Your net worth

[umairejaz]

Maybe this thread will be taken the wrong way.... but is no way intended to.

If you feel comfortble post....

1. Your age
2. Your total realized income
3. Inheritance
4. Your total net assets


Try this formula determining what your assets *should* be.

[(AGE * INCOME)/10]-INHERITANCE

--------------------------------------------------------------------------
Realized Income = Income you report to IRS, taxable income.
Inheritance= Any lump sum of money given or gifts given you consider as yours
Net Assets=What you own - what you owe
--------------------------------------------------------------------------
This formula should help you see what you should have accumulated at your age and your income level. If you are above it then you are well off in accumulating wealth. If you are below it then you are an underachiever of wealth.

[tony]

Ha.. I started a thread like this a couple of years ago when my net worth was in the +$50k range, felt like a tool for doing so afterwards. I'll play along though, no shame.

1. 28
2. $60k
3. Inheritance? What is that? $0
4. Hard one there since I havent had my house appraised lately. All things considered possibly $45k

Going by your formula I should be worth $168,000.. interesting formula and I'd love to see how many people at my salary are worth that much.

[ironchef]

I think mine is negative lol.

1. 21
2. I think I average about $15k/year part time.
3. Would be nice to know if I have one.
4. Don't have anything really valuable enough to list as an asset lol.

By the formula assets should be $31,500.

Hopefully this time next year I'll be graduated and working a real job, unless I get my business up and running, and have something to show for it lol.

[umairejaz]

I love when you guys particiate :)

Tony, why did you feel that?

ironchef, your very smart for someone your age! I thought you were much older for some reason.

[umairejaz]

I think my numbers look something like this,
1. 21
2. $13,000 yr
3. 0
4. 24k

Should be: $27,300

[ironchef]

Thanks, now if only I could figure out my business idea ;/. My blood boils at the thought of working for the man for any extended period of time after graduating college.

[umairejaz]

Well its very common for college students to be well in their negatives once graduated. Especially those going straight to grad school and then phd's.

[ironchef]

I won't be negative when I graduate, aside from maybe a car loan. But student loans will be paid off, and the remainder of my debt should be paid off by the end of the year *crosses fingers**knocks on wood* lol.

[umairejaz]

well a car loan would go against your net assets in this formula.

[BUGMAN]

After dropping out of high school.

1. 39 years old
2. 160k+
3. 0
4. $50

No bragging here but I am a prime example of what "anyone" can accomplish. Keep your head high and always do your best!

[umairejaz]

Your worth 1.8?! wow, do give a bit more details if you dont mind.

[BUGMAN]

well a car loan would go against your net assets in this formula.

All negative assets must be subtracted from worth in order to get a correct "net worth" correct? I am understanding that after you take your income and assets you must subtract all loans to get your actual value. Also not using sticker prices on anything of value but NADA and actual value of worth assets.

[yogi08]

After dropping out of high school.

1. 39 years old
2. 160k+
3. 0
4. 1.8

No bragging here but I am a prime example of what "anyone" can accomplish. Keep your head high and always do your best!
inspirational

[umairejaz]

All negative assets must be subtracted from worth in order to get a correct "net worth" correct? I am understanding that after you take your income and assets you must subtract all loans to get your actual value. Also not using sticker prices on anything of value but NADA and actual value of worth assets.

Yes NET assets = total assets minus total liabilities

...and of course, current appreciated/depreciated values

[BUGMAN]

Your worth 1.8?! wow, do give a bit more details if you dont mind.

Just a hard working Bugman. ;)

It would be a tad bit better but had to subtract the biggest money pit I have ever purchased.

Word of advice. Never buy a conversion van of any kind or a brand new R.V. You will lose 20% or more per year in net value on both.

[ironchef]

Yes NET assets = total assets minus total liabilities

...and of course, current appreciate/depreciated valuesActually total assets - total liabilities = owners equity :D.

[BUGMAN]

inspirational

That Sir is the only reason I ever discuss my financial status to anyone. For the first 10 years of my marriage we were on food stamps, welfare, W.I.C. and Medicaid for our children. Ramen noodles kept us fed for many years. :D

Now let's get back to the topic. I love seeing young folks on the right track. I am an old fart and should be way better off than I am but had to learn everything the hard way.

