jd2005
Established Member
Joined: Mar 15, 2011 14:16:37 GMT -5
Posts: 411
|
Post by jd2005 on Jan 10, 2018 16:20:26 GMT -5
There used to be a thread where we would support and cheer one another's monthly / periodic net worth. I think we used networth IQ before it died. Anyone else interested in sharing / updating that idea using www.networthshare.com? If so, go to networthshare.com, fill out your profile and add your net worth stats. Post periodically when you update and share with the group what's going on, what challenges you are having, your successes, etc. I'll start - my user id is the same as here -JD2005. My current challenge is paying off a mini-van and a looming tax bill. I'm saving up cash to pay the tax bill, and if I have any left over I'll throw it at the van in April (or whenever I pay my taxes).
|
|
midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
|
Post by midjd on Jan 10, 2018 17:49:40 GMT -5
It’s been forever since I updated over there, but my username is also the same as here.
Good thread!
|
|
Deleted
Joined: Apr 26, 2024 13:26:37 GMT -5
Posts: 0
|
Post by Deleted on Jan 10, 2018 18:41:18 GMT -5
Yeah, I'm totally OCD about Networthshare. I always update it right away in the morning on the 1st of the month. NetworthIQ too. That and Diet Pepsi. Those are my "things". And chickens I guess...I have a thing with chickens.
Same username as here.
|
|
tcu2003
Senior Member
Joined: Dec 31, 2010 15:24:01 GMT -5
Posts: 4,942
|
Post by tcu2003 on Jan 10, 2018 18:48:30 GMT -5
Yeah, I'm totally OCD about Networthshare. I always update it right away in the morning on the 1st of the month. NetworthIQ too. That and Diet Pepsi. Those are my "things". And chickens I guess...I have a thing with chickens. Same username as here. Ditto for me on updating NetworthShare at the beginning of every month when I update our NW on my spreadsheet. And same username there as here.
|
|
azphx1972
Familiar Member
Joined: Mar 2, 2011 22:08:36 GMT -5
Posts: 809
|
Post by azphx1972 on Jan 10, 2018 19:26:32 GMT -5
OMG I haven't logged into this site in forever! ArchietheDragon left a comment on my most recent networthshare entry though, and I came back. Still remembered my password even! Happy 2018 everyone!
|
|
tallguy
Senior Associate
Joined: Apr 2, 2011 19:21:59 GMT -5
Posts: 14,147
|
Post by tallguy on Jan 10, 2018 19:58:23 GMT -5
I'm a bit curious as to what stage of life people think that net worth is an important number, or stops being important? For instance, I am in my fifties, recently retired. I can't remember ever thinking that net worth was all that relevant, even when I was younger. Certainly now, I am in the home I should be in forever so it makes no difference what the value is. The only number that I consider important is my financial assets number. If I had investment property I would include that as well, but I don't. What will determine my future is my financial assets, and I do keep track of those.
If I want to determine my net worth, I'll take the financial assets number, my house value from the last time I looked at Zillow, add another $50,000 for everything else I own, and call it good. But, who cares? The number means nothing to me. Is it interesting to look back over time and see the progression? I guess, but that's about all it is.
|
|
Deleted
Joined: Apr 26, 2024 13:26:37 GMT -5
Posts: 0
|
Post by Deleted on Jan 10, 2018 20:11:30 GMT -5
I'm a bit curious as to what stage of life people think that net worth is an important number, or stops being important? For instance, I am in my fifties, recently retired. I can't remember ever thinking that net worth was all that relevant, even when I was younger. Certainly now, I am in the home I should be in forever so it makes no difference what the value is. The only number that I consider important is my financial assets number. If I had investment property I would include that as well, but I don't. What will determine my future is my financial assets, and I do keep track of those.If I want to determine my net worth, I'll take the financial assets number, my house value from the last time I looked at Zillow, add another $50,000 for everything else I own, and call it good. But, who cares? The number means nothing to me. Is it interesting to look back over time and see the progression? I guess, but that's about all it is. Isn't that what net worth is? It sounds like you keep track of net worth only you exclude the house, but technically that's still a financial asset. You aren't planning on selling it but you COULD. My equity could pay rent for 20 years in a little one bedroom apartment, so I certainly feel it has value to me financially. I don't think most people include personal property in net worth. Sometimes cars to offset a loan, but household stuff? No.
