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It feels normal. A car note or two and a mortgage and little savings would often produce a negative net worth and since that's a lot of Americans it's the norm. I was like that in my early 20s when I bought my first house. Now it would disgust me to go back there. I cut out car payments for the better part of 7-8 years, just got another one but put something like 70% on a used honda but to go negative again eh it would suck and mean something disastrous happened
Of course.
My worst dip was the period immediately after the divorce.
I'd say that MOST people have had it to some degree and that
it's almost impossible to avoid altogether... especially not until you're well established.
Quote:
And what does it "feel" like?
Like any other day.
Get up, go to work, pay the bills, take care of your responsibilities.
12-13-2014, 11:54 AM
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Quote:
Originally Posted by Lowexpectations
It feels normal. A car note or two and a mortgage and little savings would often produce a negative net worth and since that's a lot of Americans it's the norm.
Exactly.
Pretty much everyone finds themselves in that situation at some point (often for many years at a time) unless they're a trust fund baby.
Certainly. I had a massively negative net worth upon graduation from medical school, and it took about five years to bring it up to zero net worth. It was frightening to contemplate what would happen if I got really unlucky and had a career-ending stroke of bad luck before I was able to get my loan burden down to a level that could be paid off by working in a non-medical field - but I also knew that such an event was unlikely to happen, which kept my anxiety down to a dull roar. Since just about everyone starting out in medicine has a negative net worth, I also reminded myself I had a lot of company, which oddly enough helped.
It felt like I was young and had most of my life ahead of me to pay off my student loan debt and begin to save money. In other words, it's normal at a certain stage in life that was so long ago that it's hard to remember.
Pretty much everyone finds themselves in that situation at some point (often for many years at a time) unless they're a trust fund baby.
Its something you experience when you are young. Once you get any student loans taken care of and either buy a house or contribute to a 401k for a few years, you most likely wont go back to a negative net worth.
Its something you experience when you are young. Once you get any student loans taken care of and either buy a house or contribute to a 401k for a few years, you most likely wont go back to a negative net worth.
Some people never escape negative net worth. I've read The Wealthy Barber but I've never heard of a wealthy burger flipper.
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