By how much do you hope to increase your net worth in 2013?
I'll leave it up to you on how to consider investment gains or house value increases. You can use this year's investment performance. OR, you can only consider things you think you can affect (e.g. savings amount) and not add any investment gains in the calculation.
Post by fuddyduddy on Dec 20, 2012 11:42:42 GMT -5
I expect a very minimal increase in my net worth this year. I will not be able to save much at all due to being a student and only working part-time. Hopefully my investments will perform well.
Just less than a 20% increase. This assumes: -tuition is paid -loss of $500/mo for a more expensive apartment (hopefully we can do much better than this!) -purchase e-ring
I didn't make any investment predictions because I would have no idea where to start.
Just less than a 20% increase. This assumes: -tuition is paid -loss of $500/mo for a more expensive apartment (hopefully we can do much better than this!) -purchase e-ring
I didn't make any investment predictions because I would have no idea where to start.
I'm sad that you're losing your apartment. I know you really like it!
(Disclaimer - in Canada, I can carry forward contribution room for retirement savings, so if I 'take off' next year, I can make it up the year after, only losing out on the growth in the market.)
I love learning from this board about how Canadian laws are different from ours. This one is awesome.
Yeah.
Vicmo, off topic, I've been curious about net vs gross income. I've heard taxes/deductions are much higher there. What percentage of your gross is your net income?
It really is quite cool - and it's not tied to your employer, either, unlike the 401k. Basically, every year when you file your tax return, your contribution room grows by 18% of your income (up to about 125k income / 23K of growth), and decreases by any contributions you made. So a lot of people don't contribute as much in the early years of their career, but can use up the contributions later when they have more available funds.
How are so many respondents planning to increase their net worth by $200K+ in one year? Do you have an income that allows you to save a boatload of money, or do you just already have enough invested that gains of that size are possible?
My H's client contracts are drying up in January, so I fear his income may go way down (he is an independent consultant), and we are having a third kid in April, so I don't think this will be our best year savings wise. I am hopeful we will hit $75-100K, but who knows.
We've done polls in the past, and my take-home isn't that bad compared with a lot of US people because I don't have to pay for health insurance.
My take home is 64-72% of gross - at the end of the year I've maxed out employment insurance / government pension contributions, so I get a bit more take-home. That's after a 5% contribution to retirement (I contribute more from my take-home pay, and my employer matches 2.5%).
On my most recent paycheque, I paid 23% in income tax. In the first half of the year, I also pay 4.7% in government pension and 1.8% in employment insurance.
My H's take home is 71-77% of gross - he only contributes about 4% to his retirement, and his employer matches at 11%. (He is never allowed to leave his job, lol.)
Awesome! Definitely a lot higher than some (most?) of us in the US.
How are so many respondents planning to increase their net worth by $200K+ in one year? Do you have an income that allows you to save a boatload of money, or do you just already have enough invested that gains of that size are possible?
Just less than a 20% increase. This assumes: -tuition is paid -loss of $500/mo for a more expensive apartment (hopefully we can do much better than this!) -purchase e-ring
I didn't make any investment predictions because I would have no idea where to start.
I'm sad that you're losing your apartment. I know you really like it!
How are so many respondents planning to increase their net worth by $200K+ in one year? Do you have an income that allows you to save a boatload of money, or do you just already have enough invested that gains of that size are possible?
The number of votes on the $200k+ surprised me too. Now, I feel like our goal is so lame. LOL.
How are so many respondents planning to increase their net worth by $200K+ in one year? Do you have an income that allows you to save a boatload of money, or do you just already have enough invested that gains of that size are possible?
My H's client contracts are drying up in January, so I fear his income may go way down (he is an independent consultant), and we are having a third kid in April, so I don't think this will be our best year savings wise. I am hopeful we will hit $75-100K, but who knows.
I think by the time December 31 rolls around we'll be around a $150,000 increase for this year, and I'd like to do better next year.
Combo of enough money invested that we had strong market gains, and earning enough money that we can save a good amount (not having kids helps there too).
I think by the time December 31 rolls around we'll be around a $150,000 increase for this year, and I'd like to do better next year.
Combo of enough money invested that we had strong market gains, and earning enough money that we can save a good amount (not having kids helps there too).
Good luck!
Sorry hens. Only DINKS can choose the last option. j/k ;D
How are so many respondents planning to increase their net worth by $200K+ in one year? Do you have an income that allows you to save a boatload of money, or do you just already have enough invested that gains of that size are possible?
The number of votes on the $200k+ surprised me too. Now, I feel like our goal is so lame. LOL.
We are probably a bit older than you.
When I was younger, my goals were definitely smaller based on income and assets.
There are less than 30 respondents to the poll so that percentage definitely can't be relied on as being representative of the board.
I'm actually wondering about the number of respondents. I assumed no one would have less than a $10k goal. Maybe I should have started at $5k? And in my mind, no MMer can possibly have a $0 goal.
The number of votes on the $200k+ surprised me too. Now, I feel like our goal is so lame. LOL.
We are probably a bit older than you.
When I was younger, my goals were definitely smaller based on income and assets.
I am 35, so probably older than many on this board. We actually had much bigger net worth gains when we were younger and didn't have kids. Since having kids, we have decreased our income to increase our flexibility and work-life balance, while also increasing our expenses substantially to cover day care. I guess if I think about it, we probably had a $200K+ year or two in our later 20s when our income was at its peak and we had no kids and relatively few expenses.
I am not complaining--we will likely still increase our net worth by a fair amount this year (and perhaps by more than I think, as I think I may be underestimating the impact of market gains). It's totally our kids faults' that we won't be able to do more.
There are less than 30 respondents to the poll so that percentage definitely can't be relied on as being representative of the board.
I'm actually wondering about the number of respondents. I assumed no one would have less than a $10k goal. Maybe I should have started at $5k? And in my mind, no MMer can possibly have a $0 goal.
Also, people may just not have specific goals with respect to increase of net worth? 2013 will be the first year that we have a goal for it.
I'd bet some people don't really track their net worth either. They may have goals of saving $x a month, but may not think of it in terms of how that adds up for the year.