|
|
azphx1972
Familiar Member
Joined: Mar 2, 2011 22:08:36 GMT -5
Posts: 809
|
Post by azphx1972 on Jan 10, 2018 20:11:33 GMT -5
Well, I'm not in my forever home (I will probably downsize at some point), so my home equity is something that I do take into consideration when determining when I can retire, as well as other non-income producing assets that I may choose to liquidate later on to generate revenue, so net worth is something that I personally find valuable.
|
|
tallguy
Senior Associate
Joined: Apr 2, 2011 19:21:59 GMT -5
Posts: 14,147
|
Post by tallguy on Jan 10, 2018 20:30:13 GMT -5
I'm a bit curious as to what stage of life people think that net worth is an important number, or stops being important? For instance, I am in my fifties, recently retired. I can't remember ever thinking that net worth was all that relevant, even when I was younger. Certainly now, I am in the home I should be in forever so it makes no difference what the value is. The only number that I consider important is my financial assets number. If I had investment property I would include that as well, but I don't. What will determine my future is my financial assets, and I do keep track of those.If I want to determine my net worth, I'll take the financial assets number, my house value from the last time I looked at Zillow, add another $50,000 for everything else I own, and call it good. But, who cares? The number means nothing to me. Is it interesting to look back over time and see the progression? I guess, but that's about all it is. Isn't that what net worth is? It sounds like you keep track of net worth only you exclude the house, but technically that's still a financial asset. You aren't planning on selling it but you COULD. My equity could pay rent for 20 years in a little one bedroom apartment, so I certainly feel it has value to me financially. I don't think most people include personal property in net worth. Sometimes cars to offset a loan, but household stuff? No. No, net worth includes everything. That is what the definition is. Home equity, investments, other property, personal property (cars, jewelry, art, collectibles, etc.) If you prefer the term "investable assets" for the other that is fine too. My home equity could buy several properties for cash in some posters' neighborhoods. It is irrelevant, though, unless I not only sell but also move either out of the area or into an apartment. If I were merely changing houses I would be buying into the same market I was selling in so no real effect. So no, I do not keep track of net worth. I ignore net worth unless someone asks. I do keep track of invested assets and cash, but that's it.
|
|
midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
|
Post by midjd on Jan 10, 2018 20:35:52 GMT -5
ARCHIE! How did you not have a milestone post, sir?!?
|
|
lynnerself
Senior Member
Joined: Jan 3, 2011 11:42:29 GMT -5
Posts: 4,166
|
Post by lynnerself on Jan 10, 2018 20:41:44 GMT -5
We track net worth and invested assets. Before retirement we called these "retirement funds". We started tracking about 8 years before retirement to determine when we would have enough to retire. Back then we calculated it twice a year. Now DH does it almost every month. But I don't post unless it's a very specific milestone.
|
|
busymom
Distinguished Associate
Why is the rum always gone? Oh...that's why.
Joined: Dec 25, 2010 21:09:36 GMT -5
Posts: 28,363
Mini-Profile Background: {"image":"https://cdn.nickpic.host/images/IPauJ5.jpg","color":""}
Mini-Profile Name Color: 0D317F
Mini-Profile Text Color: 0D317F
|
Post by busymom on Jan 10, 2018 20:43:11 GMT -5
In figuring net worth, I would include the value of my house, but not my possessions (unless I had something of high value, like an expensive collection, or something). Cleaning out my parent's house taught me that most household possessions are worth next to nothing to outsiders. I'd have to go back & check the records, but I don't think we got more than $300-$400 out of the antiques in the house. And Dad's tools didn't bring in more than $100 or so. Poor Dad might have spent a lot of money on tools, but people seem to want the new stuff now. (The junk hauler made some good money, getting rid of the stuff that no charity would want.) So, when it comes to assets, I'll stick with house value, bank accounts and investments. Oh, and old jewelry isn't worth more than the "by the ounce" value of the gold.
|
|
Deleted
Joined: Apr 26, 2024 13:26:37 GMT -5
Posts: 0
|
Post by Deleted on Jan 10, 2018 20:50:30 GMT -5
Isn't that what net worth is? It sounds like you keep track of net worth only you exclude the house, but technically that's still a financial asset. You aren't planning on selling it but you COULD. My equity could pay rent for 20 years in a little one bedroom apartment, so I certainly feel it has value to me financially. I don't think most people include personal property in net worth. Sometimes cars to offset a loan, but household stuff? No. No, net worth includes everything. That is what the definition is. Home equity, investments, other property, personal property (cars, jewelry, art, collectibles, etc.) If you prefer the term "investable assets" for the other that is fine too. My home equity could buy several properties for cash in some posters' neighborhoods. It is irrelevant, though, unless I not only sell but also move either out of the area or into an apartment. If I were merely changing houses I would be buying into the same market I was selling in so no real effect. So no, I do not keep track of net worth. I ignore net worth unless someone asks. I do keep track of invested assets and cash, but that's it. Ok, so most people put a $0 value on personal property unless it's something big. I certainly am not going to go through my house trying to figure out what I can get for the washer and dryer. We'll have to agree to disagree on the value of home equity. But to me, a person with 500K in equity is 500K better off than a person with none.
