WIR Net Worth Board

[chiver78]

yeah, the comps are a little all over the map, between houses that are bigger but with problems (failed title V/septic) or smaller but brand new flip (mine is 5y out), and it to me all comes in about $30k higher than the number K mentioned today. so idk. guess I'll see what she comes back with on Monday. 

[raeoflyte]

Compare like for like, (ranch to ranch) and look at price per square foot too. In the end only what you can actually sell for matters but hopefully you can get a ballpark.

[chiver78]

Nov 22, 2019 22:51:42 GMT -5 raeoflyte said:

Compare like for like, (ranch to ranch) and look at price per square foot too. In the end only what you can actually sell for matters but hopefully you can get a ballpark.

that's the thing - the closest one to mine as far as like for like is the one that went UAG at the open house, and was listed for $110k more than my own purchase price. 😯 I won't know that sale price til the transaction posts, but that's why I'm thinking higher than what she said yesterday.

[Rukh O'Rorke]

Nov 22, 2019 18:38:48 GMT -5 chiver78 said:

kind of a sidebar question for those talking about real estate estimates and the like. apologies for the derail, and I can start a new thread if y'all would prefer - I'm going to be listing my house, on Monday, actually. my realtor and I will be discussing price once she's pulled the new listings from this weekend, on Monday morning. the number she mentioned today was lower than I had in mind based on comps she pulled a few weeks ago, and actually lower than what Zillow has for me right now, too. where are y'all getting the best/most accurate market values? 

FWIW, I am on Cape Cod, in New England. I noticed some mentions of location when I posted a mod post in here earlier, but I haven't really read the whole thread. hence, the apologies for the derail. thanks in advance

I think that is tough because how can you really know? Until you sell or at least get some offers?

My redfin value went up when a similar house sold for 525 about a year ago and then went down when I checked for this thread first posting - who knows what sold that caused that? I can't find it....

Just checked, and I'm down again! Now 497k......

For the purposes of this thread - I am just going to go with redfin - I'm familiar and find it very easy to get and can compare to similar houses. Should at least give a barometer on fluctuations and trends either up or down....

That doesn't help you, but you could do a little of your own research on comps? Redfin at least has last sale price and you can look around at what sold recently for what.

[Rukh O'Rorke]

Nov 23, 2019 7:04:43 GMT -5 chiver78 said:

Nov 22, 2019 22:51:42 GMT -5 raeoflyte said:

Compare like for like, (ranch to ranch) and look at price per square foot too. In the end only what you can actually sell for matters but hopefully you can get a ballpark.

that's the thing - the closest one to mine as far as like for like is the one that went UAG at the open house, and was listed for $110k more than my own purchase price. 😯 I won't know that sale price til the transaction posts, but that's why I'm thinking higher than what she said yesterday.

what's UAG? What is the sold date on that house (my value has dropped consistently over the past 6 months, for example).

Do you see the previous sale/date to that and then compare to your purchase/date?

[chiver78]

Nov 23, 2019 14:34:48 GMT -5 Rukh O'Rorke said:

Nov 23, 2019 7:04:43 GMT -5 chiver78 said:

that's the thing - the closest one to mine as far as like for like is the one that went UAG at the open house, and was listed for $110k more than my own purchase price. 😯 I won't know that sale price til the transaction posts, but that's why I'm thinking higher than what she said yesterday.

what's UAG? What is the sold date on that house (my value has dropped consistently over the past 6 months, for example).

Do you see the previous sale/date to that and then compare to your purchase/date?

under agreement. no more information til sale actually posts.

