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re: Net Worth at 30
Posted on 7/28/13 at 5:45 pm to LSURussian
Posted on 7/28/13 at 5:45 pm to LSURussian
quote:
By 30 a professional should be somewhere around 1/2 million dollars net worth.
Depends on the profession. Hard to accumulate a lot when you finish school at age 26 and only earn a base income of about 32k as a resident. We did get to work ER after our first yr so I was able to pay off debt and bank some. If I only doubled mine from 30-40, that wouldn't be worth a shite. Lots of variables.
1
Posted on 7/28/13 at 5:45 pm to SmackoverHawg
How much do you think having the kids had set you back by 30?
Posted on 7/28/13 at 5:47 pm to Beerinthepocket
Hard to say. It did limit my wife's earning potential as a pharmacist and of course the direct expenses. I would guess maybe 100k total over the 4 years. (26-30)
Posted on 7/28/13 at 5:53 pm to SmackoverHawg
No way these numbers are correct. If a mortgage negatively affects your net worth, how would a 30 year old have over 300k?
Let's say your house has a mortgage for $250,000. How would one have so much wealth at 30?
Let's say your house has a mortgage for $250,000. How would one have so much wealth at 30?
Posted on 7/28/13 at 5:53 pm to SmackoverHawg
quote:Of course.
Depends on the profession.
quote:You will make it up quickly, assuming Obamacare doesn't restrict medical professionals' income potential too much.
Hard to accumulate a lot when you finish school at age 26 and only earn a base income of about 32k as a resident.
Posted on 7/28/13 at 5:59 pm to Paul Allen
quote:
No way these numbers are correct. If a mortgage negatively affects your net worth, how would a 30 year old have over 300k?
Let's say your house has a mortgage for $250,000. How would one have so much wealth at 30?
Net worth is an approximation. We bought a 90,000k home and put 20k down. The home is still worth 90k. Not to mention improvements I made that increased the value. So a home mortgage doesn't necessarily hurt your net work. We bought at age 26 for 90k and sold 4 yrs later for 135k selling ourselves so no commission. So, yes the numbers do add up.
Posted on 7/28/13 at 5:59 pm to Paul Allen
The value of the house is an asset. Don't just include the mortgage as a liability.
Net Worth = Total Assets - Total Liabilities
Therefore the equity in your home is its contribution to your Net Worth, where
Home Equity = Home Value - Mortgage Balances
Net Worth = Total Assets - Total Liabilities
Therefore the equity in your home is its contribution to your Net Worth, where
Home Equity = Home Value - Mortgage Balances
Posted on 7/28/13 at 6:02 pm to LSURussian
quote:
Hard to accumulate a lot when you finish school at age 26 and only earn a base income of about 32k as a resident.
You will make it up quickly, assuming Obamacare doesn't restrict medical professionals' income potential too much.
Already have, and a lot more. Have invested in businesses unrelated to or that could benefit from Obamacare. So, I'm good. Turn 40 next yr net worth should be in neighborhood of about 4 million by then. Thanks Obama.
ETA-And remember folks, net worth isn't just the value of your cash and investments. It's all your assets including value of businesses and inventories etc v. debt. Building your own business is how you get RICH.
This post was edited on 7/28/13 at 6:09 pm
Posted on 7/28/13 at 6:08 pm to Paul Allen
Assuming you pay a fair price for your home and property values don't decline, a mortgage would not hurt your net worth and would help it if property values went up.
Say you made an average of $80k a year from 22-30. Saved avg of 20k a year. That's already $160k. Add gains on investments and it is definitely doable to get to that amount.
Say you made an average of $80k a year from 22-30. Saved avg of 20k a year. That's already $160k. Add gains on investments and it is definitely doable to get to that amount.
Posted on 7/28/13 at 6:10 pm to nolanola
Again, MTB ballers up in this bitch being that the median net worth for a 25-34yr old is 8k according to CNN Money....
I'd honestly say 100k or so would be solid at 30yrs old.
I'd honestly say 100k or so would be solid at 30yrs old.
Posted on 7/28/13 at 6:20 pm to Lsut81
I think we are referring to people who went to college, got a degree in something other than underwater basket weaving, and work in a professional capacity.
Which I would guess the 8k net worth would be met about 3-4 months into working if you have no debt.
Which I would guess the 8k net worth would be met about 3-4 months into working if you have no debt.
Posted on 7/28/13 at 6:27 pm to SmackoverHawg
quote:
Building your own business is how you get RICH.
