Reply to What is your age and net worth?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Are those of you who are in your 40s or younger including homes that you haven't paid off yet? I assume you need to subtract that from any assets you have, right?

I'm 33 and DH is 34. We have owned our home for about 2 years. Given that we don't have a huge amount of equity in the house yet and that we're paying for preschool, we have negative net worth, despite having well-paying jobs.

I'm confused as to how so many of you in your 30s have so much net worth? Do you not own a home? [/quote]

Equity in the house is an asset.  You owe $900k on a $1M house, you can still sell the house for $1M and get $100k.  The mortgage is not a liability.  [/quote]

Exactly.  Again, net worth is assets minus liability.  In my case for example I just refinanced my mortgage of $750k and the house appraised at $1.55 million.   So, not counting, my house contributes $800k to my net worth ($1.55 minus $750)[/quote]
[b]You lost me  at "refinanced my mortgage." Only stupid people do that.[/b][/quote]

NP: Huh??  Refinancing my mortgage multiple times has been a financial no-brainer positive.  We bought at 6%, no-cost refinanced to 4.25 and then to 3.25.  Reduced the term to 20 years in the final one so we're paying less than we started with a shorter term.  It has saved us several tens of thousands of dollars with no downside except a bit of paperwork hassle.[/quote]

+1  What a silly comment.[/quote]

PP likely claims to be a finance expert -- oh you NEVER refinance because you keep elongating the term of your mortgage. Likely never occurred to her that people refinance to get reduced rates, reduced terms or sometimes both.[/quote]

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