[Value Buy]

New to the thread.....
Zillow- our Florida house was showing on zillow at $277,000 a year ago, then two homes in our hoa went for fire sale pricing for some reason......One was a legitimate fire sale, owner moved out six yrs ago, and for some reason bank never put it on market, and house inside was a mess. No air conditioning on as electric was off. Sold for $205,000 and new owners did entire gut job. 2,077 sq ft

Other house was listed at $450,000 and sold for $155,000. It was sold to a relative of the owner at a low price (not sure what the deal they had going) and house was not a foreclosure and the original owner had no mortgage. 2,600 sq ft and large pool enclosure, etc.
Zillow pricing on our house droped to $241,000 and we paid $239,900 in May of 2015.
Today it shows a value of $263,000. House is 2180 sq ft.
If I click on zillow's graph history, it never showed it at $277,000 so I believe they changed their algorithms in processing compilations.....
Based on current sale closing pricing in the hoa, I believe our house is about $279,000, but as everyone says until you actually sell, you do not know. At the height of the housing bubble in 2006 homes ranged from $300,000 to almost $800,000 in this community. Our house flipped at $310,000 in 2006 and sold for $269,000 at the end of 2006. We were the next buyer nine years later.
After the bubble foreclosuers were at $150,000 price range for the banks to get out of it.
In Indiana our house continues to show price increases via zillow, but this area does not see a lot of turnover, and I believe our house is $50,000 less than what zillow says it is. We have lived here for about 24 years and I believe we could sell at $280,000......if people still liked acreage, it would be a lot higher, but most buyers want a couple of acres anymore. Not sure if I feel comfortable posting net worth here, so right now I will not do that.

[TheOtherMe]

On home value, I recently did a HELOC.  I was hoping the appraisal would come in at the Zillow amount, which was around $200,000.  

Redfin isn't in this area.  

The appraisal was for $218,000.  I was in shock at that amount.  

I have no idea if someone would actually pay that amount.

[shanendoah]

As the OP of this thread, I consider discussing housing prices on-topic, as for most Americans (if not most posters here), their houses are the largest asset. And determining their worth is the biggest determiner of net worth.

chiver78 - I pull the estimates from Redfin, Zillow, and (now, since someone here mentioned it) Realtor.com and average them to get the estimate for my house. Redfin and Zillow have been notoriously off in a lot of markets, but there are a few markets (Seattle and D.C. that I know of for sure) where they tend to be really accurate. In the case of the Seattle market, it's probably because both companies are based here, so their algorithms for determining value are likely based on the Seattle market.
Comps can be a tricky thing, based on what timeframe they were pulled from. I once did a re-finance where the bank pulled comps for my estimate that had sold 12-6 months prior. The problem was, the prices in my neighborhood had gone up significantly (as in a $100k+) in those last 6 months. It depends on if your realtor is pulling listing prices or selling prices. Selling prices often reflect the market 6 weeks prior, but those are what houses actually sold for, vs listing prices, which are what people are hoping they sell for. But, if I remember correctly from when I was paying closer attention to this, the closer you get to the holidays, the "worse" of a season it is for sellers (because no one wants to move between Thanksgiving and Christmas, says the person who closed on her last house on Des 21), so housing prices dip slightly. However, as you get into the holidays, and then after them, prices start to go up again as more people are looking. So it might be that your realtor is giving a lower price based on the seasonal dip in the market.
What matters more to you, getting the selling price you want, or getting it sold quickly? (And remember that Realtor's own houses tend to sit on the market longer than average, as they tend to go for the price they want, not the quick sale.)

[chiver78]

the selling price matters more to me at the moment. I am going to be away for a week at the end of January, so I'd honestly be okay if it didn't sell until after that. but everyone I've talked to around the area, and my own feeling, it seems like the market in our area is about to crash hard. as far as what she was pulling, she pulled both current active listings and recent sales. basically, I feel like the one that's pending is probably the best comp just b/c of how close it is to mine. 

[forwardwego]

Good Morning Net Worthers 

I see we've gone a bit quiet, so I'll throw out a couple thoughts. I'm leaning toward a quarterly NetW calculation for myself. (A lot of companies do quarterly reports.) And of course subject to change and tweaking.

And I think this topic/thread is having a desirable effect on me. I think it is going to become a natural habit to think of all my spending through the filter of its affect on net worth. Maybe you all, or some, have always done this. Better to "get to the party" late rather than never I guess. 

