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Started By
Message
re: Net Worth at 30
Posted on 7/30/13 at 12:10 pm to SmackoverHawg
Posted on 7/30/13 at 12:10 pm to SmackoverHawg
I'm not kidding around. I'm confused by this quote:
It was from Sneakytiger.
This was my post:
So,
Assets... 100K equity in home
Liability... 200K debt
My conclusion: I have no net worth.
Sneaky's conclusion: I have 100K in net worth.
quote:
Assets minus liabilities. You had $100k net worth based on the info you gave (unless you are referring to liquid net worth).
It was from Sneakytiger.
This was my post:
quote:
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.
So,
Assets... 100K equity in home
Liability... 200K debt
My conclusion: I have no net worth.
Sneaky's conclusion: I have 100K in net worth.
5
Posted on 7/30/13 at 12:15 pm to Zach
Equity is net. It's an asset worth 300k that you owe 200k on. So you have a net worth of 100k.
Posted on 7/30/13 at 12:20 pm to Zach
quote:
So,
Assets... 100K equity in home
Liability... 200K debt
Your worth is the value - amount owed
If you were to sell everything you had at market price and pay off all debt, how much money would you have?
Posted on 7/30/13 at 12:27 pm to Zach
Think of it this way:
quote:
Assets... 300K home
Liability... 200K debt
Net... 100K (ie, your equity)
Posted on 7/30/13 at 12:32 pm to Zach
I give up
Posted on 7/30/13 at 12:33 pm to Zach
The only way you get zero or negative net worth from your home is if the value of your home decreases such that its value is less than the remaining amount that is owed.
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