Net Worth

[coffee]

Hey ladies!
Just for fun and out of curiosity. What’s your current net worth?.

If you feel like sharing in public more specific;
What’s your household income, age, and net worth? I know not many will feel comfortable sharing this, and that’s ok
I’m always curios about the net worth vs. income and age . Wondering how this MM group is doing

[fortnightlily]

A little over $2m. Some of that is the house, obviously, which we are still making payments on. HHI is upper 200ks. In our early 40s. Neither of us had student loans nor went to grad school, so the lack of debt and ability to get an earlier start on earning an income has been a huge help.

[bdubs419]

Our net worth is around 3.1M currently, which includes 2 properties. Our ages are 39 for me and mid 40s for DH. We have a combined income of around mid/upper 300s.

High level breakdown:
Retirement is about 1.5M
Investments 800K
Home equity 700K

[themoneytree]

PDQ : Around $but most of that isn’t accessible. By far the majority is in retirement funds, H’s pension and the two houses (one of which still has a mortgage).
H is maxing out his 401 k and still paying alimony for the next 4 years. One kid in college and the other unexpectedly moved to private school this year (6th grade) and it’s possible will need to stay through high school.
H is early 50s. I’m late 40s. Two kids. HHI approx 300 inc bonus.

[ohgillian]

I realized that not everyone reading this poll would know how to calculate net worth. So basically: add up the balance of any savings accounts and investments, retirement accounts, etc. Add the value of your home to that. Basically add up everting of value to your name.

Then subtract anything you owe - how much you owe on student loans, credit cards, what’s left that you owe on your cars and mortgages.

That’s your net worth.

[lilypad1126]

We're a little over $1M. Mostly in retirement accounts, some in savings. Students loans will be gone hopefully in the next 12 months. I'm mid 40s, DH is mid 60s. HHI ~$150k/per year.

[coffee]

We hit the 1M milestone lin 2023 and I’m over the moon

Retirement : $600K
Investments: $150K
Investment property (equity): $60k
Primary Home (equity): $350K

Household income $225k + bonus which is about 40K

Ages 37 and 43

We were fortunate that our parents paid for college, and our jobs paid for graduate schools so no student debt.

[lust2hart]

We will be 40/42 this year.

Investments: $400,000
+ House Value: $288,000
- Mortgage: $58,000
= Net worth: $630,000 (we have no other debt)

HHI: $130,000

I'm hopeful that we'll hit the $1M mark by the end of 2025 - Lord willing, the value of our house will go up, our mortgage will be gone, and DH (and hopefully I) will have gotten raises that we can put into our retirement and investment accounts.

[plutosmoon]

My net worth is around 300k. I'm 45, single mom with income just under 80k. My income hit 50k for the first time when I was 38 or 39. I have no debt except my mortgage.

Home equity: 50,000 (just purchased a 250,000 house with 50,000 down in 2023)
Retirement:200,000
Non retirement investments and cash: 50,000

I have been quite lucky in several areas, including some stock I bought for $800 that is now worth $16,000. I did have to pay out my exh in the divorce, plus split out home equity, but I have regained that lost money.

[Susie]

Watching this grow is such a point of quiet pride for me.  I track this closely, and we've worked our way from about $ -280k in 2007 to about $1.2 M now.

The first ~$300k was so, so, so hard, because compounding interest worked against us, instead of for us.  Growth comes SO much easier now, but it hasn't always.  I am really proud of what we've accomplished.

ETA:  PDQ the added details, because I will DD in a day or so, so as not to leave it out there.  But I do think these convos are helpful to have.

We're 42 and 44, and our HHI is currently around $400k.  It has gone up considerably in the last couple of years, largely due to me originating some new business at work.

The majority of our net worth is in retirement accounts.  Other significant assets are our house, and my share of my firm.  We bought our current house in 2021 for $450k, and currently have about $330k on the mortgage.  We've done a lot of improvements*, plus the market has risen, so I would guess it's currently worth about $525k, putting us at close to $200k in equity.  I also bought 5% of my firm in 2017 for $100k, and have since paid off the portion I financed.  We're in protracted negotiations now for the next phase.

Additionally, H will receive a state retirement system pension which could be worth quite a lot, depending on how many years of service he puts in, and how long he lives in retirement.  I haven't included that in any net worth calculations because it has no "today value".

*New whole house backup generator, new windows throughout, three new exterior doors, new sump pump, hot water heater, dishwasher, refrigerator, range, new hardwood floors (replacing 30 year old carpet), half bath reno, grading and French drains in the backyard for water management, a slew of new light fixtures, fans, toilets, and on and on and on.

[mcsangel2]

I estimate about 1.3M. DH and I are 52/51. I'm still waiting impatiently for our 401ks to cross the 1M mark, I am hoping to retire at 62. HHI about $120k. Have been in our house almost 19 years and it'll be paid off in 9 more if we don't accelerate.