Or, you could follow J. Paul Getty's advice, "The secret to getting rich is to get up early, work hard and strike oil."
Posted on 7/28/13 at 6:27 pm to LSURussian
quote:
By 30 a professional should be somewhere around 1/2 million dollars net worth.
Double that by 40, double again by 50 and double again by 60, IMO.
The stats wouldn't back that up. I know too many professionals IRL who aren't close to those ranges, much less halfway there. Get a job with a PE firm, a physician with a high paying specialty, and don't blow shite tons of $ along the way, etc, maybe. Lawyers, bankers, CPA's, no unless they have gotten cashed out of a ton of options or sold a high valued business they held a significant stake in. Last I saw having a NW of $2M puts one in the top 3% in the US.
Posted on 7/28/13 at 6:40 pm to tirebiter
Law: $100k+ starting at age 25 at the big firms.
CPA: $55k starting at age 23 at the big firms.
Banking: $90k+ with the big firms starting at age 22.
So it's doable in all three of the careers you just stated that its not. Also, selling a business would not have an effect on your net worth if sold at fair value, as the cash you receive would be equal to the fair value of the company you previously owned.
CPA: $55k starting at age 23 at the big firms.
Banking: $90k+ with the big firms starting at age 22.
So it's doable in all three of the careers you just stated that its not. Also, selling a business would not have an effect on your net worth if sold at fair value, as the cash you receive would be equal to the fair value of the company you previously owned.
Posted on 7/28/13 at 6:34 pm to tirebiter
quote:
many professionals IRL who aren't close to those ranges, much less halfway there. Get a job with a PE firm, a physician with a high paying specialty, and don't blow shite tons of $ along
This is the key. Not blowing shitloads of money. I lived beneath my means and invested. Most professionals, like most people in general, overspend. I know an ortho that make about 800k yr and lives paycheck to paycheck.
Posted on 7/28/13 at 6:37 pm to LSURussian
quote:
By 30 a professional should be somewhere around 1/2 million dollars net worth.
With no help from daddy? No way. Thats maybe feasible for 1% of the population.
I don't know about you but I went straight into grad school after my bachelors. I didn't land my first real job until 24 (and debt free). That leaves 6 years to accumulate $500K in net worth, all while going through a recession. Thats one hell of an income in those 6 years and one hell of return on investment.
Posted on 7/28/13 at 6:45 pm to Beerinthepocket
quote:
So it's doable in all three of the careers you just stated that its not. Also, selling a business would not have an effect on your net worth if sold at fair value, as the cash you receive would be equal to the fair value of the company you previously owned.
The subset you are qualifying/quantifying is no way the majority of those occupations. Fact, very limited subset. How many new lawyers even get jobs paying > $50k or even obtain employment as an attorney anymore? IRS tax filing data can be quite informative.
Owning their business indicates they weren't working shills on a fixed salary and could generate higher incomes and equity in their business increasing net worth over time.
Posted on 7/28/13 at 6:47 pm to Skin
quote:
With no help from daddy? No way. Thats maybe feasible for 1% of the population.
I had very little help from mine. He is a doctor, but he's only 16 yrs older than me. By the time I started school he was just getting out of debt and couldn't do much for me. Bout all I got was a work ethic. Which is by far my most valuable asset. And the mindset that I can do it. I see all of you questioning people's success and making excuses for your lack of personal achievement. ( not necessarily you). I've never done that. What I did it educate myself, bust arse and learn from those who have done well before me.
Posted on 7/28/13 at 7:03 pm to LSURussian
quote:
By 30 a professional should be somewhere around 1/2 million dollars net worth.
Double that by 40, double again by 50 and double again by 60, IMO.
20's are for learning and 30's are for earning. If it were only that simple for everyone to have had a 6 figure job right out the block with no experience, no working your way up, no debts,no bills, no hardships, no losing jobs(layoffs) multiple times over the years, putting you back in debt not too mention major medical bills for family and thyself putting you in debt. Steady money making for 20 or 30 years straight with NO PROBLEMS WHATSOEVER. If it were only that easy.
Too many here on this site assume that. I've seen it time and time again here. Purely theoretical and not practical.
This post was edited on 7/28/13 at 7:18 pm
Posted on 7/28/13 at 7:25 pm to tirebiter
I didn't think we were discussing the the net worth of the majority, but the net worth that would be considered "great". To obtain a "great" net worth, it can be assumed that the job in each of those fields would also be exceptional. So I guess I'm talking about the top 10-25% of individuals in those fields.
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