Net Worth at 30 - Page 7 - TigerDroppings.com

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Zach
LSU Fan
Member since May 2005
62929 posts

re: Net Worth at 30


quote:

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

I was a jigalo. But i got religion.






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aaronb023
LSU Fan
Boxtard Baseball Club
Member since Feb 2005
10394 posts

re: Net Worth at 30


after reading through this thread, there really should be a money talk primer thread or something. how people can not know how to figure net worth baffles me.





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Zach
LSU Fan
Member since May 2005
62929 posts

re: Net Worth at 30


quote:

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

I've quoted more posts than you have on this thread. I'm tired of quoting posts. I've made my point. I don't have reading problems, you people have writing problems.
I know a contradiction in terms when I see it. You cannot say mortgage = liability and mortgage does not = liability. Ya gotta pick one.






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Sigma_
Wake Forest Fan
Member since Jun 2013
46 posts

re: Net Worth at 30


Zach, congrats on the outstanding Money Board trolling. This is the best one I can remember not related to bitcoins or life insurance.

and Liability = Applesauce, hope that clears it up







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EventHorizon
LSU Fan
Baton Rouge, LA
Member since Feb 2009
267 posts

re: Net Worth at 30


Assets - Debts = Net Worth (nobody using Mint?)

You sell EVERYTHING you own.
You pay off ALL your debts.
Whatever money you in your pockets now, that's your net worth. If you couldn't pay your debts after selling everything, you have a negative net worth.






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jimbeam
USA Fan
University of LSU
Member since Oct 2011
30005 posts

re: Net Worth at 30


this grasshopper has a long way to go...





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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6146 posts

re: Net Worth at 30


quote:

Assets - Debts = Net Worth (nobody using Mint?) You sell EVERYTHING you own. You pay off ALL your debts. Whatever money you in your pockets now, that's your net worth. If you couldn't pay your debts after selling everything, you have a negative net worth.


This is how I see it. 38, 500k net worth on the button. 2008-2009 was brutal.






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Zach
LSU Fan
Member since May 2005
62929 posts

re: Net Worth at 30


OK, gonna hafta go caps.

After I acknowledged your definition of net worth excluding mortgage we got this post:

quote:

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


Let me translate his post for you:

'MORTGAGE IS A LIABILITY'

'MORTGAGE IS A LIABILITY'

'MORTGAGE IS A LIABILITY'

Are you following so far? Well, when he made this post I said "That's a contradiction. You cannot tell me that mortgage is NOT a liability and then tell me it IS a liability. Those concepts are mutually exclusive."

And you people think I have reading comp problems?






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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
67655 posts

re: Net Worth at 30


This may help but I doubt it:







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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10588 posts
 Online 

re: Net Worth at 30


I think basic math is beyond him. Everyone has said from the beginning that the mortgage=debt=liability.

Why he can't understand the the difference between the value of the house and the balance of the debt is an asset is beyond me.






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Anfield Road
Mississippi St. Fan
Rocket City
Member since May 2012
898 posts

re: Net Worth at 30


quote:

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

1. You: "a mortgage is a liability"
CORRECT

2. Everyone: "net worth is assets minus liability"
Networth = Assets - Liability

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

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

You believe this to be false as you are using the following for assets and liabilities:
ASSETS - $10 in your pocket
LIABILITIES - $1,000,000 mortgage

You believe the net worth should be 10 - 1,000,000 = -$999,990.00

Your liabilities portion is correct. However, you are excluding the value of the home (if there is one) in the assets column. Thus, if you truly have a home valued at $1,000,000 the following should be the formula:
ASSETS = $10 in your pocket and $1,000,000 home
LIABILITIES = $1,000,000
NET WORTH = ($10 + $1,000,000) - $1,000,000 = $10


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


I think I found the source of confusion.

ETA: Or maybe he interprets the statement "net worth is assets minus liabilities" as net worth is assets without taking into account of the liabilities.



This post was edited on 7/31 at 2:03 pm


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ell_13
USA Fan
Alex Box
Member since Apr 2013
20734 posts

re: Net Worth at 30


He's having issues separating the worth of a physical asset (house) and the financial liability of said asset (mortgage). I hope he's not a catholic.


This post was edited on 7/31 at 2:10 pm


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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10588 posts
 Online 

re: Net Worth at 30


quote:

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

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


He also failed to state a value for the house. Apparently he has a million dollar mortgage debt on a house with no value.






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Sigma_
Wake Forest Fan
Member since Jun 2013
46 posts

re: Net Worth at 30




You seem to be hung up on "net worth excluding mortgage". Just drop that out of your head and the rest of it should make sense.



This post was edited on 7/31 at 4:00 pm


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Zach
LSU Fan
Member since May 2005
62929 posts

re: Net Worth at 30


My problem is not math. My problem is linquistics.

I'm reading posts up in here that say two opposing things.

1. If you owe 100K on your house (your mortgage) that is not a liability. Therefore, it does not compute in the 'asset minus liability' formula for determining net worth.

2. If you owe 100K on your house (your mortgage) that is indeed a liability. Yet, that still does not compute in the 'asset minus liability' formula.

A thing cannot BE a liability and NOT a liability at the same time.

Maybe we should do a poll:

Is what you owe on your house a liability? Yes or No?











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Sigma_
Wake Forest Fan
Member since Jun 2013
46 posts

re: Net Worth at 30


Both points are incorrect. It is a liability and does compute in the asset minus liability formula.

Why do you feel like 1 or 2 has to be correct? Maybe that is your hangup.






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Sigma
Michigan State Fan
Fairhope, AL
Member since Dec 2005
1810 posts
 Online 

re: Net Worth at 30


quote:

My problem is not math. My problem is linquistics. I'm reading posts up in here that say two opposing things. 1. If you owe 100K on your house (your mortgage) that is not a liability. Therefore, it does not compute in the 'asset minus liability' formula for determining net worth.


There is literally no post or part of a post from anyone in this thread other than you that has said a mortgage is not a liability.






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Zach
LSU Fan
Member since May 2005
62929 posts

re: Net Worth at 30


OK, you people been messin' with me. Good joke. I fell for it. Have a great day.





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schlow mo
Mississippi St. Fan
New Orleans
Member since Feb 2010
5179 posts

re: Net Worth at 30


quote:

Zach


You cannot be this dumb.

I applaud your trolling.






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ell_13
USA Fan
Alex Box
Member since Apr 2013
20734 posts

re: Net Worth at 30


I give him a 8/10. It was pretty convincing for a bit. He's got an advantage though bc there is very little trolling on this board relatively speaking





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