Net Worth at 30 | Page 6 | TigerDroppings.com
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dewster
Vanderbilt Fan
Member since Aug 2006
9836 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.


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sneakytiger
LSU Fan
Member since Oct 2007
1507 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


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Zach
LSU Fan
Member since May 2005
69001 posts

re: Net Worth at 30
quote:

Zach - anything you owe is a liability.

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


yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
75751 posts
Online

re: Net Worth at 30
quote:

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


Nope, we all agree on this


Zach
LSU Fan
Member since May 2005
69001 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.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
13258 posts
Online

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


Zach
LSU Fan
Member since May 2005
69001 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.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
13258 posts
Online

re: Net Worth at 30
WTF are you smoking?


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
13258 posts
Online

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


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sneakytiger
LSU Fan
Member since Oct 2007
1507 posts

re: Net Worth at 30
(no message)


sneakytiger
LSU Fan
Member since Oct 2007
1507 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


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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.


iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4961 posts

re: Net Worth at 30
You are making my face hurt.


TheCaterpillar
LSU Fan
Nashville from BR via Oxford
Member since Jan 2004
41215 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.


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Zach
LSU Fan
Member since May 2005
69001 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.


yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
75751 posts
Online

re: Net Worth at 30
I'm just curious what you did for a living before retirement


bulldog95
LSU Fan
North Louisiana
Member since Jan 2011
12988 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.


Sigma
Michigan State Fan
Fairhope, AL
Member since Dec 2005
2363 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.


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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
13258 posts
Online

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.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
13258 posts
Online

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.


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