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Ok, I have 80K in 401K, 25K in my car at today's KBB value (paid it off this month), 5K in my checking account, 3K credit card debt, and 170K in mortgage debt on a house that is worth 240K.
I'm pretty sure my net worth is over 100k (80K+25K-3K+5K-170K+240K=167K). I'm 31 now.
Generally people don't include car value, but you're over 100 either way.
Though for some unsolicited advice, I would try to build up some more liquid reserves, since everything you have is either in retirement or real estate.
Generally people don't include car value, but you're over 100 either way.
Though for some unsolicited advice, I would try to build up some more liquid reserves, since everything you have is either in retirement or real estate.
That will drop but if you calculate it often it will be accurate. I have about 30k in cars as we own them outright so I think it is reasonable to be included. If I was comparing myself to someone with 30K more in the bank but they had 30k in car loans.
I hate that mentality......I never thought that way and pray I never get that way!
I agree. You can really do almost anything in this life. You might have to sacrifice a few things, but if I wanted to I could visit Africa in a couple weeks if I so desired. I do not, but anything (mostly) can be achieved.
I hate that mentality......I never thought that way and pray I never get that way!
ditto....your "oh how much money do you have" mentality is stomach turning!guess what I could go kiss my five year old if I wanted to!! And know what? I do so..
Have fun saving.
Ok, I have 80K in 401K, 25K in my car at today's KBB value (paid it off this month), 5K in my checking account, 3K credit card debt, and 170K in mortgage debt on a house that is worth 240K.
I'm pretty sure my net worth is over 100k (80K+25K-3K+5K-170K+240K=167K). I'm 31 now.
Unless you are willing to sell you house or your car in a heartbeat (doubtful), you shouldn't count the equity for those items in your net worth.
Are you kidding?
Born poor, am poor, will always be poor. But guess what I am happy anyway!!!!
I have to agree with CityGuy...I hate that mentality. Sure, money isn't everything, but it definitely can make you happier and reduce stress if used the right way.
ditto....your "oh how much money do you have" mentality is stomach turning!guess what I could go kiss my five year old if I wanted to!! And know what? I do so..
Have fun saving.
If you have money you can kiss your 5 year old and have money. They're not mutually exclusive. Sounds like you're one of those people who thinks it's bad to be rich and you're superior for being poor. Ridiculous and sad.
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