Net Worth

[nowski]

Positive Notes: Daughter is going to walk down the aisle of success (CSF) next month, parents have tickets in hand to attend graduation ceremony, mask mandate ends on June 15th, daughter has already been working for a month on her new job and here are her two cap designs she'll be wearing on that Special Day. Proud Parents, need I say more...

 

[dribble]

The one thing I know about my net worth is that is exactly half of what it was before my divorce.

 

[Mandelon]

Buying cheap beat up foreclosure properties and vacant lots when times are bad has paid off as good strategy. I know some owners have had horrible experiences with rental properties, but long term real estate holdings can produce a legacy that will take care of your retirement and that of your future family.

 

[Christopher Lucero]

Buying cheap beat up foreclosure properties and vacant lots when times are bad has paid off as good strategy. I know some owners have had horrible experiences with rental properties, but long term real estate holdings can produce a legacy that will take care of your retirement and that of your future family.

detroit. chicago
what say?

 

[Rajobigguy]

#5 Remember that you are the parent and hold the purse strings. Feel free to say NO to your kids when they want to choose a private school / out of state school on an in state school budget. Saddling you or your kids with student loans is insane if it wasn't planned for.

In my case, I told my daughter that I could afford to pay for her entire expense if she wanted to go to a Cal State school. She said that she had worked to hard to achieve the academic status that she had and wanted a top tier education. I calculated exactly what I would have spent for a state school and gave her that much but the balance of attending a UC would be up to her. She attended UCLA and worked two jobs to support her schooling. By the time she graduated she already had most of her student debt paid off. She then continued on to Pepperdine Law school. I continued giving her the same amount I committed to and she assumed the debt for the balance ( not an unsubstantial amount ). She began working right after passing the bar ( made it on her first try ).
Making sure she had some skin in the game was the right thing to do and has paid off well. She has an excellent work ethic and a great job plus she understands about debt and is working diligently to pay it down.

 

[thetub]

sorry dont want to make this political

but the first thing is vote for someone/party federally and state that will take the least from yore investments...

this kinda is ironic that the poster of this thread is worried about net worth when he/she votes for people who are going to strip you the most if given the chance

those currently looking at properties look into the new laws this admonisration is pushing

eliminating 1031 exchange

elimination of depreciation on properties

increasing capital gains on sales...

Kalifornia is looking to dismantle prop 13

Kalifornia is already passed statewide rent control and wanting more

etc...

 

[Mandelon]

From what I have seen, Detroit and Chicago (and every city) have shit areas, and nice areas. Need to pick any investment property carefully of course... Find something in an area that is improving. Buy a bargain junker, rehab it, then get a well screened tenant. Then refinance it to get most of your money back out. Rinse, repeat! If there is a part of town with a lot gay folks, buy there. They make great tenants and keep their stuff up well.

 

[badgas]

Net Worth ?

Run your life like you would a business. If someone approached you and said " I have a serious investor that would like to buy your business "

Would you say things like " I have no idea what it's worth " or " We don't discuss finance around here " or " my wife/husband handles all that I dont know " ?

If so, get things dialed in. I have two friends who have sold companies in the past year for some serious seven figure bags. They are very intentional with their business and home finance.

Always amazes me how poeple will talk very openly about sex, health, disease, parenting, divorce, addictions and the list goes on but money is SO taboo.

Control your money or it will control you !

 

[stoker2001]

Net worth is just a dick measuring contest. It won't matter when you're dead.. Live life, enjoy, and do what makes you happy.

but I will be the richest dick in the cemetary heard that other day and still rolling

 

[wishiknew]

but I will be the richest dick in the cemetary heard that other day and still rolling

Stoker22405 may beat you

 

[Orange Juice]

Social Security says the age of 67 is where it’s possible to retire, (if we work, and pay into the system.)
Anything above that safety net, is net worth.

Debt is something most people minimize, by the time they are in there 50’s.

 

[clarence]

I've never been denied anything based on my net worth nor would I I bore my wife with this conversation any where or at any time.

Huh?

 

[Nanu/Nanu]

Huh?

I don't bother worrying about my net worth. It has literally never come up in any of my financial transactions. I have nice things and take care of what I have and live within my means.

My wife and I would never sit down to talk about how we could intentionally raise our net worth. Sure we talk about future investments or our current investments, But to gloat and do something with the sole intent of raising my net worth Id rather go kick rocks. Same goes for anyone who wants to talk to me about their own net worth. I could care less.

How many notable people have been at the Pinnacle of their careers and had crazy "net worths" only to fall from grace and be humbled and have nothing to show for their past successes. So really your net worth is an estimate of what you might be worth. Essentially pointless and a waste of time to calculate.

 

[Angler]

I’ll bite.

Upfront - I don’t consider myself rich and don’t think this has to be a dick measuring contest.
I’ll keep things general.

I know and pay attention to my net worth. I have always had a financial plan and worked aggressively to meet it. Recognizing I couldn’t achieve it with a W2 and a 401k alone, I hustled and worked to get to a position of no external debt, beside mortgage, then used available capital to develop other income streams and investment vehicles.