For those who are nervous to post their numbers, I can empathize. Maybe instead you'd like to set a goal and say how much you'd like to increase your net worth by? And you could join us on the WIR Savers thread as you track that happening too.  We give smileys and "attagirls" and "attaboys". 


Have a happy Tuesday. 

[raeoflyte]

Dh and I are both 40...income about $105k.

We own 2 investment properties plus our primary. I have a hard time including equity as an asset, but the #'s are really depressing without it. The student loans are a real drag.

Assets:
Retirement--158,520
Liquid--7125
Properties--$706,061


Debt:
CC--6549
Student loans--$47,000
Mortgages--$533,988

Networth for dh and I together without equity is $97,845. Adding in equity $269,918.

[Rukh O'Rorke]

so - been starting to toy with year-end accounting, new year resolutions, savings and spending plans etc..... Will do some posting 12/31 or 1/1-1/2 depending where/when my head space is on it....

but just now reviewing a few things for end of year thinking - and since my post about 6-8 weeks ago, my house has lost about 15k of value via redfin  . Ok - this happens! But wondering what you all think about tracking net worth, saving aggressively, but the NW will be in a downward spiral as the housing markets continue to soften?

I am planning aggressive savings, but this would be really demotivating for me if the number is continuing to plumment! I know - I know - buckets, etc.....still.... 

[Deleted]

That's why I just keep my house value at a conservative number and don't bother looking at the fluctuations there. 

[tcu2003]

Dec 7, 2019 12:58:54 GMT -5 minnesotapaintlady said:

That's why I just keep my house value at a conservative number and don't bother looking at the fluctuations there. 

Ditto.

[raeoflyte]

I've decided to track equity but still keep it separate and conservative. It is nice to see what the full picture is, but for my primary I'd just have to buy another house and houses here are stupid expensive. The investment properties provide some income so selling would be an extreme.

[gs11rmb]

Dec 7, 2019 15:20:14 GMT -5 raeoflyte said:

I've decided to track equity but still keep it separate and conservative. It is nice to see what the full picture is, but for my primary I'd just have to buy another house and houses here are stupid expensive. The investment properties provide some income so selling would be an extreme.

I do the same.  It's nice to see how much equity we have in theory but in many ways it doesn't seem that valuable.  We're always going to need a place to live and as we already live in a small house I can't actually see us downsizing.  To be frank, I think that home equity is going to be most helpful if we need to move into assisted living or a nursing home.

[shanendoah]

Rukh O'Rorke - Redfin dropped the value on my house quite a bit, too, though Zillow went up and Realtor.com stayed about the same. By averaging the three, I hope to have a somewhat realistic view of the market.
I get that it's depressing to see net worth falling because of the housing market, but to me, that's just like seeing net worth falling because the stock markets are down and investments have lost value. It is hard to see, but I think it's important IF you are counting on that value as part of your retirement. Because housing markets and stock markets do crash, and if they crash at the time we need to retire, we really need to be aware of that.


I am also thinking about new year planning. A lot of our savings goals are minimum 2 years out and $10k+, so it seems silly to just have that sitting in a savings account, even a high yield one. So in addition to starting a ROTH for C next year, I am looking at investing options for savings over $5k.

[cktc]

How does everyone set investment goals? Do you just focus on the amount you are saving, or should you also have some sort of minimum performance benchmark?  It's been too long since I've analyzed the performance on my portfolios .

[tcu2003]

Dec 9, 2019 12:30:25 GMT -5 cktc said:

How does everyone set investment goals? Do you just focus on the amount you are saving, or should you also have some sort of minimum performance benchmark?  It's been too long since I've analyzed the performance on my portfolios .

I have goals, but the generally involve the next milestone and how much were contributing. Most of my investment account goal milestones are totally dependent on how the stock market is doing, so I can’t control it, but I still find it fun to track.