[umairejaz]

^So you could quite possibly be the one and only millionaires on this site huh?! Major props.

[umairejaz]

Actually total assets - total liabilities = owners equity :D.

yes same thing, many different words for the same concepts :D

[yogi08]

That Sir is the only reason I ever discuss my financial status to anyone. For the first 10 years of my marriage we were on food stamps, welfare, W.I.C. and Medicaid for our children. Ramen noodles kept us fed for many years. :D

Now let's get back to the topic. I love seeing young folks on the right track. I am an old fart and should be way better off than I am but had to learn everything the hard way.
ive never met anyone in my life like bugman ahaha, but one day ill be as successful as him.

[umairejaz]

That Sir is the only reason I ever discuss my financial status to anyone. For the first 10 years of my marriage we were on food stamps, welfare, W.I.C. and Medicaid for our children. Ramen noodles kept us fed for many years. :D

Now let's get back to the topic. I love seeing young folks on the right track. I am an old fart and should be way better off than I am but had to learn everything the hard way.

For some reason I totally believe you. I am assuming your an entrepreneur now correct?

[Dr.Pepper]

1.12 lolol
2.$200 lol
3.wtf?
4.like$14 lol

[yogi08]

For some reason I totally believe you. I am assuming your an entrepreneur now correct?
id believe anything bugman ever told me, although he told me some BS about mustangs at first to see if i knew anything about them (i think thats what it was) but later corrected what he told me haha. i felt stupid. anyhow, bugman is honest guy and one of the only few 130% honest people on this site. id trust him with a million dollars and know he would have it when i needed it back lol

[BUGMAN]

For some reason I totally believe you. I am assuming your an entrepreneur now correct?

Yes Sir but I am out spraying houses everyday with my guys. I do take time off every now and then to tinker with the cars but work always comes first.

I think the most important lesson in life no matter what your worth may be is to never forget where ya come from and we are all human.


id believe anything bugman ever told me, although he told me some BS about mustangs at first to see if i knew anything about them (i think that's what it was) but later corrected what he told me haha. i felt stupid.

Didn't mean to make ya feel stupid and we were just messing with ya. Austin is worse than I am if he can get ya going good enough. We would of never let ya leave here thinking stupid truths. ;)

You have to admit though, we are always having fun doing something stupid. :bump:

[Crazy Asian]

1.21
2.10-15K
3. I know I have one but father told me he'll explain everything when I turn 25.
4. Dont know. Like 5k?

Im young but Ive got a future so Im just gonna stand on that path.

[LiL PaKi]

1. 22 ( will be on aug 2)
2. 45k
3. 0
4. 99k (22* 45,000)/10)- 0= 99k

[DUBSf22c]

1. 21
2. 40k
3. not ****
4. 84

[LeX]

nothing much here... college student working crap job until grad school

1. 23
2. 31k
3. nothing
4. probably around 40k



worth 71,760 ugh

[BUGMAN]

1. 22 ( will be on aug 2)
2. 45k
3. 0
4. 99k (22* 45,000)/10)- 0= 99k

Same birthday as my son. :goodjob:

Happy Birthday early.

[Rican219]

1. 29
2. 90k
3. None
4.280k (29* 90,000)/10)- 0= 261,000k

[Rican219]

I think the most important lesson in life no matter what your worth may be is to never forget where ya come from and we are all human.


YOU DAMN RIGHT!!! :goodjob: :goodjob: :goodjob: :goodjob: :goodjob: :goodjob:

I was handed nothing and I worked hard for what I have and I came up from the bottom.

[umairejaz]

1. 22 ( will be on aug 2)
2. 45k
3. 0
4. 99k (22* 45,000)/10)- 0= 99k


Wow, you've already hit 6 figures in total assets?

[AirMax95]

1. 24
2. $54,000
3. Hmmmm...$0
4. ~$25k

[(24 * $54,000)/10] - $0 = $129,600

[LiL PaKi]

Wow, you've already hit 6 figures in total assets?

yup it's called working in the field i want since senior year of high school.. and getting through college quick with 2 bachelors.. it's called dedication

[LiL PaKi]

Same birthday as my son. :goodjob:

Happy Birthday early.

thanks!!

