What is your net worth?
#42
is learning to moonwalk i
Originally Posted by 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.
Thats the downside of living in the Bay Area I guess.
#43
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Look at the net worth calculator again. My outstanding mortgage loan is a liability.
I put down 20% but still owe the remainding 80%.
Even though the mortgage term is 30 years, it is still a liability. I'm trying to pay it off in 15 years though! Hooray for mortgage prepayment.
I put down 20% but still owe the remainding 80%.
Even though the mortgage term is 30 years, it is still a liability. I'm trying to pay it off in 15 years though! Hooray for mortgage prepayment.
#44
Team Owner
Originally Posted by moeronn
I still don't understand how that could be negative if you put 20% down?
Net worth of your house = (home value - selling costs) - outstanding debt
#45
Team Owner
Originally Posted by corey415
Look at the net worth calculator again. My outstanding mortgage loan is a liability.
I put down 20% but still owe the remainding 80%.
Even though the mortgage term is 30 years, it is still a liability. I'm trying to pay it off in 15 years though! Hooray for mortgage prepayment.
I put down 20% but still owe the remainding 80%.
Even though the mortgage term is 30 years, it is still a liability. I'm trying to pay it off in 15 years though! Hooray for mortgage prepayment.
#46
Team Owner
Originally Posted by corey415
Look at the net worth calculator again. My outstanding mortgage loan is a liability.
I put down 20% but still owe the remainding 80%.
Even though the mortgage term is 30 years, it is still a liability. I'm trying to pay it off in 15 years though! Hooray for mortgage prepayment.
I put down 20% but still owe the remainding 80%.
Even though the mortgage term is 30 years, it is still a liability. I'm trying to pay it off in 15 years though! Hooray for mortgage prepayment.
So if your house is 710k and you owe 510k its 710k-510k=210k value to add towards your networth.
#47
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I see. I guess I dont feel so bad now. My net worth is actually 160,000 that way.
I looked up some other net worth calculators. This one explains everything for ignorant people like me :-)
http://www.bygpub.com/finance/NetWorthCalc.htm
I looked up some other net worth calculators. This one explains everything for ignorant people like me :-)
http://www.bygpub.com/finance/NetWorthCalc.htm
#49
Team Owner
BTW, you guys should all be using something like Quicken or MS Money. They have nice reports and graphs that show you stuff like your net worth.
#50
is learning to moonwalk i
Originally Posted by doopstr
BTW, you guys should all be using something like Quicken or MS Money. They have nice reports and graphs that show you stuff like your net worth.
#51
Team Owner
Originally Posted by moeronn
I need to get one of those for budgeting/keeping track of finances. Do you recommend one over the other?
#52
Moderator Alumnus
Originally Posted by 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.
#54
Originally Posted by corey415
I see. I guess I dont feel so bad now. My net worth is actually 160,000 that way.
I looked up some other net worth calculators. This one explains everything for ignorant people like me :-)
http://www.bygpub.com/finance/NetWorthCalc.htm
I looked up some other net worth calculators. This one explains everything for ignorant people like me :-)
http://www.bygpub.com/finance/NetWorthCalc.htm
#55
Originally Posted by ChodTheWacko
It's never too early, but it's also never too late.
#61
horny =
iTrader: (1)
Originally Posted by gatrhumpy
Did that include life insurance? If so, you can't include that. If it doesn't, then dayum!
I guess I read wrong.
About 175K of that is life insurance. I am acutally looking into other life linsurace options because at the company I work for we can only do 4 times our annual salary. Problem is when you are in sales my base pay is nothing.
#63
Originally Posted by juniorbean
I have tons of spreadsheets showing this info (banks and commercial landlords all want the info before they'll let you sign a lease or borrow money ). I'm with NSX that our numbers are N.F.B, but still an interesting topic and link regardless.
#65
Originally Posted by GreenMonster
That is a nice little calculator as I didn't realize how much I was actually worth...
I guess it helps that my only liability is my mortgage....
I guess it helps that my only liability is my mortgage....
I will be that way come November. I will have both cars paid off, and not a moment too soon as we have a little one on the way!
#66
dɐɹɔ ǝɥʇ ʇɐɥʍ
Originally Posted by GreenMonster
That is a nice little calculator as I didn't realize how much I was actually worth...
I guess it helps that my only liability is my mortgage....
I guess it helps that my only liability is my mortgage....
Greenie owns Shea
#67
Senior Moderator
iTrader: (5)
Originally Posted by gatrhumpy
Some people may not agree with this, but other can use it as a measuring stick, so to speak, to find out how to get to $500K or even a million.
#69
Adventurist.
Whoever was the one who asked about budgeting and such before. Pear Budget (google) is an awesome, complex, free spreadsheet you can download and use. I've used it for 2 years now.
#70
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Originally Posted by juniorbean
Well then those people can just ask for tips on how to create a high net worth verses asking how much someone is actually worth
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