beware the second spouse, who can take all that planned inheritance money away from the kids. Happened to me.

Me too. 2nd spouse gets everything. DHs parents don't have anything for us to inherit. So we are on our own, which is just fine and we are doing very well.

my parents don't have much, but they are pretty clear as to what they expect to give to their children. I guess you never know about second spouses, but it doesn't really seem to be a risk in their case. mid to late 70s each. But if my mom died first and my dad remarried, good for him I suppose.

My dad remarried at 70. Don't count any chicks before they hatch.

how long was your mom gone before pops remarried?

2 and a half years.

[Anonymous]

Anonymous wrote:well I am definitely planning on inheriting at least $500K. If I don't, I am hosed.

Appreciate your honesty, but that's not a good plan.

[Anonymous]

Anonymous wrote:

Anonymous wrote:well I am definitely planning on inheriting at least $500K. If I don't, I am hosed.

Appreciate your honesty, but that's not a good plan.

likely depends on the age of the parents, the net worth of the parents, the discussions the parents have had with the kids, any trusts already in place, etc. but any investment adviser will certainly ask what your expected inheritance is, if any, when starting your own planning. so I don't think it absurd to make it part of the discussion.

[Anonymous]

I don't think it's absurd, but so many things can happen that I don't think one should plan on it. What if mom and dad need the money for a nursing home?

[Anonymous]

long term care insurance is a must

[Anonymous]

Age: 33 and 36
HHI: 435k
Net worth: 800k (475k in retirement, 50k in cash, 275k in house equity)