Most important factor, we never had student loans.

[dragon's breath]

Single (became single/solo parent when ex left in my early 20s), mid-40s, base income $120k, but OT and holidays bring it up by another $16-30k. NW of ~$1.5 mil (no inheritance, alimony, etc). >$920k of that is in retirement accounts (I will have a pension as well).

[quesyrah]

I’ve never added it up before, but we are roughly $800,000. Not too bad except that most of that is our house which we recently had appraised and it came in at $650,000.

[quesyrah]

Jan 24, 2024 15:09:40 GMT -5 mcsangel2 said:

I estimate about 1.3M. DH and I are 52/51. I'm still waiting impatiently for our 401ks to cross the 1M mark, I am hoping to retire at 62. HHI about $120k. Have been in our house almost 19 years and it'll be paid off in 9 more if we don't accelerate.

Most important factor, we never had student loans.

This is something that keeps me up at night sometimes.

I feel like one of the best things DH and I have going for us is that we didn’t have student loans. I don’t think we’ll be able to cover 100% of our kids tuition. I don’t know how much we’ll be able to help with, but hopefully if we get our mortgage paid off ($75K to go) we can put what we were paying each month towards college.

Both kids want to go and I really don’t want them saddled with $$$$ so we’re going to start talking with them about what’s realistic in terms of them working, getting scholarships, etc.

[Susie]

Student loans are huge.  I'm sure it's obvious, but that was the primary cause of our $-280k net worth when we got married in 2007.  We both borrowed almost all the cost of our law degrees.  H graduated with about $120k in SLs all in, and I graduated with $160k.

Right now he has about $23k left, and I have about $30k left.  Even though he is a civil servant, we're not able to use any public service forgiveness programs, so this is all us and our slow work.  We have pretty good interest rates on what's left (interest rates in the 2 to 4.24% range), so we're prioritizing saving in our kids' 529s right now over paying off the last of our own debt, plus retirement and other investing.  

My parents paid for most my BS, so thinking about my own kids, damn.  It will be a big goal to pay for all or most of their undergrad degrees, the idea of helping them with graduate degrees too is overwhelming.  But starting off with debt like we had is not something I wish for them.

[midwestmama]

We're around 1.1M. DH and I are in our early 40s. DH had student loans up until a couple of years ago, when we paid them off (we would have never qualified for any SL forgiveness programs.) Our take-home pay is around $175K.

Assets
Home (est. value): $500K (ETA: we bought it when the market was low in 2011 - thankfully we could afford it, and saw it had lots of upside potential in value when the market went back up; it's basically doubled in value since we bought it)
Second property (hunting land, est. value): $100K
Retirement: around $600K
529s: $40K
Cash on hand/CDs: $50K

Liabilities
Home: $203K mortgage balance (ETA: we did a cash-out refi a year after we bought our 2nd property a few years ago to combine our mortgage and the loan for that property; if it wasn't for the 2nd property, our mortgage balance would be much lower)
DH's truck: $14K (will be paid off with a bonus in a few months)

[bdubs419]

I find this stuff very fascinating. I hope more people share - on all spectrums!

[simpsongal]

Ditto Susie re SLs, I have $12,500 left on $160K from 2008....blech, like your DH I'm a fed w/no PSLF.

We're early 40s, make mid $300s, and net worth is around $2M (not sure how to value the pension...). Dh will never catch up to me on retirement after years of extra schooling and under employment post 2008.

[jinkies]

I keep a spreadsheet with all our accounts and current worth updated annually, so I know this one! This year was the first year that we broke $1mill. Over half of that is in our paid off house though.

We are mid-40s with HHI of $150-170k (it fluctuates and I haven't done our taxes yet).

Neither of us have historically been super high earners, but we had no student debt (H is in a trade) and benefitted from good timing of H's first home purchase.

[Pom]

I have been studying this down to the penny lately since H is leaving his job (lay off) next week. Unless something amazing comes around, not going back to work. We will see if we can keep our spending in check. lol. $3.9 million about to turn 53/54.

Home: $720k no mortgage.
Cash, Investments: $1.35 mil
My half of family farm property leased: $1.85mil

[dcn]

We are around $1.1 million I think. I currently SAH and H is in the military. His gross income is around $135k. He will have a military pension as well, he’s at 19 years. He will likely retire from the military in the next 2-3 years. We are 42.

Caveat is that we don’t own a house/have a mortgage. Obviously that will change the net worth calc when we buy one.

Retirement accounts are around $975k ($175k of that was inherited from MIL)
Savings and other investments - $200k (most of this is saved for a house)
529 savings - $80k. H also has GI Bill that is allocated to the kids which will help for college. Kids are 8 and 11.

