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I see the type of person you truly are. Again....high road for me.
LOL.
if you cant take people not agreeing with you then Dont go on forums. Also saying "high road" is not taking the high road. If you really want to do that (which we know you Dont) you wouldn't say anything at all
if you cant take people not agreeing with you then Dont go on forums. Also saying "high road" is not taking the high road. If you really want to do that (which we know you Dont) you wouldn't say anything at all
My wife and I are 31. I don't know when we hit 100k. We are average, I have averaged around $53k/yr since college she around $30k/yr since that same time. Keep in mind this is for a married couple, not single. This is for around 10 years in the work force working full time (graduated mid 2003). So savings rate of around 40% gross.
We have:
$45k in equity after fees in house (this was all paid down, no appreciation since buying unfortunately)
$97k in 401k/Roth 401k
$53k in Roth IRA
$28k in brokerage
$81k in money market
$17k checking
$6k in company stock
--------------
~$327k
We did buy a new car last year, around 21k cash, but I didn't include the car value, that's not really part of net worth. My goal was 100k by 30.
My wife and I are 31. I don't know when we hit 100k. We are average, I have averaged around $53k/yr since college she around $30k/yr since that same time. Keep in mind this is for a married couple, not single. This is for around 10 years in the work force working full time (graduated mid 2003). So savings rate of around 40% gross.
We have:
$45k in equity after fees in house (this was all paid down, no appreciation since buying unfortunately)
$97k in 401k/Roth 401k
$53k in Roth IRA
$28k in brokerage
$81k in money market
$17k checking
$6k in company stock
--------------
~$327k
We did buy a new car last year, around 21k cash, but I didn't include the car value, that's not really part of net worth. My goal was 100k by 30.
True, but the main difference vis-a-vis a car is that cars are inherently depreciating assets.* 401ks and houses may go down, but the average graph of value over time for those looks completely different than that of a car or other depreciating asset. Or, to put another way, 'potential for loss' vs. 'guarantee of loss', with the former also having a 'potential for gain' that the latter doesn't possess.
* of course there are exceptions for collector's items and high-end stuff, but that's not what we're talking about here
Well then you are getting into net worth with an asterisk. For it to be comparable across the board to others you need to keep it assets vs liabilities.
Yeah I wouldn't count a car unless it hits rock bottom at 2k and won't go lower as networth. People don't buy cars to increase their networth. A house should count though. Your putting 100k (random example) into it and you hope to get that much at least out of it when you sell. We all know that the new 2013 30k car won't be worth 30k when paid off.
I still don't think you should count your house, either. It's not liquid. You aren't going to sell it unless you're desperate. Maybe some will sell their houses in retirement and downsize to smaller living spaces or lower cost areas, but I think that's the exception. And when you add in the real estate commissions and costs of moving, it's typically less than many people anticipate. It's just better to consider making a profit on your house as a bonus...not something to be counted on.
But liquidity has A LOT to do with it. You can't sell your house off a little bit at a time like you can a stock, or mutual fund.
That depends on the price you ask. I could sell my house tomorrow for 50k leas than market value. Unless you have a total asset v liability it is useless to compare to others. There has to be an apples to apples compare. Someone can have 500k in house and car equity that in your equation would not be counted.
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