[tcu2003]

So DH made a comment the other day, and I’m still thinking about it a few days later. His comment was something along the lines of “with no mortgage payment, he would expect that our savings account would be higher than it was at the beginning of the year.” I pointed out to him that since January we put $12k in 2018 Roth accounts, and have put $6k in 2019 Roth IRAs (and will do the other $6k before the end of the year). So we’re still “saving” the money, but a different account.

He’s response was we’ll need cash when we finish our basement. True, but we have a stupid amount of easily accessible cash in our savings account. And we add to it every pay period.

DH does most of our bill paying and is generally more frugal than I am, but I handle most of the 401k and Roth IRA stuff. I go over our NW with him monthly, but probably need to show him something more. Just not sure what.

[Deleted]

I looked up my house values on the big 3

Realtor - 274K

Zillow - 332K

Redfin - 314K

For some reason Realtor and Redfin have my square footage as 1500sf.  It's more than double that so they must be leaving off the lower level and the middle level (which is just an entry and laundry).  Of course, since my house floods in spring every few years, you might as well leave those off.    Also, they all say I only have 5 acres when I have 15.  When I bought the land on contract I had them separate a 5 acre plot off that I could PIF right away since you can't build on land you don't own outright.  The market value on the other 10 is probably 50-70K or so.  Basically I just would like to be able to sell it for 300K warts and all.  I think that's a reasonable asking/selling price. 

[shanendoah]

I decided that quarterly means the end of the quarter. Besides, it's always fun to look at this stuff at the end of the year when we're making plans for the next year.
I have transferred $1k from savings into a couple of different investment places, wanting to see how they do. As of this morning, I'm down about $6 there, but I am not actually worried about that. The retirement accounts all went up since November, plus we're still adding to those and paying on the mortgage, so I expect to see my net worth go up. Still, it is kind of fun to see it go up almost $16k over the course of about 6 weeks. (About $5k of that is house value.)

Age: Shanendoah- 44;  C-45
Income: ~$132k/yr (combined)

Mortgage: $515,917
Debts Total: $515,917

Savings: $6,142
S Retirement Accounts: $192,448
C Retirement Accounts: $20,056
Investments: $994
House: $670,404
Timeshare: $1,500
Car: $3,100
Assets Total: $894,644

Net Worth: $378,726
Previous : $362,797
Change: +$15,929

[azucena]

Pulled together my info this morning...Azucena and DH age 40, DD11 and DD7

Income
Azucena 165,000  
Azucena bonus 28,500
DH 27,000
Total 220,500

Assets 12/27/2019
Savings 66,324
House Value 300,000
401k 383,000
DH 401k 25,000 guessing
Stock options 34,297
HRA 25,655
834,277   

 

Debts
Mortgage 264,000

Net Worth 570,277

    
    

Notes

- my salary increased rapidly over the past few years as I passed actuarial exams.  In 2009 I made 55k, in 2015 I crossed 100k.  I don't plan to continue upward so expect it to earn about $200k/yr in income and bonus.

- I'm very proud that as our income has grown, we have put it to good use maxing my 401k for the 4th year, increasing savings, paying off student loans, car loans, and replacing a car with cash.  I attribute this to what I've been able to learn from YM over the years.

- need to split between 401k, roth 401k and roth IRA because the majority is 401k pretax money and I'd like to even it out 

- My job offers a pension that I'm still accruing credits for.  Current payout if I stopped working today is 1000/month.  I didn't include it above since I wasn't sure how to value it.  Using the $1000/100*18,000 from a link someone posted above gives me $180k.  This seems like an okay estimate as I had been doing a quick and dirty calc of $1000*12*20 = $240,000 assuming I retire at 60 and live to 80.  With my DH having poorer health, I'm more likely to take a survivorship benefit but we'll figure that out later.

- I didn't include vehicles because we drive a 2006 and 2011 that won't be worth much when we are done with them   They will be replaced for used vehicles in the $15k range which is currently sitting in our savings account.

