gatrhumpy

iTrader: (1)

What is your age and net worth?

Calculate it here:

http://www.msnbc.msn.com/id/9745956

Edit:


OOOps. Forgot to post mine.

Age 27. Net worth $117,059

iTimmy

Including my stake in my businesses equity(RE value and NBV calculated using "rule of thumb" for there respected fields) todays value $1,978,000.00(plus or a minus a few thousand in either direction) and I don't even own a home. That could be $300-500k more depending how you valued some of the land one of my companies owns, I choice to use values I know the land would sell for quickly, but with a little patience it would yield the higher price(s).

gatrhumpy

iTrader: (1)

WTF do you do? How did you get started in whatever you do? Where are your investments?

iTimmy

Most of my assets are not liquid, personally I have around $350k, but my businesses(tire shop, property development company and recently became a silent partner for a seamless gutter company - I also sit on the board for a financial network.) all have a lot of assets and very little debt. As the property development gets rolling these numbers are going to double or triple with in 5 years - just with what I have lined up, and at that point they will be liquid assets(cash). As its set up now I won't be paying income tax effect June or July 2007, I will only be paying capital gains.

I don't take vacations, I work 50-60 hours a week and have had this schedule since I was 16 - and in under 5 years if I want to retire I can, though once you have cash property development becomes almost easy and very profitable so I will probably continue doing it. In all fairness, my father did start the tire shop, when he became sick I took over(at age 16) and we have grown over 500% since I've been at the helm and that gave me a strong foot hole to grow and develop. My Grandfather(who passed away just over a year ago) also saw my potential and gave a GRAT(Grantor Retained Annuity Trust) to my father, brother and myself to get the ball really rolling with these projects. With out the tire shop from my father and grandfather helping when he did it would have taken me an additional 30 years to reach the point I am now. I am still partners with the tire shop and property development company with my father and brother, family business is the best of times and the worst of times - but I wouldn't trade it for anything. That's the short, short story.

gatrhumpy

iTrader: (1)

How did you get started in the property development business?

iTimmy

When we moved our tire shop to a new location we did the design and all of the development ourselves, we did this to get things done quickly and to ensure it was exactly the way we wanted. By the time we were in the new location and were assessed we realized we had made more by doing that development then we could in 3 years at the tire shop. So we started hunting for new projects, we had one practically in our lap so we are moving ahead with that and I stumbled across a HUGE residential, and are moving ahead with that. After these projects are complete I will have the experience and plenty of money to do what I want(I am looking into the Portland, OR area and the greater Charlotte, NC area and of course will keep my eyes and ears peeled in this area). We have already discovered that we can get projects together and ready for construction faster then contractors can build them, so we are going to broaden our base of contractors through out the Country to reduce risk and get more work done.

In short, it is something I find fun and interesting and is incredibly profitable.

fdl

Do you look like you're avatar?

SG81

iTrader: (1)

so uh, what do you look like again fdl?

spdy0001

25 years old
28,000
Oh well im having fun

iTimmy

mg7726

(this is how skool shootings get started...)

sipark

gatrhumpy

iTrader: (1)

How did you get the experience the do something like that? I mean, how can you get started? I'm in the Jacksonville, FL area, and if you're looking for land development, I might be interested in joining or something like that if there is that much money in it! Did you need a lot of money to get started?

Man, I thought that I was doing well!

kwelity

409,400

But thats because of my life insurance policy provided by the AF mostly

gatrhumpy

iTrader: (1)

Term or whole life?


I have both, but I never counted them. If I did, I would be about where you are.

iTimmy

If you have whole life with a cash surrender value then you should absolutely include that. If its term, then it has no cash surrender value(unless of course you die).

iTimmy

I'm going to shoot you a PM in a little bit, we've derailed this enough as is.

gatrhumpy

iTrader: (1)

I just started a whole life policy, and it has no cash value yet. My term life insurance policies, provided at no cost to me or my wife by my work, has no cash value. If I don't take those into effect, my NW still stands.

bkknight369

75,100

NSXNEXT

iTrader: (2)

Last time I checked my net worth was N.F.B.

gatrhumpy

iTrader: (1)

???

gatrhumpy

iTrader: (1)

That's probably a term policy and has no cash value. You can't count that.

NSXNEXT

iTrader: (2)

Nobody's fuckin' business.

gatrhumpy

iTrader: (1)

You betta recognize!

Will Y.

Yeah, I'm married with young kids and a home in SoCal, so I'm worth bupkus...or $20 or $30 if I can hide it from the wife....

kwelity

9400 then lol

hrglas

Yeah, I'm at 436,000...thats mostly because of life insurance provided by the Army

moeronn

That's just a little bit more than I'm worth. In other words - I'm worth-less.

ChodTheWacko

Exact numbers aren't anyone's business, but I will say that my net worth practically nil except for 401k and home equity.

AdamNJ

http://today.reuters.com/news/articl...src=rss&rpc=23

Super-rich population surges in 2006

gatrhumpy

iTrader: (1)

Well you still take that into account.
If you had to liquidate all your assets, and pay all your debts, your net worth is what you'd have left.

mrshowbiz122

97k 21 years old

gatrhumpy

iTrader: (1)

Damn dude! Good job!

doopstr

The one thing that I am getting out of this thread, actually reinforced, is that I waited to long to start thinking about my personal finances. I didn't think about it until I got married (age 26). That's too late.

I will make sure my kids are on the ball by 18. After all, pop is going to be looking for a place to live when he's 70.

jlukja

They calculate Net Worth without the primary residence? Hmmm. I'm surprised that the increase is so great without taking primary residence into account. I assumed that most peoples net worth went up primarily due to the recent run up in the real estate market.

Also, according to that article our household is merely wealthy. I don't feel wealthy.

Scrib

In addition to Jr's 529K, I've started a custodial account and plan to fund it like it's an IRA ($3-4K a year). Hopefully by the time he's 21 and "responsible" he'll have a nice little sum to use for a house, investments, a business, whatever...

corey415

Net Worth:

-121,300 (as in negative)

Just bought a house 2 months ago...

gatrhumpy

iTrader: (1)

Did you take into effect how much the house was worth? Like from www.zillow.com?

gatrhumpy

iTrader: (1)

That's an awesome idea and that's exactly what we are doing. The "kid" or "kids" will have roughly $7,000 in an account for them before our first child is even born in October!

The only thing that stinks is that we're going down to one income, so we have to take that into consideration. However, with one income we're also paying roughly 50% less taxes, and getting a $1,000 tax credit on top of that. Instead of paying roughly $11,300 in total taxes, we're going to be down to about $3,000. That significantly eased my fears about going down to one income.

corey415

I just moved in 2 months ago. The equity I have is just the downpayment (20%) and 2 months of principal reduction. The house was ~ 710,000 split between my gf and I, so you can see I have a considerable amount of mortgage debt.

Thats the downside of living in the Bay Area I guess.