Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:checked last night with the wife. 870k all in, including home equity. we're both 30 years old

140k home equity, 300k by me, 430k by her

at this point i wonder what counts as top 1% in the nation in terms of net worth at different age ranges. google's results dont convince me. and its hard to compare with my social circle in DC because everybody also has high powered careers and are earning well despite our age

Inheritances also skew everything. We make significantly more than most of our friends and save a ton but many of them are getting $10-20M+ inheritances (some are already starting the transfer process or whatever it’s called).

Do your friends tell you the size of their inheritance? I am always shocked when people claim to know dollar figures for their friends' income, net worth, inheritance, etc. I'm in my mid-40s and my friends and I never ever talk about this.

PP you quoted here, and yes, they do - we openly talk about all this but we’ve all been friends for 5-10 years minimum. Early 30s (so the “younger” millennial generation).

We’ve been friends with a bunch of couples for 20+ years and we never talk about our net worth. My husband is a named officer of a public company so people can look up his comp but no one has ever mentioned it. Talking about compensation and net worth can only lead to either bragging or jealousy so why do it?

Doesn’t lead to bragging or jealousy with our friends. Helps that none of us tie any self worth or perception of ourselves to our net worth or income or careers. Plus lots of us made $ publicly so it’s already out there. Doesn’t make sense to lie or obscure when we all know Google exists.

Anonymous wrote:Calculating net worth is important to me for estimating the size of the estate I will leave my children. I live in DC and the estate will be subject to inheritance tax; at this point I am not concerned about federal tax because the exempt limits are much higher.

Determining the value of the estate means including the house and also the value of the survivor benefit on my pension, which will go to one of the children, because both will be included in the estate value for inheritance tax purposes.

I do wish DC would do away with the inheritance tax. It brings in less than one percent of DC's tax revenue and incentivizes the well off to establish residency in Virginia via a second home as the state has no inheritance tax. The District then loses income tax revenue from those who do this.

I personally do not mid paying the DC income tax but really mind the estate tax. Maybe I should join the people who spend six months plus a day in Virginia and the rest in DC....

Anonymous wrote:

Anonymous wrote:checked last night with the wife. 870k all in, including home equity. we're both 30 years old

140k home equity, 300k by me, 430k by her

at this point i wonder what counts as top 1% in the nation in terms of net worth at different age ranges. google's results dont convince me. and its hard to compare with my social circle in DC because everybody also has high powered careers and are earning well despite our age

Inheritances also skew everything. We make significantly more than most of our friends and save a ton but many of them are getting $10-20M+ inheritances (some are already starting the transfer process or whatever it’s called).

Anonymous wrote:

Anonymous wrote:Reading these responses is a bit depressing, unless (1) people exaggerate or (2) only the well-off ones post.

These are couples posting. If you divide it by 2, not that impressive. I’m a single woman with $4.5m NW at age 47. Not US born, started saving and investing at age 27. HHI 350k and I don’t feel rich at all . I think for couples in their 40s $10m+ would be a decent NW but anything under is just average professionals with good financial acumen.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:checked last night with the wife. 870k all in, including home equity. we're both 30 years old

140k home equity, 300k by me, 430k by her

at this point i wonder what counts as top 1% in the nation in terms of net worth at different age ranges. google's results dont convince me. and its hard to compare with my social circle in DC because everybody also has high powered careers and are earning well despite our age

Inheritances also skew everything. We make significantly more than most of our friends and save a ton but many of them are getting $10-20M+ inheritances (some are already starting the transfer process or whatever it’s called).

Do your friends tell you the size of their inheritance? I am always shocked when people claim to know dollar figures for their friends' income, net worth, inheritance, etc. I'm in my mid-40s and my friends and I never ever talk about this.

PP you quoted here, and yes, they do - we openly talk about all this but we’ve all been friends for 5-10 years minimum. Early 30s (so the “younger” millennial generation).

