What is your age & net worth?

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mugs

Lifer
Apr 29, 2003
48,924
45
91
People include depreciating assets in their net worth?

Of course, because assets are assets and have a value (or "worth"). If I have $25k sitting in the bank and I go buy a car for $25k, why would my net worth suddenly drop by $25k? I could probably sell that car for $20k if I needed the money.

Similarly, if I have a car that's worth $10k and I owe $20k, that $10k deficit should be reflected in my net worth.
 

tk149

Diamond Member
Apr 3, 2002
7,256
1
0
41 and under a quarter of a million. Most of it is in home equity.

I remember setting a goal back in college of being a millionaire by age 40.
 

Kroze

Diamond Member
Apr 9, 2001
4,052
1
0
25 years old
2 vehicles - owe 23k and they are worth probably 24k combined
11.5k in the bank but going to close on a house at the end of the month
Add 8k for the homebuyer credit

cash after that will be about 16k. 115k mortgage but house is worth around 130k and 23k vehicles. My net worth will be 32k.
You are terrible at math.
 

mugs

Lifer
Apr 29, 2003
48,924
45
91
You are terrible at math.

25 years old
2 vehicles - owe 23k and they are worth probably 24k combined
11.5k in the bank but going to close on a house at the end of the month
Add 8k for the homebuyer credit

cash after that will be about 16k. 115k mortgage but house is worth around 130k and 23k vehicles. My net worth will be 32k.

I have no idea how he did it, but I think he arrived at the right total.

$1k for cars
$16k in the bank after he buys the house
$15k equity in the house

I think he's expecting $3500 closing costs on the house and apparently no down payment, which is a detail he glossed over.
 

Miramonti

Lifer
Aug 26, 2000
28,651
100
91
Age: Fermented

Net worth - $60 (includes 1 for fishing, 1 for aquarium, 1 for trunk to hold groceries.)
 
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