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Started By
Message
re: 100K Net Worth
Posted on 7/29/15 at 4:16 pm to rocket31
Posted on 7/29/15 at 4:16 pm to rocket31
quote:Uh no. I owe money on my house, but it's mine. I own it. I can sell it and collect the proceeds, the bank can't. The bank owns my debt, not my house. My house is my asset, my debt is the bank's asset.
The bank owns the house if you still owe $180k on it.
quote:Wondering the same thing.
Honestly wtf am I reading.
Posted on 7/29/15 at 4:17 pm to rocket31
quote:
rocket31
No one is disputing that. You should probably log out.
Posted on 7/29/15 at 4:27 pm to rocket31
No. The bank has a lien on the house that you own. Just like if you finance a car, or anything else. You are confusing leasing with financing.
After seeing how many people in this thread can't wrap their heads around addition and subtraction, I don't think I will bag on the Ramsey method on this board going forward. Clearly there are some lukewarm IQs that read this board.
After seeing how many people in this thread can't wrap their heads around addition and subtraction, I don't think I will bag on the Ramsey method on this board going forward. Clearly there are some lukewarm IQs that read this board.
Posted on 7/29/15 at 4:39 pm to TheHiddenFlask
Well this thread got real dumb real quick.
Posted on 7/29/15 at 4:41 pm to LSUAfro
quote:
Well this thread got real dumb real quick.
And when you consider how unlikely that is - with the relatively higher caliber of brain - typically - on the money board, it is a little shocking how dumb and how quickly.
:iamdisappointedwithmoneyboard:
Posted on 7/29/15 at 4:44 pm to rocket31
quote:
The bank owns the house if you still owe $180k on it.
And therefore you cannot have equity in the house?
Posted on 7/29/15 at 4:45 pm to Oenophile Brah
86th percentile
Need to save more
Need to save more
Posted on 7/29/15 at 4:49 pm to nelatf
My wife and I just hit 100k in the last month. She just turned 25, I'm about to turn 26. I don't really feel like it is a big accomplishment because we have so much further to go.
Posted on 7/29/15 at 4:55 pm to SomeGuyFromLA
between retirement accounts and the equity on my house, I had just about $100k networth at 30, maybe a little before
I don't know if that is an accomplishment or not. My networth doesn't pay the bills.
I don't know if that is an accomplishment or not. My networth doesn't pay the bills.
Posted on 7/29/15 at 5:00 pm to Salmon
quote:
I don't know if that is an accomplishment or not. My networth doesn't pay the bills
Ditto.
Posted on 7/29/15 at 5:26 pm to rocket31
quote:I'm confused at where your stance is...confirm if this is your viewpoint:
rocket31
Person A has $100,000 in a bank with zero liabilities and rents.
Person B has $100,000 in a bank and takes $50,000 to put a down payment on a $250,000 house.
Person A has a net worth of $100,000 and person B has a net worth of negative $150,000?
That is what that flying tiger guy was saying and it seemed like you agreed right?
This post was edited on 7/29/15 at 5:27 pm
Posted on 7/29/15 at 5:45 pm to TigerTatorTots
Every time net worth is discussed on td the stupid comes out. It's amazing how many people can't calculate it.
Posted on 7/29/15 at 5:50 pm to LSUtigerME
quote:
1x salary at 30 is good, but not necessarily outstanding.
The guidelines from Fidelity are:
1x @ 35
2x @ 40
3x @ 45
5x @ 50
etc...
Up to 8 times at 65 if I remember correctly.
Posted on 7/29/15 at 5:57 pm to Lsut81
I feel a bit better about my situation after reading this. I'm behind either way and need to pick up the pace.
32
$20k Roth IRA, etc
$22k Home Equity
$7k Student Loan debit
$183k Mortgage debt
32
$20k Roth IRA, etc
$22k Home Equity
$7k Student Loan debit
$183k Mortgage debt
Posted on 7/29/15 at 5:59 pm to TigerTatorTots
quote:
Person A has a net worth of $100,000 and person B has a net worth of negative $150,000?
That is what that flying tiger guy was saying and it seemed like you agreed right?
wouldn't that be wrong though? i mean, the house is worth 250k (or current estimate).
eta: this thread is all retarded up.
This post was edited on 7/29/15 at 6:01 pm
Posted on 7/29/15 at 6:03 pm to rocket31
quote:The bank doesn't own the house until they foreclose on your loan. You own the house. They own the loan. The concept really isn't that hard to understand.
The bank owns the house if you still owe $180k on it.
Posted on 7/29/15 at 6:06 pm to Hawkeye95
quote:
wouldn't that be wrong though? i mean, the house is worth 250k (or current estimate).
eta: this thread is all retarded up.
It's definitely wrong, that's the point.
There is a group of posters in this thread that are trying to include "Home Equity" as an asset and "Mortgage" as a liability, but Home Equity by definition has already factored in the cost of the mortgage.
You either have to (a) list the total home value as an asset and the mortgage as a liability or (b) list only Home Equity as an asset and not include the Mortgage at all (since its already included in calculating Home Equity).
This post was edited on 7/29/15 at 6:08 pm
Posted on 7/29/15 at 6:19 pm to Lsut81
quote:
The guidelines from Fidelity are:
1x @ 35
2x @ 40
3x @ 45
5x @ 50
etc...
Up to 8 times at 65 if I remember correctly.
I guess it is a good sign that I think that is an extremely conservative estimate?
Posted on 7/29/15 at 6:33 pm to tom
quote:
I guess it is a good sign that I think that is an extremely conservative estimate?
Yes, I am hoping to be at 2.5 to 3 times at age 35.
Here is the quote from fidelity
quote:
To simplify matters, we’ve created a rule of thumb: Save at least 8 times (X) your ending salary to help increase the odds that you won’t outlive your savings during 25 years in retirement. If that multiple seems daunting, don’t fret. You don’t need to save 8X from the start. Rather, you can step up to it over your working life.
For example, by age 35, Fidelity suggests that you should have saved 1X your current salary, then 3X by 45, and 5X by 55. “Setting up clear goals linked to your salary can help simplify your planning, and help you determine if you are on track throughout your working life,” says Fidelity Executive Vice President John Sweeney. “Having such guideposts is particularly important in today’s workplace, where layoffs, job switching, longer life expectancy, and escalating health care costs can complicate your efforts to save for retirement.”
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