Anonymous
Post 01/14/2011 10:26     Subject: Re:S/O of dual income HHI thread - what's your net worth compared to your income?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:plus you really have to take into account how much you expect to inherit, and when.


ROFLMAO, how in the world can you judge if your parents will die at 80 or 100? And beware the second spouse, who can take all that planned inheritance money away from the kids. Happened to me.


Me too. 2nd spouse gets everything. DHs parents don't have anything for us to inherit. So we are on our own, which is just fine and we are doing very well.


my parents don't have much, but they are pretty clear as to what they expect to give to their children. I guess you never know about second spouses, but it doesn't really seem to be a risk in their case. mid to late 70s each. But if my mom died first and my dad remarried, good for him I suppose.


My dad remarried at 70. Don't count any chicks before they hatch.
Anonymous
Post 01/14/2011 10:20     Subject: Re:S/O of dual income HHI thread - what's your net worth compared to your income?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:plus you really have to take into account how much you expect to inherit, and when.


ROFLMAO, how in the world can you judge if your parents will die at 80 or 100? And beware the second spouse, who can take all that planned inheritance money away from the kids. Happened to me.


Me too. 2nd spouse gets everything. DHs parents don't have anything for us to inherit. So we are on our own, which is just fine and we are doing very well.


my parents don't have much, but they are pretty clear as to what they expect to give to their children. I guess you never know about second spouses, but it doesn't really seem to be a risk in their case. mid to late 70s each. But if my mom died first and my dad remarried, good for him I suppose.
Anonymous
Post 01/14/2011 10:10     Subject: S/O of dual income HHI thread - what's your net worth compared to your income?
36, 38
about 800K
350K equity
350K 401k
50k other invest
50k cash
plus an annual federal retirement annuity of 90K (based on 30 years of service---10 in now with no plans to leave, current federal salary just shy of 300K)
Anonymous
Post 01/14/2011 09:50     Subject: Re:S/O of dual income HHI thread - what's your net worth compared to your income?
Anonymous wrote:
Anonymous wrote:plus you really have to take into account how much you expect to inherit, and when.


ROFLMAO, how in the world can you judge if your parents will die at 80 or 100? And beware the second spouse, who can take all that planned inheritance money away from the kids. Happened to me.


Me too. 2nd spouse gets everything. DHs parents don't have anything for us to inherit. So we are on our own, which is just fine and we are doing very well.
Anonymous
Post 01/14/2011 09:44     Subject: Re:S/O of dual income HHI thread - what's your net worth compared to your income?
Anonymous wrote:
Anonymous wrote:plus you really have to take into account how much you expect to inherit, and when.


ROFLMAO, how in the world can you judge if your parents will die at 80 or 100? And beware the second spouse, who can take all that planned inheritance money away from the kids. Happened to me.


Yup. Every time my father accumulated many $ he "invested" in super high return investments. He never figured out that promised sky high return = sky high risk. My mother collected a million dollars insurance when he died. She hid it from me and brother as other brother spent it all on oxycontin. Boy, is that stuff expensive! Didn't know till too late - all gone.

Elderly parents marry and hand $ over to new spouse. They can get scammed in other ways too in the time when they're losing it but not enough to secure guardianship. The market crashes. They invest in Madoff. Etc Etc

Okay, I feel better. Thank you for listening to my rant.

Anonymous
Post 01/14/2011 09:30     Subject: S/O of dual income HHI thread - what's your net worth compared to your income?
HHI = $180K (this is not part of net worth)
Home Equity = at least $200K (=estimated home value - mortgage debt)
Retirement+College Savings = $170K

College Debt = $200

Total = $170K
We are 38 and 39 and have 3 kids

Anonymous
Post 01/14/2011 09:17     Subject: Re:S/O of dual income HHI thread - what's your net worth compared to your income?
Anonymous wrote:plus you really have to take into account how much you expect to inherit, and when.


ROFLMAO, how in the world can you judge if your parents will die at 80 or 100? And beware the second spouse, who can take all that planned inheritance money away from the kids. Happened to me.
Anonymous
Post 01/13/2011 22:02     Subject: S/O of dual income HHI thread - what's your net worth compared to your income?
Anonymous wrote:I'm surprised at how few people have student debt.


Parents paid for undergrad-I went to a state school with very cheap tuition. For graduate school, I worked full time, took 2 classes per semester until I was done-I paid for the classes as I went along. It wasn't easy to work during the day and take evening classes but it's so worth it now with no student loans.
Anonymous
Post 01/13/2011 21:54     Subject: S/O of dual income HHI thread - what's your net worth compared to your income?
Anonymous wrote:105K income this year.
300K net worth (mortgage/debt incl.), give or take a few 10K!
30 years old and 50 years old.


OK, DH tells me I should get out of my post-partum stupor and that we have 1M in net worth. Apparently investments are doing well. Thank goodness one of us is keeping on top of things!
Anonymous
Post 01/13/2011 21:37     Subject: S/O of dual income HHI thread - what's your net worth compared to your income?
What the heck. We are mid-40s.

HHI = $250-$300K (this is not part of net worth)

Home Equity = at least $450K (=estimated home value - mortgage debt)
Retirement+College Savings = $950K
Other = $100K

Total = 1.5 Million
Excludes about a $18K per year pension (assuming it is still funded in 20 yrs)

No debt. all of this saved. Somewhat lucky in pulling out of stocks before recent crash.
Anonymous
Post 01/13/2011 19:45     Subject: Re:S/O of dual income HHI thread - what's your net worth compared to your income?
Anonymous wrote:plus you really have to take into account how much you expect to inherit, and when.[/quote

we dont' "plan" for inheirtence, it's not in any of our calculations. We will likely get some, but it's not our money and I don't plan on it.

We know we want $7m when we retire (thats our goal) in early 60s. We are late 30s, HHI $275K and net worth is about $1.5M. This does not include $75K in emergency funds and $70K in college savings (4 and 5yo).
Anonymous
Post 01/13/2011 18:28     Subject: Re:S/O of dual income HHI thread - what's your net worth compared to your income?
plus you really have to take into account how much you expect to inherit, and when.
Anonymous
Post 01/13/2011 18:01     Subject: Re:S/O of dual income HHI thread - what's your net worth compared to your income?
Anonymous wrote:Net worth $1.2 million. HHI ~$463K. 38 and 40. No inheritance...all our own $.

husband invests just about everything we make...always has....we have old, reliable cars (though usu. walk everywhere) and are not flashy. We have 2 modest homes in good urban zipcodes.

My stroller is often made fun of on this forum.


Where does your DH invest your money? My investments haven't gotten me anywhere in the last 10 years.
Anonymous
Post 01/13/2011 17:38     Subject: S/O of dual income HHI thread - what's your net worth compared to your income?
Anonymous wrote:I'm surprised at how few people have student debt.


My DH devoted the first 5 years post-college to paying his off...he didn't buy a car, he rented a crappy apt in a not-so-great area, he didn't spend much, etc....literally just about everything went into the loans.

I was fortunate to have parents that paid for my 4 years of undergrad. I got a stipend for my graduate degree which covered tuition, books, etc. i just had to teach a couple microbiology labs.

We are pouring everything into our kids' 529's and other investments. They haven't hit K and are pretty well-off with respect to college $. I don't want them to be saddled with debt when they start out.
Anonymous
Post 01/13/2011 17:27     Subject: S/O of dual income HHI thread - what's your net worth compared to your income?
I'm surprised at how few people have student debt.