WIR Net Worth Board

[forwardwego]

Update Dec 31 2019

Bank Accts: 35,400*

Retirement Accts: 196,895 
C&J $: 30,900

Real Estate: 600,000

Cars & boat: 46,000**
Assets: $909,195 


Mortgage (homestead): 35,900 
Mortgage (rental): 99,018 
Liabilities: $134,918 


NetW: $774K 

* 4 bank accounts, plus cash stash = liquid/nontaxable

** 2 cars & 1 boat, subtracting $500/month combined depreciation

Doing this update has put a spotlight on the negative impact of depreciating assets. Hard lesson.

[Lizard Queen]

My DH mentioned we are at $684 or 687k NW, I can't remember for sure which. House is $150 of that, less about $40k remaining mortgage. This is like $80k more than I was thinking a couple months ago, so yay!

[steph08]

I was going to post this month to keep up with quarterly updates, but my 401k is transferring from one company to another, and balances won't be available until mid-February again. And I will add in DH's pension total as well, so I think I'll skip January and come back in March/April. 

I thought we were doing well, but we are several hundred thousand behind similar age ranges on here! Yikes! 

[Rukh O'Rorke]

Jan 3, 2020 20:19:12 GMT -5 steph08 said:

I was going to post this month to keep up with quarterly updates, but my 401k is transferring from one company to another, and balances won't be available until mid-February again. And I will add in DH's pension total as well, so I think I'll skip January and come back in March/April. 

I thought we were doing well, but we are several hundred thousand behind similar age ranges on here! Yikes! 

But I think it is all very individual, so comparisons can be misleading.

As long as we are all increasing over time, and can retire comfortably someday!, I think that is all we can do. 

I alternately feel rich and poor depending on how I am looking at my particular situation. I never feel in the middle - but it is likely were I am!

[Deleted]

Jan 3, 2020 20:19:12 GMT -5 steph08 said:

I thought we were doing well, but we are several hundred thousand behind similar age ranges on here! Yikes! 

This might put things in a different perspective for you.


How much you need to be a part of the 1 percent worldwide...


www.cnbc.com/2018/11/01/how-much-money-you-need-to-be-part-of-the-1-percent-worldwide.html



"According to the 2018 Global Wealth Report from Credit Suisse Research Institute, you need a net worth of $871,320"

"To be among the top 10 percent worldwide, you don't even need six figures: A net worth of $93,170 will do it.

And even if you have just $4,210 to your name, you're still richer than half of the world's residents."

[Rukh O'Rorke]

Jan 4, 2020 14:40:56 GMT -5 minnesotapaintlady said:

Jan 3, 2020 20:19:12 GMT -5 steph08 said:

I thought we were doing well, but we are several hundred thousand behind similar age ranges on here! Yikes! 

This might put things in a different perspective for you.


How much you need to be a part of the 1 percent worldwide...


www.cnbc.com/2018/11/01/how-much-money-you-need-to-be-part-of-the-1-percent-worldwide.html



"According to the 2018 Global Wealth Report from Credit Suisse Research Institute, you need a net worth of $871,320"

"To be among the top 10 percent worldwide, you don't even need six figures: A net worth of $93,170 will do it.

And even if you have just $4,210 to your name, you're still richer than half of the world's residents."

Remember how your mom said this kind of thing to you every time a friend or neighbor or random kid at school had something cool you didn't?


#samefeelings

[Deleted]

Jan 4, 2020 16:08:10 GMT -5 Rukh O'Rorke said:

Jan 4, 2020 14:40:56 GMT -5 minnesotapaintlady said:

This might put things in a different perspective for you.


How much you need to be a part of the 1 percent worldwide...


www.cnbc.com/2018/11/01/how-much-money-you-need-to-be-part-of-the-1-percent-worldwide.html



"According to the 2018 Global Wealth Report from Credit Suisse Research Institute, you need a net worth of $871,320"

"To be among the top 10 percent worldwide, you don't even need six figures: A net worth of $93,170 will do it.

