Net Worth at 30 - Page 6 - TigerDroppings.com

Posted byMessage
dewster
Maryland Fan
Tennessee
Member since Aug 2006
8993 posts

re: Net Worth at 30


The Millionaire Next Door formula is BS for a 30 year old.

It's more relevant for someone that's been working 10+ years.






Back to top
sneakytiger
LSU Fan
Member since Oct 2007
1063 posts

re: Net Worth at 30


You were getting hung up on the definition of "equity" in your home. Equity is already your "net worth" in your house, or stated differently the $300,000 asset (your home) less the $200,000 mortgage = your equity. Apply that concept across the board and you arrive at your personal net worth.


This post was edited on 7/30 at 1:37 pm


Back to top
Zach
LSU Fan
Member since May 2005
62853 posts

re: Net Worth at 30


quote:

Zach - anything you owe is a liability.

Well, heck, now you've contradicted everyone on this board.






Back to top
yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
67525 posts

re: Net Worth at 30


quote:

Well, heck, now you've contradicted everyone on this board


Nope, we all agree on this






Back to top
Zach
LSU Fan
Member since May 2005
62853 posts

re: Net Worth at 30


quote:

Zach - anything you owe is a liability. It doesn't matter if its credit card balance, student loans, a mortgage,


Uh, you guys just told me that a mortgage is not a liability. Now you're saying a mortgage is a liability. That's a contradiction.






Back to top
VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10533 posts

re: Net Worth at 30


No one said a mortgage isn't a liability. Of course it is. What you are hung up on is that if the asset value (home value) is larger than the debt (mortgage) the difference is considered as part of your net worth.


This post was edited on 7/30 at 1:48 pm


Back to top
Zach
LSU Fan
Member since May 2005
62853 posts

re: Net Worth at 30


quote:

No one said a mortgage isn't a liability

That's obviously a false statement. Let's go through it really slow:

1. You: "a mortgage is a liability"

2. Everyone: "net worth is assets minus liability"

3. Example: "I have ten bucks and a million dollar mortgage debt"

4. You: "Your net worth is ten bucks."

Conclusion: Mortgage is not a liability. Your No. 1 and No. 4 are contradictions.






Back to top
VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10533 posts

re: Net Worth at 30


WTF are you smoking?





Back to top
VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10533 posts

re: Net Worth at 30


Liability

quote:

a.
moneys owed; debts or pecuniary obligations (opposed to assets ).
b.
Accounting. liabilities as detailed on a balance sheet, especially in relation to assets and capital.



This post was edited on 7/30 at 2:10 pm


Back to top
sneakytiger
LSU Fan
Member since Oct 2007
1063 posts

re: Net Worth at 30


(no message)





Back to top
sneakytiger
LSU Fan
Member since Oct 2007
1063 posts

re: Net Worth at 30


The house. You have to account for the house. It's an asset. Your asset. The whole thing.

hooray, my first double post ever



This post was edited on 7/30 at 2:12 pm


Back to top
Latebloomer
LSU Fan
Passing through
Member since Jul 2012
151 posts

re: Net Worth at 30


Zach - your house is a $300,000 asset less your mortgage which is a $200,000 liability and gives you $100,000 in equity which would be your net worth.





Back to top
iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4482 posts

re: Net Worth at 30


You are making my face hurt.





Back to top
TheCaterpillar
LSU Fan
Nashville from BR via Oxford
Member since Jan 2004
35647 posts

re: Net Worth at 30


quote:

Zach - your house is a $300,000 asset less your mortgage which is a $200,000 liability and gives you $100,000 in equity which would be your net worth.






Back to top
Zach
LSU Fan
Member since May 2005
62853 posts

re: Net Worth at 30


quote:

You are making my face hurt.

Sorry, but there are so many contradictions on this thread I feel like I need to do a tutorial in logic.

Let's start with this:

All matter in the universe can be bifurcated into 2 categories:

a. That which is Zach's dog.
b. That which is not Zach's dog.

You guys have simultaneously said that what you OWE on a mortgage is NOT a liability in terms of net worth and have said what you OWE on a mortgage IS a liability in terms of net worth.

Aristotle and I call that a contradiction.






Back to top
yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
67525 posts

re: Net Worth at 30


I'm just curious what you did for a living before retirement





Back to top
LSUBrad5277
LSU Fan
North Louisiana
Member since Jan 2011
12534 posts

re: Net Worth at 30


Sometimes reading the comments on the money board makes me wonder why there isn't more millionaires in louisiana then I remember this is a message board.

Everything is BS unless accompanied with a pic of paycheck stub, last years tax return, house address for lookup, pic of car title or car loan statement, checking account and savings account, and retirement statement.

I'm not OT or money board balling but those who claim too be nut up and show us.






Back to top
Sigma
Michigan State Fan
Fairhope, AL
Member since Dec 2005
1792 posts

re: Net Worth at 30


I refuse to believe he is serious. No way he is as comfortably financially as he claims without understanding this simple concept.

My guess is he understood the ambiguity about 3 pages back and now is just passing time until his next ATM withdrawal in the morning.






Back to top
VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10533 posts

re: Net Worth at 30


quote:

You guys have simultaneously said that what you OWE on a mortgage is NOT a liability in terms of net worth and have said what you OWE on a mortgage IS a liability in terms of net worth.


You're going to have to quote some posts to prove this. No offense, but I suspect your reading comprehension is the issue here.






Back to top
VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10533 posts

re: Net Worth at 30


quote:

Everything is BS unless accompanied with a pic of paycheck stub, last years tax return, house address for lookup, pic of car title or car loan statement, checking account and savings account, and retirement statement.

I'm not OT or money board balling but those who claim too be nut up and show us.


Why in the frick do any of us have to show you anything? BTW, I'm way past 30 so the age part doesn't apply to me at all.






Back to top


Back to top




//