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

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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 values

Actually total assets - total liabilities = owners equity .

[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.

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 .

yes same thing, many different words for the same concepts

[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.

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.

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.

[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.

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!!!

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.

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.