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1
Posted on 7/29/15 at 3:27 pm to LSUneaux
Do you live in a cardboard box?
Posted on 7/29/15 at 3:30 pm to Ace Midnight
quote:
No - I'm saying you can either eat OR have $5 million in 30 years. Your choice, Afro.
Damnit Maybe I should skip a meal or two and aim for 3MM.
Posted on 7/29/15 at 3:40 pm to lynxcat
quote:
100k net worth is really pennies in the grand scheme (at least that's how I look at it). 250k is more of a target in my mind. At that point, your money can really start working for you.
250k by the time I am 30 would be terrific. May be a stretch goal, but that is why it is a goal after all.
You must have skated by the hell that is student loans
Posted on 7/29/15 at 3:46 pm to TigerTatorTots
quote:
Pretty sure I already hit 100k worth if you count the 20% I just put down on a house a couple months ago
Haha. That's the problem with people. Your net worth isn't 100k if you just put down money to take on more debt. Nice try!
Posted on 7/29/15 at 3:47 pm to FlyingTiger85
quote:
Haha. That's the problem with people. Your net worth isn't 100k if you just put down money to take on more debt. Nice try!
Posted on 7/29/15 at 3:49 pm to FlyingTiger85
Haha. You don't understand what net worth means.
Posted on 7/29/15 at 3:49 pm to TigerTatorTots
I broke that 6th digit at 27, FWIW.
Posted on 7/29/15 at 3:51 pm to TheHiddenFlask
quote:
Haha. You don't understand what net worth means.
Net worth (sometimes called net or wealth) is the total assets minus total outside liabilities of an individual or a company.[1] Net worth is used when talking about the value of a company or in personal finance for an individual's net economic position.[2]
Put another way, net worth is what is owned minus what is owed. In business it is often used in the context of fraudulent law and on the dissolution of the company.
Wikipedia
Posted on 7/29/15 at 3:52 pm to TheHiddenFlask
I was 26. Doesn't mean shite really....still have a long way to go.
Posted on 7/29/15 at 3:53 pm to FlyingTiger85
quote:
Put another way, net worth is what is owned minus what is owed.
If he put $10,000 on a $100,000 house he owes $90,000. If he turned around and sold that $100,000 house he would get $10,000 out of it, no?
ETA: The wife and I hit it late twenties, including equity in house.
This post was edited on 7/29/15 at 3:55 pm
Posted on 7/29/15 at 3:55 pm to FlyingTiger85
So you're saying you know the definition but don't understand basic math?
Or is it words that you have trouble with?
Did YOU really just try to call ME out? That's precious.
Or is it words that you have trouble with?
Did YOU really just try to call ME out? That's precious.
Posted on 7/29/15 at 3:57 pm to TheHiddenFlask
I'll be hitting 27 in a few months
Posted on 7/29/15 at 4:00 pm to FlyingTiger85
So according to your logic...
Person A has $100,000 in a bank with zero liabilities and rents.
Person B has $100,000 in a bank and takes $50,000 to put a down payment on a $250,000 house.
Person A has a net worth of $100,000 and person B has a net worth of negative $150,000?
Person A has $100,000 in a bank with zero liabilities and rents.
Person B has $100,000 in a bank and takes $50,000 to put a down payment on a $250,000 house.
Person A has a net worth of $100,000 and person B has a net worth of negative $150,000?
Posted on 7/29/15 at 4:01 pm to FlyingTiger85
quote:
Your net worth isn't 100k if you just put down money to take on more debt.
no kidding, this thread is weird
Posted on 7/29/15 at 4:02 pm to TigerTatorTots
The value of the house would be included for person B
$50,000 cash
+250,000 house
300,000 in assets
-200,000 loan on house
$100,000 net worth
$50,000 cash
+250,000 house
300,000 in assets
-200,000 loan on house
$100,000 net worth
Posted on 7/29/15 at 4:04 pm to FlyingTiger85
quote:
Haha. That's the problem with people. Your net worth isn't 100k if you just put down money to take on more debt. Nice try!
quote:Do you not understand the part that you underlined yourself? If he put 20k down on a 200k house, then he now owns a house worth 200k which he owes 180k on. That means he's +20k on the house, minus the 20k cash he put down on it means he broke even. A house is an asset, a word which features prominently in the definition of net worth that you posted.
Put another way, net worth is what is owned minus what is owed.
Posted on 7/29/15 at 4:07 pm to Korkstand
Putting a down payment on a house doesn't affect your net worth. You start with 100K and put 30K towards a house, you still have 100K net worth.
Posted on 7/29/15 at 4:11 pm to Korkstand
The bank owns the house if you still owe $180k on it.
Honestly wtf am I reading. I gotta log out
Honestly wtf am I reading. I gotta log out
Posted on 7/29/15 at 4:15 pm to Korkstand
I wonder if this guy thinks the worlds richest just have 4 billion in cash sitting around in a bank
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