|
|
tallguy
Senior Associate
Joined: Apr 2, 2011 19:21:59 GMT -5
Posts: 14,147
|
Post by tallguy on Jan 10, 2018 21:07:49 GMT -5
I'm not saying I don't HAVE it. I'm saying it doesn't matter in my situation if I have it, or what the amount is. It doesn't change anything. It's just there. But that is also why I don't bother with net worth as a concept. If I were going to move to some small town somewhere and I could buy a house with land for $100,000 I damn sure would count the extra million+, but not until after I sold the house. It would then be part of cash, waiting to be invested.
|
|
ArchietheDragon
Junior Associate
Joined: Jul 7, 2014 14:29:23 GMT -5
Posts: 6,353
|
Post by ArchietheDragon on Jan 10, 2018 21:42:01 GMT -5
|
|
midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
|
Post by midjd on Jan 10, 2018 21:53:48 GMT -5
Well a belated congrats, then! And you should post more!
|
|
Deleted
Joined: Apr 26, 2024 13:26:37 GMT -5
Posts: 0
|
Post by Deleted on Jan 10, 2018 22:08:45 GMT -5
I'm not saying I don't HAVE it. I'm saying it doesn't matter in my situation if I have it, or what the amount is. It doesn't change anything. It's just there. But that is also why I don't bother with net worth as a concept. If I were going to move to some small town somewhere and I could buy a house with land for $100,000 I damn sure would count the extra million+, but not until after I sold the house. It would then be part of cash, waiting to be invested. That's kind of the way I feel about my retirement accounts, but I count them.
|
|
Deleted
Joined: Apr 26, 2024 13:26:37 GMT -5
Posts: 0
|
Post by Deleted on Jan 10, 2018 22:09:53 GMT -5
Well a belated congrats, then! And you should post more!
|
|
jd2005
Established Member
Joined: Mar 15, 2011 14:16:37 GMT -5
Posts: 411
|
Post by jd2005 on Jan 11, 2018 9:42:08 GMT -5
I started tracking net worth about 7-8 years ago...let's call it my early 30s. It was actually what got me paying attention to my situation. Before that I thought I was doing well, making a good salary and thinking I could save for the future later. Those poker tables called my name ;-)
|
|
jd2005
Established Member
Joined: Mar 15, 2011 14:16:37 GMT -5
Posts: 411
|
Post by jd2005 on Jan 11, 2018 9:49:28 GMT -5
It’s been forever since I updated over there, but my username is also the same as here. Good thread! Thanks! I find it is fun to cheer each other on. And, helpful to prop each other up when we have a down month.
|
|
MN-Investor
Well-Known Member
Joined: Dec 20, 2010 22:22:44 GMT -5
Posts: 1,937
|
Post by MN-Investor on Jan 12, 2018 13:44:57 GMT -5
You track what's important to you.
For someone just out of college with college debt, you look at the whole picture - bank accounts, 401(k)s, car, car loan, student debt, etc. You need to understand your true net worth.
For someone nearing retirement with a paid off house and no other debts, you may only be concerned with the portfolio you will be living on in retirement - savings, stocks, bonds, 401(k)s, IRAs, rental properties, etc.
For us, I didn't create a portfolio spreadsheet until 1999 when, at age 46, I was looking to quit my job. We needed to know if, with just DH's income, we would be on track for him to retire by age 65. The spreadsheet showed that, based on current savings, income, and expense, we would be fine. I've updated that spreadsheet on a monthly basis ever since then and we were right. We had plenty of money saved such that DH could retire in 2016 at age 62.
|
|
|
Post by The Walk of the Penguin Mich on Jan 12, 2018 15:30:43 GMT -5
TD has been crunching numbers like crazy the past week. I think that he is thisclose to saying f%$# it and retire. The numbers all support this decision, it's just that damn health insurance.
|
|
SVT
Well-Known Member
Joined: Dec 20, 2010 15:39:33 GMT -5
Posts: 1,491
|
Post by SVT on Jan 17, 2018 13:32:40 GMT -5
I tried logging in a few months ago. Couldn't get in. Tried a password reset and I can't remember why but I was having trouble with that. I think something wasn't working with the website to let me reset my password IIRC. I sent a message to the admin, never got anything back.
