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re: 100K Net Worth
Posted on 7/29/15 at 3:46 pm to TigerTatorTots
Posted on 7/29/15 at 3:46 pm to TigerTatorTots
quote:
Pretty sure I already hit 100k worth if you count the 20% I just put down on a house a couple months ago
Haha. That's the problem with people. Your net worth isn't 100k if you just put down money to take on more debt. Nice try!
4
Posted on 7/29/15 at 3:47 pm to FlyingTiger85
quote:
Haha. That's the problem with people. Your net worth isn't 100k if you just put down money to take on more debt. Nice try!
Posted on 7/29/15 at 3:49 pm to FlyingTiger85
Haha. You don't understand what net worth means.
Posted on 7/29/15 at 4:01 pm to FlyingTiger85
quote:
Your net worth isn't 100k if you just put down money to take on more debt.
no kidding, this thread is weird
Posted on 7/29/15 at 4:04 pm to FlyingTiger85
quote:
Haha. That's the problem with people. Your net worth isn't 100k if you just put down money to take on more debt. Nice try!
quote:Do you not understand the part that you underlined yourself? If he put 20k down on a 200k house, then he now owns a house worth 200k which he owes 180k on. That means he's +20k on the house, minus the 20k cash he put down on it means he broke even. A house is an asset, a word which features prominently in the definition of net worth that you posted.
Put another way, net worth is what is owned minus what is owed.
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