[ironchef]

Wow, you've already hit 6 figures in total assets?She did the formula for #4 instead of listing her actual assets, she listed what should be her assets ;).

[Truegiant]

Maybe this thread will be taken the wrong way.... but is no way intended to.

If you feel comfortble post....

1. Your age
2. Your total realized income
3. Inheritance
4. Your total net assets


Try this formula determining what your assets *should* be.

[(AGE * INCOME)/10]-INHERITANCE
Still having a hard time figuring out if the assets should be positive or negative? I have two houses and owe on both of them. Do I just use the equity in the homes as an asset or the entire worth of the house? I am interested in typing this in! Then that would subtract from student loans etc... correct?

[LiL PaKi]

She did the formula for #4 instead of listing her actual assets, she listed what should be her assets ;).

oh **** i just looked back at it.. ohhhh
it should be 99k but my total assets are hmmm... 35k

[ironchef]

Still having a hard time figuring out if the assets should be positive or negative? I have two houses and owe on both of them. Do I just use the equity in the homes as an asset or the entire worth of the house? I am interested in typing this in! Then that would subtract from student loans etc... correct?The entire house is an asset, the loan is a liability and the equity you have is your owners equity.

Assets = Liabilities + Owners Equity.

[Zeeb]

1. 23
2. 26k a year
3. 0
4. car loan for 19000 plus two credits cards 2000 = 21000 < what do i do with this part... the formula doesnt call for it.

[Truegiant]

Ok..

1. 24
2. 42,000
3. 15,000
4. 412,500 ( 2 houses, 3 cars, 401k, misc. investments)

Assets should be = 85,800

I think I filled this out correctly.

[umairejaz]

^no you didn't.

Net assets = current value of all you own - all you owe

It is VERY likely and not uncommon for someone to be in negatives even if they have a 6 figure salary.

[umairejaz]

oh **** i just looked back at it.. ohhhh
it should be 99k but my total assets are hmmm... 35k


And you call yourself an accountant :D

[LiL PaKi]

And you call yourself an accountant :D

LOL DIAF!!

[IndianStig]

1. 18
2. 10k ...not set to hit that this year =(
3. 0
4. 15k actual, no debt at all, no car loans, this is all savings accounts (that i have no access to yet)

18*10=180/10=18k

guess im 3k short.

oh well, i plan on working my ass off by in the next 2 years so by the time im 21 (almost 19) i should be at

1. 21
2. 24k
3. 0....hopefully still, but unlikely since i know my grandma is on her way out. =(
4. 35k

thats my goal. before deciding on grad school or work.

[IndianStig]

Ok..

1. 24
2. 42,000
3. 15,000
4. 412,500 ( 2 houses, 3 cars, 401k, misc. investments)

Assets should be = 85,800

I think I filled this out correctly.

military?

[Vteckidd]

1. 27
2. $50,000
3. 0
4. $50,000

For number 4 i basically just used what i own outright, i dont have any bills really and no debt. I figure Assets down to my flatscreen TV< furniture, inventory from my business, cars, money in savings an checking ,etc.

$135,000

SHIIIIIIT let me cash that in!@

[Truegiant]

military?
yep

[IndianStig]

yep

inspiring.

[Truegiant]

Ok..

1. 24
2. 42,000
3. 15,000
4. 412,500 ( 2 houses, 3 cars, 401k, misc. investments)

Assets should be = 85,800

I think I filled this out correctly.


I asked about the subtracting the two.. anywho.. then my numbers are..

1. 24
2. 42,000
3. 15,000
4. Approx. 88,000 of net assets! Makes more since!

Assets should be = 85,800

[twins]

Maybe this thread will be taken the wrong way.... but is no way intended to.

If you feel comfortble post....

1. Your age
2. Your total realized income
3. Inheritance
4. Your total net assets


Try this formula determining what your assets *should* be.

[(AGE * INCOME)/10]-INHERITANCE

ok help me i'm not that smart:thinking:
1.34yrs old
2. 60k
3. 500k
4. 119k all is payed for no debt.