I see my networthiq has disappeared from the YM tag. I guess due to inactivity. I track my net worth, just haven't been posting monthly updates publicly in a while.
|
|
alabamagal
Junior Associate
Joined: Dec 23, 2010 11:30:29 GMT -5
Posts: 8,117
|
Post by alabamagal on Jan 17, 2018 13:49:40 GMT -5
I track my net worth on a personal spreadsheet, update it monthly. My main motivation is to see how I am doing, and more importantly to see that I am improving every month and every year. For assets, I include house and car values. It's not likely that I would ever sell my vehicles, but I have car loans on 2 (down to 1 next month) and also a mortgage.
|
|
jd2005
Established Member
Joined: Mar 15, 2011 14:16:37 GMT -5
Posts: 411
|
Post by jd2005 on Jan 18, 2018 10:05:04 GMT -5
I track my net worth on a personal spreadsheet, update it monthly. My main motivation is to see how I am doing, and more importantly to see that I am improving every month and every year. For assets, I include house and car values. It's not likely that I would ever sell my vehicles, but I have car loans on 2 (down to 1 next month) and also a mortgage. I didn't put in my car value while I didn't have a car note. When we bought our newest car I added it to the net worth assets to offset the note liability. I'm depreciating the car value every month.
|
|
jd2005
Established Member
Joined: Mar 15, 2011 14:16:37 GMT -5
Posts: 411
|
Post by jd2005 on Jan 30, 2018 10:29:34 GMT -5
Hey Peeps! Did my January 2018 net worth calculation (https://www.networthshare.com/user/JD2005) ... this stock market is doing awesome!!! I made substantially more in retirement than I put in.
Saving money this month and next for a possible tax bill. If that doesn't come or is less than we anticipated (and I hope so because I made a conservative calculation), we are going to the cash into paying off the mini-van.
How is everyone else doing?
|
|
Deleted
Joined: Apr 26, 2024 13:26:37 GMT -5
Posts: 0
|
Post by Deleted on Jan 30, 2018 10:39:26 GMT -5
Hey Peeps! Did my January 2018 net worth calculation (https://www.networthshare.com/user/JD2005) ... this stock market is doing awesome!!! I made substantially more in retirement than I put in. Saving money this month and next for a possible tax bill. If that doesn't come or is less than we anticipated (and I hope so because I made a conservative calculation), we are going to the cash into paying off the mini-van. How is everyone else doing? I'll let you know Thursday. I'm pretty anal about doing it on exactly the first of the month (for month prior), right after the house payment comes out.
|
|
jd2005
Established Member
Joined: Mar 15, 2011 14:16:37 GMT -5
Posts: 411
|
Post by jd2005 on Jan 30, 2018 11:12:43 GMT -5
Hey Peeps! Did my January 2018 net worth calculation (https://www.networthshare.com/user/JD2005) ... this stock market is doing awesome!!! I made substantially more in retirement than I put in. Saving money this month and next for a possible tax bill. If that doesn't come or is less than we anticipated (and I hope so because I made a conservative calculation), we are going to the cash into paying off the mini-van. How is everyone else doing? I'll let you know Thursday. I'm pretty anal about doing it on exactly the first of the month (for month prior), right after the house payment comes out. I count my house payment at the beginning of the month, and do the net worth at the end.
|
|
Deleted
Joined: Apr 26, 2024 13:26:37 GMT -5
Posts: 0
|
Post by Deleted on Jan 30, 2018 11:24:36 GMT -5
I'll let you know Thursday. I'm pretty anal about doing it on exactly the first of the month (for month prior), right after the house payment comes out. I count my house payment at the beginning of the month, and do the net worth at the end. Yeah, technically it makes no sense how I do it, because it's assets (except checking) from January and house payment and checking from February going into my January report, but I've been doing it the same way for 6 years so at least it's consistent.
|
|
midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
|
Post by midjd on Jan 30, 2018 12:38:48 GMT -5
I turn 34 in a week and am reaaaaaaaaally hoping to hit that $400K NW milestone by then. Fingers crossed!
ETA: payday is the day after my birthday so I may have to fudge it by a day if I'm a few K short, lol.
|
|