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

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]This really will be a useless thread if there is no uniformity on how people are calculating their net worth.  One pp excluded student loans, but I would think you should include them because they are not easily discharged.  And then there is what to do about your home value/mortgage.  I think either you have to exclude both or you net them by calculating what you would walk away with if you were to sell your home today.  And of course, that requires some sort of guess as to what the fmv of your house is right now, and of course that could easily change (up? down? who knows?) in the next several years.  [b]To the pp with $600k tied up in real estate, is that your net equity or the value of the property without considering any debt it secures?[/b]

For some reason, while the threads about HHI tend to attract a diverse economic range, the threads about net worth never do.  I'll take a shot at increasing the responses from people with small net worths:  HHI is $240k; net worth is about $400k, including home equity and student loans.[/quote]

600k isn't all in real estate.  I estimated about 350k in real estate (we have a 2-br rental apartment valued at around 400k with about 60K worth of mortgage left to pay on it.  We also have 70K equity in our current home.  If you factor in the cost of selling either place I'm figuring we'd net out 350k if we sold both.)  We also have 150k in stocks and (I think, but I haven't checked lately) 100k in retirement.  No credit card or student loan debt.  [/quote]

You don't have a total net worth of 600K, because your net worth is actually 400K+70K+150K+100K - the mortgages on your homes.  Depending on the mortgage on your current home, could be a lot less than 600K.
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