[Truegiant]

inspiring.
Like one of the other people in here posted. It takes alot of hard work to be broke!! haha.. Graduated high school at 17 and never looked back. Civil Engineering and a TECH degree in Automotive Mech. Worked for a civil engineering firm before I joined the military. Hopefully my numbers will change alot in about six months. Thats when I should be leaving for flight school! :boobies:

[Truegiant]

ok help me i'm not that smart:thinking:
1.34yrs old
2. 60k
3. 500k
4. 119k all is payed for no debt.

500k - 119k = Lots of money that is un-accounted for! Thats the only thing i see wrong.. haha!

[twins]

500k - 119k = Lots of money that is un-accounted for! Thats the only thing i see wrong.. haha!what do you mean? 119k is my house and cars all payed for and 500k is in the bank and stocks. from my inheritance.
i don't know how it works

[ironchef]

500k - 119k = Lots of money that is un-accounted for! Thats the only thing i see wrong.. haha!No, his case is different.

Hes got $119k in net assets, if his post is true about it being all payed for. Plus a $500k inheritance, so in theory his total assets are $619k. But the formula would be:

(34 x $60k)/10 - 500k = -296,000

So, its kind of a wacky formula.

[Truegiant]

No, his case is different.

Hes got $119k in net assets, if his post is true about it being all payed for. Plus a $500k inheritance, so in theory his total assets are $619k. But the formula would be:

(34 x $60k)/10 - 500k = -296,000

So, its kind of a wacky formula.


^^ thats what i was getting at. i didnt understand why you didnt have the 500k in your asset block. The way i looked at it was that you took the 500k and bought 119k worth of stuff and the rest was gone. But anywho.. let me know when you know someone else trying to give away 500k!

[twins]

it was my grandfather he passed and left me that so i'm worth 296k yet i have 500k in the bank and stocks and every thing is payed for I dam don't understand now?

[ironchef]

it was my grandfather he passed and left me that so i'm worth 296k yet i have 500k in the bank and stocks and every thing is payed for I dam don't understand now?Its a weird formula, I wouldn't look too into it, or really even worry about it.

[umairejaz]

Twin, I think you might have found a glitch in the formula, it’s from a book I read once. In your case it would have to be what the investment was when it was given to you. Everything accumulated after that is considered your own because it was you who, instead of spending it, left it in stocks and bonds. That difference would not be inherited. It would be your earning that you gained by simply saving.

BTW: I edited the orignal post to explain it a bit more.

[Zeeb]

1. 23
2. 23000 a year
3. 0
4. my car debt 20.000 < where does that go in the equation

either way according to the formula i am worth 52900$

[Humphrizzle]

19
salary: 20k/year
inheritance: around 100-200k when parents die
car is appraised at 5300 dollars, have about 1000 dollars in possessions

[umairejaz]

If your in debt then your in the negatives. The formula says what you SHOULD be worth... not what you ARE.

Inheritance only counts when u are actually given something... not if it still hasn't hanged hands.

[IndianStig]

why not just take inheritance outta the picture. its useless.

in the end the money you get from it is just another asset which adds to how much you are worth.

[umairejaz]

Many people are given thousands of dollars in inheritance.... some people spend it, while others invest it making themselves even more money.

[IndianStig]

Many people are give thousands of dollars in inheritance.... some people spend it, while others invest it making themselves even more money.



thats why it should be taken out of the equation. who cares how you got the money? as long as you got it right? just cause you have inheritance that you didn't spend, doesn't mean you invested it. IMO inheritance is just extra cash. a more perfect formula to find out how much assets you have/should have would be

total liquid assets+total worth of non-material non-liquid assets (bonds, equities)+total property worth (how much its worth minus what you owe)

why complicate it with inheritance and ****?

[Zeeb]

1. 23
2. 23000 a year
3. 0
4. my car debt 20.000 < where does that go in the equation

either way according to the formula i am worth 52900$

Damn I got stuck at the bottom AGAIN... Heres mine ^^^

[umairejaz]

thats why it should be taken out of the equation. who cares how you got the money? as long as you got it right? just cause you have inheritance that you didn't spend, doesn't mean you invested it. IMO inheritance is just extra cash. a more perfect formula to find out how much assets you have/should have would be

total liquid assets+total worth of non-material non-liquid assets (bonds, equities)+total property worth (how much its worth minus what you owe)

why complicate it with inheritance and ****?