And even if you have just $4,210 to your name, you're still richer than half of the world's residents."

Remember how your mom said this kind of thing to you every time a friend or neighbor or random kid at school had something cool you didn't?


#samefeelings

I felt it was pretty sobering honestly.   

[financialpeace]

TCU - if you don’t mind me asking, how on earth have you built up that much net worth at your age? I’m six years younger and net worth is only around 250k. I feel like it’s a long shot for me to get to your level by retirement age, let alone within the next decade.

[tcu2003]

Jan 4, 2020 18:47:39 GMT -5 financialpeace said:

TCU - if you don’t mind me asking, how on earth have you built up that much net worth at your age? I’m six years younger and net worth is only around 250k. I feel like it’s a long shot for me to get to your level by retirement age, let alone within the next decade.

Hmmmm...not sure, but you did spark my curiosity, so I went and looked at some historical data in my spreadsheet.  

12/2011: $485k
12/2012: $626k
12/2013: $840k
12/2014: $1.109M
12/2015: $1.108M
12/2016: $1.281M
12/2017: $1.461M
12/2018: $1.485M
12/2019: $1.865M

All of the following is my random musings, complete guessing, and highly personal to our situation, so forewarned.  :-)

We've gotten lucky with some really good market returns.  For instance, this year our 401k accounts increased more than we made in salary before taxes.  Part of that is contributions/company match, but most of it is all market gains. Since circa 2015 or so, we've been maxing our 401k accounts.  Before that we were probably only $1-2k away from matching each one.  Not sure if I shared this above or not, but DH and I are both engineers, and work for the same company. Our employer match/profit sharing is decent, but I don't think it's crazy generous - we get 5.25% if we contribute 9%, and profit sharing is maybe another 1%. I should probably track our salary info somewhere - I think I crossed the $100k mark for the first time in 2017 (would have in 2016, but maternity leave made me miss that mark).  DH crossed the $100k maybe a year or two before me.  Whenever the market dives again, it's going to hurt - thankfully, we have a while before we plan to retire.

The really big thing is that we live in a LCOL/MCOL area - not sure what KC technically is, but it's definitely cheaper than the costs/major large cities.  We also lived in a north Dallas suburb for 3 years early in our marriage and made around a $60k profit on our house.  We bought our house in Texas so that we could have the option of me staying home if I wanted to when we had kids - I ended up happy to go back to work, so we spent more on a house when we moved back to KS, but we had a hefty down payment thanks to equity in our other house that we sold, so we paid it off a few years ago.  I'm not a decorating/interior design person, and DH is super handy, so we don't spend a bunch of money on extra house stuff.  We *just* bought a new sofa and love seat to replace the 10-year old set that DH bought when we were dating, the oldest's bed and desk are from IKEA, the youngest's bed is a hand me down frame with new mattress that came from family, etc.

Neither DH nor I are car people.  We replaced DH's 10 year old car with a minivan in 2013 when his car was totaled in a multi-car pileup on a Dallas highway.  We're still driving that minivan.  We replaced my 12 year old small SUV with another small SUV in 2017 when my car was about to bite the dust, and will drive both until they end up costing more to repair than they are worth.

I will say that there are things that I think we should spend more money on, but DH disagrees, so for now, we don't.  I'd LOVE a cleaning person, but he doesn't want to pay someone for something that he can do.  So, he does most of the cleaning at our house - I don't want to spend my precious free time doing that when I could be doing stuff with the kids, so I put most of it on him (besides laundry - I mostly like laundry, and a cleaning person wouldn't do that anyway, so I'm okay with that one).  Also, my career is the one with more potential at this point, so it doesn't make sense for me to do it when I could be focusing on work stuff if I'm not doing family stuff.  DH doesn't hire out much of anything around the house - roof work would be about the only thing, otherwise he can and will do it, which is sometimes awesome, but other times I'd rather have him doing stuff with us.  

