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

[Anonymous]

Anonymous wrote:

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.

Your net worth is your assets less your liabilities. Suppose you have a house worth $1 million with a $0.5 million mortgage. Your home equity's contribution to your net worth is 0.5 million - the home value less mortgage. Now suppose you sell the house. Your mortgage goes to zero and you have $0.5 million left. Your net worth is unchanged.

[Anonymous]

Just over $1.5M at age 44. About $500K in housing equity, split between my primary residence and a rental property. $400K in retirement funds, and another $425K that I consider retirement but it's in taxable funds. $120K in my 7-year old's 529, and about $65K in cash.

Most of it is from steady saving/investing for 20 years on my income, which is decent but not super-high ($160K-ish). Although I did get lucky with real estate timing (bought my rental in 1999), and a $150K inheritance that I invested in the middle of 2008.

[Anonymous]

- $350,000

[Anonymous]

I think we are at close to 2 million.

[Anonymous]

Your net worth is your assets less your liabilities. Suppose you have a house worth $1 million with a $0.5 million mortgage. Your home equity's contribution to your net worth is 0.5 million - the home value less mortgage. Now suppose you sell the house. Your mortgage goes to zero and you have $0.5 million left. Your net worth is unchanged.

Actually, when you factor in realtor fees and other transaction costs, you probably "lost" about $100,000 in net worth when you sold the place. Oops.

[Anonymous]

Anonymous wrote:

Your net worth is your assets less your liabilities. Suppose you have a house worth $1 million with a $0.5 million mortgage. Your home equity's contribution to your net worth is 0.5 million - the home value less mortgage. Now suppose you sell the house. Your mortgage goes to zero and you have $0.5 million left. Your net worth is unchanged.

Actually, when you factor in realtor fees and other transaction costs, you probably "lost" about $100,000 in net worth when you sold the place. Oops.

Well, a lot depends on how accurate her housing value estimate was before she sold. Also, $100K would be a lot to lose in realtor fees and transaction costs, unless the house she is selling is worth well over $1M.

We just sold our house. I was always conservative on estimating its value (used county tax assessment value) when calculating my net worth. It sold for about 10% more than that. With realtor fees and transaction costs, I came out about $5K ahead of my estimate.

[Anonymous]

I always include estimated fees and transaction costs for real estate in my net worth calculations.

[Anonymous]

About -150k, when the house is weighed against the retirement. I'm happy to no longer be underwater on our house, though, after throwing money at our mortgage for 3 years, that's exciting!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Your net worth is your assets less your liabilities. Suppose you have a house worth $1 million with a $0.5 million mortgage. Your home equity's contribution to your net worth is 0.5 million - the home value less mortgage. Now suppose you sell the house. Your mortgage goes to zero and you have $0.5 million left. Your net worth is unchanged.

Not the quoted PP, but our net worth would also go up if we sold our house: we owe 400k on our house and have 250k in retirement assets, therefore our current net worth is -150k. If we sold our house, we could get 450k based on comparable sales in the past month. Our net worth would then go up to 300k. Of course, if we immediately bought another house we'd be in the same position, but PP didn't say that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:do you factor in your house loan in the net worth?

Yes, mortgage debt goes into the calculation of net worth.

But does home value? According to my Mint account it appears to, but not to my Morgan Stanley "one view".

No, home value doesn't go into it because that is not fixed until you sell your house.

[Anonymous]

Anonymous wrote:Just over $1.5M at age 44. About $500K in housing equity, split between my primary residence and a rental property. $400K in retirement funds, and another $425K that I consider retirement but it's in taxable funds. $120K in my 7-year old's 529, and about $65K in cash.

Most of it is from steady saving/investing for 20 years on my income, which is decent but not super-high ($160K-ish). Although I did get lucky with real estate timing (bought my rental in 1999), and a $150K inheritance that I invested in the middle of 2008.

That is pretty awesome on your income.

[Anonymous]

People who exclude the value of their house from net worth don't know how to calculate net worth. SMH.

Include the fair market value in your calculation as an asset (I adjus ours down 10% to account for translations costs that would be paid if we sold). Include the mortgage as a liability.

[Anonymous]

Anonymous wrote:People who exclude the value of their house from net worth don't know how to calculate net worth. SMH.

Include the fair market value in your calculation as an asset (I adjus ours down 10% to account for translations costs that would be paid if we sold). Include the mortgage as a liability.

Seriously. This is not hard, people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Your net worth is your assets less your liabilities. Suppose you have a house worth $1 million with a $0.5 million mortgage. Your home equity's contribution to your net worth is 0.5 million - the home value less mortgage. Now suppose you sell the house. Your mortgage goes to zero and you have $0.5 million left. Your net worth is unchanged.

Not the quoted PP, but our net worth would also go up if we sold our house: we owe 400k on our house and have 250k in retirement assets, therefore our current net worth is -150k. If we sold our house, we could get 450k based on comparable sales in the past month. Our net worth would then go up to 300k. Of course, if we immediately bought another house we'd be in the same position, but PP didn't say that.

Your net with is already 300k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Your net worth is your assets less your liabilities. Suppose you have a house worth $1 million with a $0.5 million mortgage. Your home equity's contribution to your net worth is 0.5 million - the home value less mortgage. Now suppose you sell the house. Your mortgage goes to zero and you have $0.5 million left. Your net worth is unchanged.

Not the quoted PP, but our net worth would also go up if we sold our house: we owe 400k on our house and have 250k in retirement assets, therefore our current net worth is -150k. If we sold our house, we could get 450k based on comparable sales in the past month. Our net worth would then go up to 300k. Of course, if we immediately bought another house we'd be in the same position, but PP didn't say that.

Your net with is already 300k.

LOL, seriously. How is this so hard for people???