Well some people are given the inheritance while others aren’t. This inheritance isn't because of their doing, it was simply the cards they were dealt. By not including it, it would strictly become an asset earned by the individual which is not true. It's usually never earned but given. By incorporating it, it allows for a more level playing field.

[IndianStig]

Well some people are given the inheritance while others aren’t. This inheritance isn't because of their doing, it was simply the cards they were dealt. By not including it, it would strictly become an asset earned by the individual which is not true. It's usually never earned but given. By incorporating it, it allows for a more level playing field.


inheritance is still an asset and it still adds to how much you are worth IMO. no matter how you get it.

level playing field? sounds like the no red ink law. LOL

[umairejaz]

^your correct, it is an asset, but this formula measure more then just that. It measure how much wealth you should have accumulated and if your good at collecting it or just spending it. I also believe it works better the older you are.

[Julio]

I'm worth **** now... =/
im 29...
But I do have Land, Bought in december of last year.. for 25k .. Got appraised recently , worth 47K.... bought it for a steal.

2 cars : debt of about 45k
Other loans and ****.. about 35K

So about 80k In debt..

Income last year was 72K..

This year on pace to hit about 83K

401k got $27,827

Importatlanta.com worth.. hnm... Online resourse's say is worth 80K or so.

Someone figure that **** out..

[IndianStig]

are you drunk? lol

that post seemed like someone trying to figure their finances while drunk haha


also, lol at the boss gettin owned by motherfuc,kin ******

[ash7]

Maybe this thread will be taken the wrong way.... but is no way intended to.

If you feel comfortble post....

1. Your age
2. Your total realized income
3. Inheritance
4. Your total net assets


Try this formula determining what your assets *should* be.

[(AGE * INCOME)/10]-INHERITANCE

1) 25
2) 59k
3) 0
4) hmm, according to the formula I'm worth 147,500

-jonathan

[Ruststang]

1. 22
2. $48K
3. $0
4. My house dosn't really add much since i just got it but i have about 10k in equity.

Mine should be $115600.00 I think unless im doing it wrong.

[umairejaz]

1) 25
2) 59k
3) 0
4) hmm, according to the formula I'm worth 147,500

-jonathan


wow, people still dont get it. Its not what you are worth, its what you should be.... if you have your finances straight with savings, investments, and pension plans.

[ash7]

wow, people still dont get it. Its not what you are worth, its what you should be.... if you have your finances straight with savings, investments, and pension plans.

...or unless people (me) didn't take the time to read pages of results for your genius equation. Not everyone is a mathmatician, sorry. *wow*

-jonathan

[.::UNKNOWN::.]

1. 23
2. 30,000
3. 0
4. goin by your formula it says 69,000
but i have my house which is appraised at 118,000 which i only owe about 45,000 on it and other posessions i have equal about 10,000 and total dept as of right now is i have is 55,000

[Psycho]

$2 and a handjob

[Kevykev]

Didn't know this thread was here.

Good thread! :)

According to the formula, i'm on the right track! :D

[ksniperfox]

Maybe this thread will be taken the wrong way.... but is no way intended to.

If you feel comfortble post....

1. Your age
2. Your total realized income
3. Inheritance
4. Your total net assets


Try this formula determining what your assets *should* be.

[(AGE * INCOME)/10]-INHERITANCE
.

1-21 years old
2-$45k
3-0 inheritance
4-my bike, my car, 401k/stock/retirement/ESOP fund, my personal things(sum probably 15-20k?)
5-i owe nothing to nobody

but if it use your formula for assets, i get $94k. and i do not own $94k worth of ****. lets just say a cool $20k.

[soobaroo227]

1 - 23 years old
2 - ~35k
3 - 0
4 - ~27,000

Formula = 80,500

[TurboLude]

1.22 years old
2.$18,500
3.I will inherit somewhere around $250,000 (Land investments baby!!!)
4.I own my lude so I guess $5000

I think i'm in the negatives lol.

[umairejaz]

I believe this formula will work better and more accurate the older you are and the longer you make your said income.