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Started By
Message
How wealthy are you?
Posted on 8/25/14 at 4:30 pm
Posted on 8/25/14 at 4:30 pm
LINK
This is a calculator that determines how wealthy are you. Its from the millionaire next door, and is pretty interesting to look at.
The one thing I would caution is if you are young, its going to say you are under accumulator, especially if you recently increased your salary. Its really built for those over 35.
But its fun to see if you are "on track"
Please feel free to post your scores, the score doesn't disclose your savings or income. Cause we know you are all OT ballers with 250k income and 4000 sq ft homes.
Your Wealth Index (WX) is 1.182 Average Accumulator of Wealth
This is a calculator that determines how wealthy are you. Its from the millionaire next door, and is pretty interesting to look at.
The one thing I would caution is if you are young, its going to say you are under accumulator, especially if you recently increased your salary. Its really built for those over 35.
But its fun to see if you are "on track"
Please feel free to post your scores, the score doesn't disclose your savings or income. Cause we know you are all OT ballers with 250k income and 4000 sq ft homes.
Your Wealth Index (WX) is 1.182 Average Accumulator of Wealth
24
Posted on 8/25/14 at 4:36 pm to Hawkeye95
1.013
Posted on 8/25/14 at 4:37 pm to Hawkeye95
I am 28 with a negative household networth with my wife's student loans.
Take out the loan debt and it moves to:
quote:
For Your Age and Income, Your Desired Net Worth would be $ 383600
quote:
Your Wealth Index (WX) is -0.222
Take out the loan debt and it moves to:
quote:
Your Wealth Index (WX) is 0.352
This post was edited on 8/25/14 at 4:38 pm
Posted on 8/25/14 at 4:42 pm to Hawkeye95
I'm in the UAW category, but this calculator can't take into account that I paid my grad school with cash and am currently paying my wife's professional school in cash. I guess those don't have any measurable "value" that can be considered "wealth", but they are an investment IMO.
Posted on 8/25/14 at 4:57 pm to Hawkeye95
1.126 ?
Posted on 8/25/14 at 5:04 pm to Hawkeye95
1.852 AAW
Posted on 8/25/14 at 5:22 pm to Hawkeye95
6.179
PAW
PAW
Posted on 8/25/14 at 6:28 pm to Hawkeye95
0.8
This calculation makes more sense for flattish incomes. Otherwise it seems meaningless.
This calculation makes more sense for flattish incomes. Otherwise it seems meaningless.
Posted on 8/25/14 at 7:06 pm to Hawkeye95
quote:Wow
For Your Age and Income, Your Desired Net Worth would be $ 375000
That seems like a lot for a 25 yr old
Posted on 8/25/14 at 7:09 pm to Hawkeye95
UAW, but I have 30 years to catch up. Doesn't help that my real job didn't start until 30. I was basically accumulating debt from age 22-30.
Posted on 8/25/14 at 7:27 pm to Hawkeye95
Your Wealth Index (WX) is -0.121
Early 30's, large income with huge student loans resulting in negative wealth.
Early 30's, large income with huge student loans resulting in negative wealth.
Posted on 8/25/14 at 7:36 pm to Hawkeye95
This calculator doesn't take into account how long you've been at your current income. The wife and I have both gotten significant raises over the past 3 years. She increased almost 60% and I've almost doubled. That's going to make it look I've been under-saving for my income level. This thing says I should have almost 500k by 28! That's crazy.
Posted on 8/25/14 at 8:39 pm to Hawkeye95
If I use my 2012 income I get 1.061
If I use my 2013 income I get 0.663
If I use my 2013 income I get 0.663
Posted on 8/25/14 at 9:14 pm to Hawkeye95
1.901
Posted on 8/25/14 at 9:39 pm to Hawkeye95
That's a bullshite calculator. Two numbers to determine your wealth? What about dependents, family size, location cost of living? Do you think a $250k salary in NYC is balling? Looks like a gimmick to get you to buy something so you can get the right wealth score.
Posted on 8/25/14 at 11:15 pm to Hawkeye95
This is extremely flawed. It makes no differentiation in pre and post tax numbers.
Posted on 8/26/14 at 12:10 am to Hawkeye95
Why don't you like people with 4000 sq. ft. homes?
Posted on 8/26/14 at 5:41 am to Hawkeye95
Your Wealth Index (WX) is -0.196
I think I am better off than what the calculator is telling me. There is no way in hell I could possibly have 125k net worth right now.
Paid off 20k in student loans, 20k more to go. 10k left on a car note that is at 1.5% interest. 10k socked away in my Roth, 10k in my checking account.
Not bad for a lowly military officer
I think I am better off than what the calculator is telling me. There is no way in hell I could possibly have 125k net worth right now.
Paid off 20k in student loans, 20k more to go. 10k left on a car note that is at 1.5% interest. 10k socked away in my Roth, 10k in my checking account.
Not bad for a lowly military officer
This post was edited on 8/26/14 at 5:43 am
Posted on 8/26/14 at 7:02 am to Hawkeye95
1.081 - Normal
quote:
You are neither balance sheet nor income statement affluent Stanley and Danko argue that your total net worth alone does not tell a good enough picture of one's wealth, what matters is how much worth you can accumulate on your income considering your own age. Therefore, a 30 year old making $ 25,000 who has a net worth of $ 80,000 has more relative wealth than a 50 year old doctor making $ 200,000 a year who is only worth $500,000. The lower threshhold of WX for being balance sheet affluent is 1.84 and the upper threshhold of WX for being income sheet affluent is 0.88. If you are between 0.88 and 1.84 you are painstakingly "normal".
Posted on 8/26/14 at 9:09 am to Hawkeye95
0.947 as a college student
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