- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
0
Posted on 7/30/13 at 1:34 pm to Zach
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 7/30/13 at 1:37 pm
Posted on 7/30/13 at 1:35 pm to Latebloomer
quote:
Zach - anything you owe is a liability.
Well, heck, now you've contradicted everyone on this board.
Posted on 7/30/13 at 1:37 pm to Zach
quote:
Well, heck, now you've contradicted everyone on this board
Nope, we all agree on this
Posted on 7/30/13 at 1:42 pm to yellowfin
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.
Posted on 7/30/13 at 1:47 pm to Zach
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 7/30/13 at 1:48 pm
Posted on 7/30/13 at 2:02 pm to VABuckeye
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.
Posted on 7/30/13 at 2:07 pm to Zach
WTF are you smoking?
Posted on 7/30/13 at 2:09 pm to VABuckeye
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 7/30/13 at 2:10 pm
Posted on 7/30/13 at 2:10 pm to Zach
(no message)
Posted on 7/30/13 at 2:11 pm to sneakytiger
The house. You have to account for the house. It's an asset. Your asset. The whole thing.
hooray, my first double post ever
hooray, my first double post ever
This post was edited on 7/30/13 at 2:12 pm
Posted on 7/30/13 at 2:21 pm to Zach
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.
Posted on 7/30/13 at 3:08 pm to Zach
You are making my face hurt.
Posted on 7/30/13 at 3:20 pm to Latebloomer
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.
Posted on 7/30/13 at 3:23 pm to iknowmorethanyou
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.
Posted on 7/30/13 at 3:56 pm to Zach
I'm just curious what you did for a living before retirement
Posted on 7/30/13 at 4:01 pm to yellowfin
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.
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.
Posted on 7/30/13 at 4:01 pm to yellowfin
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.
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.
Posted on 7/30/13 at 4:20 pm to Zach
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.
Posted on 7/30/13 at 4:21 pm to bulldog95
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.
Page 6 of 8
Popular
Back to top
Follow TigerDroppings for LSU Football News