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re: Net Worth at 30
Posted on 7/28/13 at 7:36 pm to Beerinthepocket
Posted on 7/28/13 at 7:36 pm to Beerinthepocket
quote:Yep.
but the net worth that would be considered "great
0
Posted on 7/28/13 at 8:19 pm to nolanola
I turned 30 in 2007, between the stock market and housing market crashes I'd rather not think about my net at that time...
Posted on 7/28/13 at 8:38 pm to wiltznucs
I just turned 30 and my net work is a little over 100k and I know i'm doing better than most people my age or older than me and or my wife work with. I have a few friends that are 500k or over 1 mil but they are the outliers of the sample.
Posted on 7/28/13 at 11:12 pm to aaronb023
Better question. Are you a UAW,or PAW according to Thomas Stanley's classic book "The Millionaire Next Door."
quote:
Under Accumulator of Wealth (UAW) is a name coined by the authors used to represent individuals who have a low net wealth compared to their income. A $250,000 per year doctor is an "Under Accumulator of Wealth" if his/her net worth is less than the product of their age and one tenth of his/her realized pretax income.[1] Take for example a 50-year-old doctor earning $250,000, according to the formula she should have (50*250,000*10%) or about $1.25 million in net worth. If her net worth is lower, she is an "Under Accumulator". The UAW style is based more on consumption of income rather than on the method of saving income. Prodigious Accumulators of Wealth (PAW) is the reciprocal of the more common UAW, accumulating usually well over the product of the individual’s age and one tenth of his/her realized pretax income and are usually considered to be millionaires; however, not all are.[2]
Posted on 7/29/13 at 9:00 am to nogoodjr
I'd say most people on here are UAWs. I don't think that formula is realistic until you are in your 30's.
There's no way someone could graduate college at 22, have a 50k starting salary, and accumulate a $110,000 net worth. Within a year
There's no way someone could graduate college at 22, have a 50k starting salary, and accumulate a $110,000 net worth. Within a year
Posted on 7/29/13 at 10:25 am to Beerinthepocket
quote:
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.
I would guess that less than .1% of 30 year olds have $500K net worth, that they have earned on their own. Even at the professional level - lawyers, CPAs - that is an extremely optimistic figure for so young an age.
I think people who are 40+ probably underestimate exactly how difficult the recession has been for folks just starting out in their careers.
Posted on 7/29/13 at 11:11 am to Cold Cous Cous
quote:
I think people who are 40+ probably underestimate exactly how difficult the recession has been for folks just starting out in their careers.
This, I graduated and hit the work force in 1998. Had the Dotcom failure in 1999 and got hit again in 2007 with the Housing/Stock Market crash. The Gen X'ers probably enjoyed a better overall job market than todays grads but the X'ers got hit hard on other fronts. More than half my net worth was erased between my home and my investments, last year I finally got back to having an account balance in my 401 equal to what I'd actually personally contributed. Sad when one considers I've been contributing since 1998...
This post was edited on 7/29/13 at 11:16 am
Posted on 7/29/13 at 11:15 am to nolanola
i'm going to try this again, posting in the CORRECT thread 
reading this thread it sounds like the wife and i dont have enough saved at this point, and we always felt like we were ahead.
we will both be 43 this year and between the 2 of us in savings, home equity, retirement plans, and 529 accounts we are sitting combined at about 1.4M net worth, or only 700k each, (the actual split is about 66/34 in favor of the wife). looks like we have some work to do.
reading this thread it sounds like the wife and i dont have enough saved at this point, and we always felt like we were ahead.
we will both be 43 this year and between the 2 of us in savings, home equity, retirement plans, and 529 accounts we are sitting combined at about 1.4M net worth, or only 700k each, (the actual split is about 66/34 in favor of the wife). looks like we have some work to do.
Posted on 7/29/13 at 11:19 am to nolanola
I'll say this....The Millionare Next Door formula is usless if you are under 40, IMO. You'd need a solid 12-15 years of compounded interest working in your favor.
I'd have to inherit major $$ to be close to that at my age, and that would undermine one of the key points of the book ironically. I save 20% of my earnings, and try to avoid spending money on things that don't contribute to my net worth (like fancy vacations or frequent meals at expensive restaurants).
I'd have to inherit major $$ to be close to that at my age, and that would undermine one of the key points of the book ironically. I save 20% of my earnings, and try to avoid spending money on things that don't contribute to my net worth (like fancy vacations or frequent meals at expensive restaurants).
This post was edited on 7/29/13 at 11:28 am
Posted on 7/29/13 at 11:25 am to aaronb023
I think the important thing is saving habit and learning from mistakes as well as successes.
Posted on 7/29/13 at 11:36 am to nolanola
At 30 my net worth was zero.
Using today's dollars I had a 300K house with 100K down (equity). I did not have 200K in savings and stocks. So, that's zero.
Using today's dollars I had a 300K house with 100K down (equity). I did not have 200K in savings and stocks. So, that's zero.
Posted on 7/29/13 at 12:01 pm to nolanola
If we are considering this total assets minus total debits, then our combined net worth (both 29, her with a Bachelor's degree and me currently working on MBA) is about $5,000, and should start increasing dramatically over the coming years.
I'm pretty happy with that. 5 years ago we were WELL in the red because of fresh mortgage, car notes, and student loans.
I'm pretty happy with that. 5 years ago we were WELL in the red because of fresh mortgage, car notes, and student loans.
Posted on 7/29/13 at 12:15 pm to Zach
Assets minus liabilities. You had $100k net worth based on the info you gave (unless you are referring to liquid net worth).
This post was edited on 7/29/13 at 12:17 pm
Posted on 7/29/13 at 12:17 pm to sneakytiger
Looks like he has a negative net worth to me in that scenario
This post was edited on 7/29/13 at 12:19 pm
Posted on 7/29/13 at 12:19 pm to I Love Bama
I have a $300,000 house, with a $200,000 note on it. 300 minus 200 equals?
This post was edited on 7/29/13 at 12:19 pm
Posted on 7/29/13 at 12:28 pm to sneakytiger
brain fart....you're right
Posted on 7/29/13 at 12:35 pm to nogoodjr
I actually feel pretty good with things using this formula (and there are a lot of years going into that multiplier). Since I seem to be one of the oldest ones on here, let me say to the younger ones to just start with good habits and keep it continuous. My ex and I both went to college but never finished. We were both blessed with parents that taught us to manage our money well and we have over the years. He made fairly good money and I managed it well for him. We always lived below our means, invested in real estate and the stock market. Always paid cash for cars, boats, vacations. We have had very nice homes but not as expensive as we could have afforded - I was happier with a nice home and having income producing properties. In the end, youngest will graduate in December, they are both just about on their own and doing well. I really could care less about a big house but I do enjoy having a lot of freedom in my life to be able to work as I please and do the things I enjoy. BTW, take much care in choosing your spouse and treat them with the care they deserve - biggest hit to your wealth is a divorce. And quite honestly, ours was absolutely as amicable as any could have possibly been.
Posted on 7/29/13 at 1:05 pm to sneakytiger
I was wondering how long it would take, most people here don't even know how to calculate net worth.
Posted on 7/29/13 at 1:09 pm to yellowfin
this thread just persuaded me to bump up my 401k defferal % and my roth monthly auto deduction 
. Got a aways to go.
. Got a aways to go. Posted on 7/29/13 at 1:14 pm to gamatt53
see my post in the "savings in your 20s" thread about lying on the internet
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