What is your net worth? I'm excited to reach zero!

[Anonymous]

Ours is $1.3M. This includes everything - house, retirement, etc. We aren't huge earners, live pretty frugally and are good savers. We also got a good start in life (no student loans or car loans). We're 45 and 47.

[Anonymous]

Anonymous wrote:I will be at zero within the next few months! Never thought I would be so excited about this. I am a 30 something single mom and once I hit zero, I will start saving for a down payment for a condo.

You go!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Some of these net worths don't make sense. Use this calculator to correctly determine net worth (you gotta include all your debt):

http://cgi.money.cnn.com/tools/networth/networth.html

According to this calculator we are at +$180K; mid to late 30's. That's about to go up after we sell our house. Sweet!

Your net worth should not increase when you sell your house.

[Anonymous]

Apparently we are at 2.3 million - but a lot of that is home equity, which we have thanks to a generous down payment gift from a grandparent. We also have a chunk of cash from an inheritance that we basically don't touch except for emergencies or big ticket items (we used it to buy a car). We are 33 years old and earn a decent salary, but basically on an income basis we just break even each year - no saving except for 401K.

[Anonymous]

I am the pp who said I would rather not know yet what my net worth was, my situation is pretty dismal. However using the link someone posted to find out your net worth, mine is actually $38,000. Doesnt seem like much but it is better than I thought it was

[Anonymous]

Anonymous wrote:$520k. 8 years ago I was at -50k.

WOW! This is OP - what did you do? What has your HHI been?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I just realized I finally don't have a negative net worth! And I am happy about it. My home equity and 401K netted against my students loans (90K) and credit cards (5K) equals zero. I know many of you would laugh at this as pathetic, but it truly is an accomplishment for anyone to crawl out of a negative net worth.

I hate to burst your bubble, OP, but it doesn't appear that you included mortgage debt in your calculations. You likely are still in the red.

OP here - my home has equity in it, so the value exceeds the mortgage which I know is somewhat rare these days.

[Anonymous]

bravo in reaching zero! i was excited to get there, too. inching up as my student loans are paid down, and as our equity increases...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I just realized I finally don't have a negative net worth! And I am happy about it. My home equity and 401K netted against my students loans (90K) and credit cards (5K) equals zero. I know many of you would laugh at this as pathetic, but it truly is an accomplishment for anyone to crawl out of a negative net worth.

I hate to burst your bubble, OP, but it doesn't appear that you included mortgage debt in your calculations. You likely are still in the red.

OP here - my home has equity in it, so the value exceeds the mortgage which I know is somewhat rare these days.

Ok. Your post didn't indicate that you counted your mortgage debt. Congratulations!

[Anonymous]

Anonymous wrote:I figured out once that we'd need to earn 250k gross to reach our "dream" savings rate without changing current (relatively frugal) lifestyle. This would include maxing out 401K, maxing out Roths, 20k to max out I Bonds, and 20k into regular savings for big expenses (ie, car, home repair, braces).

How could you max out both 401Ks and Roths?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some of these net worths don't make sense. Use this calculator to correctly determine net worth (you gotta include all your debt):

http://cgi.money.cnn.com/tools/networth/networth.html

According to this calculator we are at +$180K; mid to late 30's. That's about to go up after we sell our house. Sweet!

Your net worth should not increase when you sell your house.

Why? I'm making a fair amount of equity and moving to a much lower COL area. The math works out in my favor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some of these net worths don't make sense. Use this calculator to correctly determine net worth (you gotta include all your debt):

http://cgi.money.cnn.com/tools/networth/networth.html

According to this calculator we are at +$180K; mid to late 30's. That's about to go up after we sell our house. Sweet!

Your net worth should not increase when you sell your house.

Why? I'm making a fair amount of equity and moving to a much lower COL area. The math works out in my favor.

You don't know what net worth means.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I figured out once that we'd need to earn 250k gross to reach our "dream" savings rate without changing current (relatively frugal) lifestyle. This would include maxing out 401K, maxing out Roths, 20k to max out I Bonds, and 20k into regular savings for big expenses (ie, car, home repair, braces).

How could you max out both 401Ks and Roths?

Here's how.

If you have a 401(k) at work, max that out. Then put $5,500 (after-tax) in a traditional IRA. Then you can convert the traditional IRA to a Roth IRA. I've been doing this for each of me and my wife for the past 7 years. It's a glitch in tax laws.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some of these net worths don't make sense. Use this calculator to correctly determine net worth (you gotta include all your debt):

http://cgi.money.cnn.com/tools/networth/networth.html

According to this calculator we are at +$180K; mid to late 30's. That's about to go up after we sell our house. Sweet!

Your net worth should not increase when you sell your house.

Why? I'm making a fair amount of equity and moving to a much lower COL area. The math works out in my favor.

You don't know what net worth means.

Please use your words oh wise one.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some of these net worths don't make sense. Use this calculator to correctly determine net worth (you gotta include all your debt):

http://cgi.money.cnn.com/tools/networth/networth.html

According to this calculator we are at +$180K; mid to late 30's. That's about to go up after we sell our house. Sweet!

Your net worth should not increase when you sell your house.

Why? I'm making a fair amount of equity and moving to a much lower COL area. The math works out in my favor.

The equity in your house should already be counted in your net worth calculations. The value of the house as an asset. And the mortgage on your house as a liability. When you sell, the equity would be in the form of cash, but shouldn't change (in theory, but of course there are fees to selling and you have to guess at value of your house, the price when you sell would be differnt, but the overall net worth should still be pretty darn close before sale and after).