I monitor these investments annually and make changes based upon performance. Not every investment is a home run, so I keep tabs to know where my money is and is not working for me. It’s important to know each investments return on investment and understand the opportunity cost of money held up in it.

Set goals for yourself. Make the decision you're going to do ‘X’ this year to increase your income or net worth and then stick to it.

Option B, or you can take equity out of your house to buy toys.

 

[Havasu blue label]

Get a good tax guy

 

[rmarion]

Be prepared!!!!
My Ex- Superintendent. 60 y/o, (worked 32 years for me) .... that id call one of my close friends...
House paid off. Toys all paid.. planning retirement in a few years... his wife retired last year... she's late 50's...

Hits him up last week, wanting a divorce...
She wants, 1/2 of everything (married 30 years), and wants him to pay her for spousal support....

He saids... F I'm too old to start all over....

IMO has 1 mil in assets (home and 401k)...

just make sure you have ENOUGH!!!


Someone on here is following the Dave Ramsey system..... and has his adult children on the same path...

I'm following Ramsey system as well.. should be able to retire in 3 years....

Hopefully I'm enjoying this new career path and can keep on Truckin...

 

[clarence]

I don't bother worrying about my net worth. It has literally never come up in any of my financial transactions. I have nice things and take care of what I have and live within my means.

You must know your cash flow to be able to live within your means.

Once you retire, your net worth will (likely largely) determine your cash flow.

Same thing, really.

 

[Nanu/Nanu]

You must know your cash flow to be able to live within your means.

Once you retire, your net worth will (likely largely) determine your cash flow.

Same thing, really.

Yes, one must have their finances dialed in. If I improve my net worth because of my investment choices that's a bonus. My life is to short to spend time trying to make financial choices with the the only intention of raising my net worth. Work hard pay off your debts enjoy the fruits of your labor and I'm sure your net worth will be exactly what you want it to be.

 

[badgas]

Be prepared!!!!
My Ex- Superintendent. 60 y/o, (worked 32 years for me) .... that id call one of my close friends...
House paid off. Toys all paid.. planning retirement in a few years... his wife retired last year... she's late 50's...

Hits him up last week, wanting a divorce...
She wants, 1/2 of everything (married 30 years), and wants him to pay her for spousal support....

He saids... F I'm too old to start all over....

IMO has 1 mil in assets (home and 401k)...

just make sure you have ENOUGH!!!


Someone on here is following the Dave Ramsey system..... and has his adult children on the same path...

I'm following Ramsey system as well.. should be able to retire in 3 years....

Hopefully I'm enjoying this new career path and can keep on Truckin...

That is bummer about your buddy

 

[Xtrmwakeboarder]

Be prepared!!!!
My Ex- Superintendent. 60 y/o, (worked 32 years for me) .... that id call one of my close friends...
House paid off. Toys all paid.. planning retirement in a few years... his wife retired last year... she's late 50's...

Hits him up last week, wanting a divorce...
She wants, 1/2 of everything (married 30 years), and wants him to pay her for spousal support....

He saids... F I'm too old to start all over....

IMO has 1 mil in assets (home and 401k)...

just make sure you have ENOUGH!!!


Someone on here is following the Dave Ramsey system..... and has his adult children on the same path...

I'm following Ramsey system as well.. should be able to retire in 3 years....

Hopefully I'm enjoying this new career path and can keep on Truckin...

At 60 I’m selling everything, taking the cash, and going on the run to live somewhere peaceful for the rest of my days. F that.

 

[badgas]

Sure we talk about future investments or our current investments

Sounds like you are already doing it ?

If you talk about your investments then you know what they are " Worth "

Hey honey look my 401K is up to $300,000 and yours is now $400,000. Hey look honey our home is now worth $500,000 and we only $200,000.

Essentially what you just did was calculate your million dollar net worth. What you own minus what you owe. I don't worry about it either but I do look at it.

I'm just paying attention becasue I want to try and avoid eating alpo when i'm 70

Intentional living is never "pointless"

 

[Christopher Lucero]

seems there are a few dimensions to net worth.
your own sense of your worth, the value you create, and your satisfaction with it. the things you value, the ways you achieve financial security, the way you spend time now - as an investment in your future
and the world's message back to you about that worth and the value you create. the way the world compensates you for your contribution, and how it calculates a risk of investing in you by lending to you
and between those, the opportunities and your success or failure to recognize and act on them
sometimes, these align, become correspondent, sometimes, not. often it is nobody's fault that these things do not align

 

[Uncle Dave]

What gets measured - gets managed.

It's really beyond me how anyone can claim its any kind real burden, or difficult task to list out what a persons " big rocks" are. 20 lines on a spreadsheet updated every quarter, half or even once a year can cover a very high % of anyones net worth.

I suspect is that many simply fear to see realized what they already suspect and create a series of imagined hurdles, or emotional reasons as to why they should not.

 

[pronstar]

Net-net:
Do what you can so your asset column brings in more than your liability column removes.

This defines wealth.
Put your money to work, so you don’t have to.


Sent from my iPhone using Tapatalk Pro