- house is likely worth closer to $350k but prefer using $300k to account for fluctuations

[Value Buy]

Dec 27, 2019 13:40:17 GMT -5 azucena said:

Pulled together my info this morning...Azucena and DH age 40, DD11 and DD7

Income
Azucena 165,000  
Azucena bonus 28,500
DH 27,000
Total 220,500

Assets 12/27/2019
Savings 66,324
House Value 300,000
401k 383,000
DH 401k 25,000 guessing
Stock options 34,297
HRA 25,655
834,277   

 

Debts
Mortgage 264,000

Net Worth 570,277

    
    

Notes

- my salary increased rapidly over the past few years as I passed actuarial exams.  In 2009 I made 55k, in 2015 I crossed 100k.  I don't plan to continue upward so expect it to earn about $200k/yr in income and bonus.

- I'm very proud that as our income has grown, we have put it to good use maxing my 401k for the 4th year, increasing savings, paying off student loans, car loans, and replacing a car with cash.  I attribute this to what I've been able to learn from YM over the years.

- need to split between 401k, roth 401k and roth IRA because the majority is 401k pretax money and I'd like to even it out 

- My job offers a pension that I'm still accruing credits for.  Current payout if I stopped working today is 1000/month.  I didn't include it above since I wasn't sure how to value it.  Using the $1000/100*18,000 from a link someone posted above gives me $180k.  This seems like an okay estimate as I had been doing a quick and dirty calc of $1000*12*20 = $240,000 assuming I retire at 60 and live to 80.  With my DH having poorer health, I'm more likely to take a survivorship benefit but we'll figure that out later.

- I didn't include vehicles because we drive a 2006 and 2011 that won't be worth much when we are done with them   They will be replaced for used vehicles in the $15k range which is currently sitting in our savings account.

- house is likely worth closer to $350k but prefer using $300k to account for fluctuations

Very impressive!  Not sure what your housing plans are....stay where you are, or move up to a newer house, etc, but you have a great economic base, and 20 plus years to keep going. As you start ageing it seems like it becomes easier to build the nest egg. 
Congrats!

[azucena]

Dec 27, 2019 14:02:07 GMT -5 Value Buy said:

Dec 27, 2019 13:40:17 GMT -5 azucena said:

Pulled together my info this morning...Azucena and DH age 40, DD11 and DD7

Income
Azucena 165,000  
Azucena bonus 28,500
DH 27,000
Total 220,500

Assets 12/27/2019
Savings 66,324
House Value 300,000
401k 383,000
DH 401k 25,000 guessing
Stock options 34,297
HRA 25,655
834,277   

 

Debts
Mortgage 264,000

Net Worth 570,277

    
    

Notes

- my salary increased rapidly over the past few years as I passed actuarial exams.  In 2009 I made 55k, in 2015 I crossed 100k.  I don't plan to continue upward so expect it to earn about $200k/yr in income and bonus.

- I'm very proud that as our income has grown, we have put it to good use maxing my 401k for the 4th year, increasing savings, paying off student loans, car loans, and replacing a car with cash.  I attribute this to what I've been able to learn from YM over the years.

- need to split between 401k, roth 401k and roth IRA because the majority is 401k pretax money and I'd like to even it out 

- My job offers a pension that I'm still accruing credits for.  Current payout if I stopped working today is 1000/month.  I didn't include it above since I wasn't sure how to value it.  Using the $1000/100*18,000 from a link someone posted above gives me $180k.  This seems like an okay estimate as I had been doing a quick and dirty calc of $1000*12*20 = $240,000 assuming I retire at 60 and live to 80.  With my DH having poorer health, I'm more likely to take a survivorship benefit but we'll figure that out later.

- I didn't include vehicles because we drive a 2006 and 2011 that won't be worth much when we are done with them   They will be replaced for used vehicles in the $15k range which is currently sitting in our savings account.