We’ve been friends with a bunch of couples for 20+ years and we never talk about our net worth. My husband is a named officer of a public company so people can look up his comp but no one has ever mentioned it. Talking about compensation and net worth can only lead to either bragging or jealousy so why do it?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:checked last night with the wife. 870k all in, including home equity. we're both 30 years old

140k home equity, 300k by me, 430k by her

at this point i wonder what counts as top 1% in the nation in terms of net worth at different age ranges. google's results dont convince me. and its hard to compare with my social circle in DC because everybody also has high powered careers and are earning well despite our age

Inheritances also skew everything. We make significantly more than most of our friends and save a ton but many of them are getting $10-20M+ inheritances (some are already starting the transfer process or whatever it’s called).

Do your friends tell you the size of their inheritance? I am always shocked when people claim to know dollar figures for their friends' income, net worth, inheritance, etc. I'm in my mid-40s and my friends and I never ever talk about this.

PP you quoted here, and yes, they do - we openly talk about all this but we’ve all been friends for 5-10 years minimum. Early 30s (so the “younger” millennial generation).

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It is worth leaving DC to avoid the inheritance tax. We pay enough taxes in DC already.

You can avoid inheritance taxes by having an estate plan that gives whatsoever left over to charity. With gifting and lifetime exemptions you can give a lot away to family and once you’ve done that what remains gets donated.

Many want to give most to our family. And we don't want to give it all away while alive (we might need some of it) and also at only $19k/year gift limit, it's not enough (even if we both gift our kids and their SO and their kids). It's a start but we would need to live another 100+ years to alleviate that issues of estate taxes

Anonymous wrote:

Anonymous wrote:Calculating net worth is important to me for estimating the size of the estate I will leave my children. I live in DC and the estate will be subject to inheritance tax; at this point I am not concerned about federal tax because the exempt limits are much higher.

Determining the value of the estate means including the house and also the value of the survivor benefit on my pension, which will go to one of the children, because both will be included in the estate value for inheritance tax purposes.

I do wish DC would do away with the inheritance tax. It brings in less than one percent of DC's tax revenue and incentivizes the well off to establish residency in Virginia via a second home as the state has no inheritance tax. The District then loses income tax revenue from those who do this.

I personally do not mid paying the DC income tax but really mind the estate tax. Maybe I should join the people who spend six months plus a day in Virginia and the rest in DC....

Or just move to a nearby city in NoVA with quick access to DC? Why maintain 2 homes so close to each other? but yes estate planning is real especially at the state level for estate taxes which often start much lower than federal. Why give 30-40% of your estate to the state (or DC in your case)?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:checked last night with the wife. 870k all in, including home equity. we're both 30 years old

140k home equity, 300k by me, 430k by her

at this point i wonder what counts as top 1% in the nation in terms of net worth at different age ranges. google's results dont convince me. and its hard to compare with my social circle in DC because everybody also has high powered careers and are earning well despite our age

Inheritances also skew everything. We make significantly more than most of our friends and save a ton but many of them are getting $10-20M+ inheritances (some are already starting the transfer process or whatever it’s called).

Do your friends tell you the size of their inheritance? I am always shocked when people claim to know dollar figures for their friends' income, net worth, inheritance, etc. I'm in my mid-40s and my friends and I never ever talk about this.

Anonymous wrote:

Anonymous wrote:Why are people on DCUM so obsessed with this? And how do they even know the number?

I haven’t posted on this thread, but I know my net worth because about 11 years ago I made a Google sheet to track it. List all my assets in one chart, debts in another, and subtract—at the end of every year.

It helps me to see patterns, keep the faith, and plan.

Anonymous wrote:

Anonymous wrote:checked last night with the wife. 870k all in, including home equity. we're both 30 years old

140k home equity, 300k by me, 430k by her

at this point i wonder what counts as top 1% in the nation in terms of net worth at different age ranges. google's results dont convince me. and its hard to compare with my social circle in DC because everybody also has high powered careers and are earning well despite our age

Inheritances also skew everything. We make significantly more than most of our friends and save a ton but many of them are getting $10-20M+ inheritances (some are already starting the transfer process or whatever it’s called).

Anonymous wrote:Why are people on DCUM so obsessed with this? And how do they even know the number?

Anonymous wrote:

Anonymous wrote:It is worth leaving DC to avoid the inheritance tax. We pay enough taxes in DC already.

You can avoid inheritance taxes by having an estate plan that gives whatsoever left over to charity. With gifting and lifetime exemptions you can give a lot away to family and once you’ve done that what remains gets donated.