We had student loans of around $90k when we graduated in 2003/2004. I have a bachelors and H has a DpT. I paid mine off ($15,000) about 10 years ago and H got a scholarship repayment from the military of around $50k. We paid the rest of his off shortly after mine.

We have a car loan at 0% interest with a balance of around $5,000. No other debt.

[wanderingback]

My net worth is still largely negative. Still have about $350,000 in student loans. But this is a good exercise (I guess) and will do the actual calculation tomorrow. I guess no one else wants to post about their negative net worth?

But question - How does one know how much their house is worth in these calculations?

[ny96]

Jan 25, 2024 23:33:29 GMT -5 wanderingback said:

My net worth is still largely negative. Still have about $350,000 in student loans. But this is a good exercise (I guess) and will do the actual calculation tomorrow. I guess no one else wants to post about their negative net worth?

But question - How does one know how much their house is worth in these calculations?

I haven’t posted my net worth, but the way I calculate my house into my net worth is a conservative estimate of what it would sell for today, minus my mortgage, minus a 6% realtor fee. I get emails regularly from Zillow and Redfin giving me their value of my house. Sometimes I think it’s conflated sometimes I think it’s low balling it. I have settled somewhere in the middle.

[minzy]

Even after all these years here, I do not want to put the number (though to be fair I haven’t actually checked in a few months). It’s… significant. We too started in the hole, 110k combined in student loans from law school, split pretty much exactly 55k each. But that was a long time ago now, we will have been out 18 years this year. The big factor is my husband’s career, and his lifelong frugality (I am also generally a saver). He works his ass off, is extremely well-regarded, and is compensated very well. We never know whether the next merger will ax him, so always lived well below what came in the door. I took a decade off so wasn’t financially contributing at all, though with two dead relatives in the last 11 years, I inherited about $150k. Now I work my own “big dog” job for “fun” and the superior health insurance for the whole family. My pay, which is near the top of the federal scale, pales in comparison to his. We generally do not live super extravagantly; my husband will always love to bargain hunt and “strike” when the yogurt is cheap at the grocery store. I make it a priority to give money away. I do not consider most of our choices to be limited by money, but by time, and whether it’s bad for the environment.

[chpmnk1015]

Doing OK and not sure on track.. buy, bulk is our primary house and an investment house that we own significant equity in both. Ok on the 401ks and stuff like that. We make combined low 100s. And are 45

[Pom]

Jan 25, 2024 23:33:29 GMT -5 wanderingback said:

My net worth is still largely negative. Still have about $350,000 in student loans. But this is a good exercise (I guess) and will do the actual calculation tomorrow. I guess no one else wants to post about their negative net worth?

But question - How does one know how much their house is worth in these calculations?

That's tough. SL debt is insane. We started out in a ton of debt in our mid-30s when we met and married. Mostly since H had debt from student loans, we both had car loans, credit card debt and our first home with low down payment. After a year or two of relocating and H was in his professional role with a specialty in demand, he began making the income to shift our situation and we kept our expenses as low as possible at the same time. Also, we don't have children and that made a difference. I give families so much credit because life is so expensive, especially the outrageous cost of childcare.

Zillow, realtor.com, etc... averaged out is how we got our number. There is plenty of turnover here since we are in a highly sought after location in a vacation area, so always plenty of comps.

[scm1011]

I just did a quick calc and it looks like we're at ~$1.3M. We're 42/48.

retirement: ~$300k (we're behind, I know - DH also will receive a state pension that I haven't included)
investments/savings = ~$400k
home worth: ~$1.3M

mortgage owed: $685k
DH student loans: ~$30k (which we should be able to get forgiven, I just need to actually do it)

[quesyrah]

Jan 25, 2024 23:33:29 GMT -5 wanderingback said:

My net worth is still largely negative. Still have about $350,000 in student loans. But this is a good exercise (I guess) and will do the actual calculation tomorrow. I guess no one else wants to post about their negative net worth?

But question - How does one know how much their house is worth in these calculations?

I only know because we recently had it appraised because we considered selling. Otherwise I guess you would base it on what neighbors are selling for?

That’s a really good question.

[scm1011]

Jan 26, 2024 12:21:08 GMT -5 quesyrah said:

Jan 25, 2024 23:33:29 GMT -5 wanderingback said:

My net worth is still largely negative. Still have about $350,000 in student loans. But this is a good exercise (I guess) and will do the actual calculation tomorrow. I guess no one else wants to post about their negative net worth?

But question - How does one know how much their house is worth in these calculations?

I only know because we recently had it appraised because we considered selling. Otherwise I guess you would base it on what neighbors are selling for?

That’s a really good question.

In my case, I stalk the real estate market (I get daily emails about home listings/sales in my area) so that coupled with Zillow/Redfin estimates gives me a pretty good idea what I could sell my house for. 

[lust2hart]

We get a letter from the county every year with their appraisal of our home value and we use that figure in our calculations, even though it would probably sell for more.