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Reply to "What is net worth and why does it matter?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Here is an example of how to calculate net worth and why it is everything. Our balance sheet is: [b]Assets[/b]: Home value: $1.7 million. Retirement savings: $3.1 million Brokerage and checking accounts: $1.51 million Total assets: $6.21 million [b]Liabilities:[/b] Home mortgage: $745k [b]Net worth:[/b] $5.565 million [b]Annual income:[/b] [i]Zero[/i] Retired in early 50s[/quote] And for the counterexample: Assets: Home value: $1M Retirement Savings: $400k Brokerage and checking accounts: $100k Total Assets: $1.5M Liabilities: Mortgage: $700k HELOC: $200k Credit Card debt: $50k Net Worth: $750k Age: 55 Annual Income: $500k Status: up shit creek.[/quote] But with a $500k annual income one could quickly build up their net worth if the so desired. This is hardly up shit creek.[/quote]
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