- house is likely worth closer to $350k but prefer using $300k to account for fluctuations

Very impressive!  Not sure what your housing plans are....stay where you are, or move up to a newer house, etc, but you have a great economic base, and 20 plus years to keep going. As you start ageing it seems like it becomes easier to build the nest egg. 
Congrats!

We are in our forever home.  Buying it coincided with one of my substantial raises and gave us room to add about $50k to the housing budget.  Forgot to mention that some of the raises went to saving the 20% down payment.  Nothing needs to be done to this house but of course we have plans for improvements.

I feel like we hit a wealth building turning point a few years ago.  A company match goes further when you're able to max out 401k.  Plus when I became an executive, along with a higher salary came increased bonus targets as well as stock options.

Need to figure out our financial goals both short and long term and strike a balance between saving and living.

[Rukh O'Rorke]

UPDATE! Rukh $900,812.18 (Start tracking 10/26/2019 $816,224.70)
Age:55; Salary 142k


Final update for 2019!

Roths	117,642.65
401k and Rollovers	617,481.60
Other: EF, ESOP, HSA	24,277.85
House Value	502,013.00
Total Assets	1,261,415.10
Mortgage	248,959.81
Student Loans	111,643.11
Total Liabilities	360,602.92
Net Worth	900,812.18

Oct 26, 2019 12:03:45 GMT -5 Rukh O'Rorke said:

Roths                                 $107,799.04
401k and Rollovers              $540,848.38
Other: EF, ESOP, HSA             $23,630.13

House Value                        $509,343.00

Total Assets                    $1,181,620.55


Mortgage                            $250,174.54
Stdt and Pers Loans             $115,221.31

Total Liabilities                 $365,395.85

Net Worth                         $816,224.70

The stock market has been good to me over the past few months! Wow - I am surprised!! I did not re-do my student loans from my last racer update....likely a bit more with the capitalized interest - on the other hand - I don't think my final 401k contribution has been added in to the current companies 401k - but I think this is close enough for rock and roll.


I will post early in 2020 to start off the new year. I can't believe I am at 900k - meaning that elusive 7 figure net worth is in reach? Unreal! But you better believe it is extremely motivating to me! Whether I can crack that in 2020 is largely outside of my control - dependent nearly entirely on stock market and real estate values as it were....plus continued employment!!!


But my renewed dedication to maxing retirements has certainly taken on an extra.....gloss, shall we say? And of course, paying down those debts helps too!!

Good fortune to all our net worthers in 2020! To seven figures and beyond!

[Deleted]

I decided to update the first day of every quarter.  Credit card did not budge much, but to be fair I added almost 3K to it in December for insurance bills and the cat and paid that off.  My finances have just gone to shit since I took on that stupid no interest credit card.  

Mortgage - $100,378
CC debt - $8300 

Total Debt $108,678

Savings - $41,784
529s - $58,700
Retirement - $523,693
House - $300,000

Total Assets $924,177

Net Worth  $815,499  (increase of $44,010 since 10/23/19)

[tcu2003]

Here's my EOY/end of month/2019 update:

Me 38/DH 43, 2 kids (7 and 3)

TOTAL NW (no vehicles): $1,865,721

Retirement: $1,271,871
Stocks: $4,398
529s: $36,800
Cash: $124,702
House: $427,950

I looked at our year-end 2018 numbers, and our NW is up about 25% since then, which is crazy - so thank you, market!  

Our house value has increased since we bought it 5-1/2 years ago, but I'm not worried about it as we intend to live here for a long time, so maybe I'll check and update it whenever the market crashes, so I'll on paper make myself feel better when our NW drops whenever that happens.  

[ners]

I am 57 years old.
Income 40400.
House and care values are estimates

Net worth 177,000.79

Up about 4300.00 since last month. 

Assets

Cash $14,890.07
Retirement $145,490.54
House $80,000.00
Car $6,250.00
Stock $5,417.06
Health Savings Account $4,762.73


Liabilities

Mortgage $56,745.97
Helco $14,165.40
Car $8,898.24


I calculate monthly.  Will try to remember to post monthly.