[financialpeace]

Thank you so much for the detailed response! Sounds like I’m on the right track now, just took longer to get started down the right road. And our income is about half yours, so that makes me feel a little better. I wish we were more disciplined in our twenties, but both of our parents are financial trainwrecks, so we’re doing amazing compared to the rest of our family.

[buystoys]

Ages:  56/63

Retired on disability

IRA/Roth:  $930k

Cash:  $40k

House value:  $165k

Rental value:  $100k

House mortgage:  -$80k

Total:  $1.155m

DH pension:  $12.5k

DH SSDI:  $21k

Me SSDI:  $30k

I usually don't include the houses in my numbers when I look at them.  We're better off now than we were in 2013 when we moved to TX.  Thank you stock markets!

[cktc]

Ages: 36, 36, 3 and 1
Income: ~$120k

Omitting: DH pension, 529s, and Car values. Using lowest online estimate for home value this time so taking a bit of a hit there.

Savings:                                $13,886

IRA:                                      $80,132

DH 401k:                              $52,975

Investment:                           $11,138

House Value:                       $328,790

Total Assets:                       $486,921


Mortgage:                            $240,693

Car Loan:                                $6,892

Total Liabilities:                 $247,585



Net Worth:                         $239,336

[steph08]

Actually found my 401k numbers and estimating DH's pension based on last year and his on contribution rate. My April update will have the real numbers.

Broke everything out. 

DH 40, Me 34, DDs 5 and 3

Assets
- $430,294.40


House $200,000.00

401k $23,620.96

Rollover IRA $111,775.55

TIAA $1,497.89

DH Pension $33,400.00

Vehicles $20,000.00

Savings $10,000.00

Land $30,000.00


Liabilities
- $172,584.45


Mortgage $132,011.43

Truck Loan $8,515.02

CC $7,500.00

HELOC $24,558.00




Net Worth $257,709.95



Now I need to pay off that 0% CC and make a decision on the land we own (that's the HELOC) - whether we are going to build a house or not.

[tcu2003]

Jan 15, 2020 6:12:09 GMT -5 Works4me said:

Net worth is over $700K which totally freaks me out.

Hopefully in a good way??

[idlechatter]

I'll join in the fun.  My NW has been suppressed mostly as a result of digging out of significant student loan debt, being underpaid until very recently, and living in a high COL area.  I'd really like to start tracking it now that my student loans are almost gone (one more year!) and I expect this time next year to be dramatically different. I also don't own a home and am not married.  I recently moved to a different state for work and was supposed to move to one area (and was going to buy) but ended up having to move to another area that has a much higher COL and left me unable to do so, so I'm renting still. I've included the vehicles because I don't *need* them (I walk to work and have a train behind my building that I can take wherever I need to go) and could likely get more for both, but I like having them for convenience and fun/leisure. 

Age: 37
Income: $145K

Assets
Savings/Liquidity: $26,423
401K: $145,914
Investments: $6,942
Car: $15,364
Motorcycle: $6,500
Pension: $6,548
Assets Total: $207,691

Debts
Credit Card: $1,611 (I have the cash for this, excluded from my liquidity above, but until I pay it off in full it's staying listed)
Student Loans: $28,632
Car: $7,615
Debts Total: $37,858 

Net Worth: $169,833

Not great, but I do expect a fair bit of improvement over the next year. Once my student loans are paid off next February, I will be looking at increasing my 401K contributions and potentially maxing that out annually from now on with a lot of working years ahead of me. My income also has room for improvement over the next 10 years and will likely be between $200-300K at some point by then.  And I'll likely be looking into buying a house in my area in by 2023.  Houses around here start at about $525K so while initially a mortgage will offset that, it'll get better over time. I will also be making one ill advised purchase in the next couple of years as a celebration of a student loan free life - a new motorcycle.   It's how I spend most of my free time 3 seasons out of the year.

[ners]

After 2 months of increases Net worth is down 1147.03


Assets
Cash              $14,930.75
Retirement  $144,192.00
House            $80,000.00
Car                   $6,100.00
Stock                $5,447.37
HSA                  $4,565.11


Liabilities

Mortgage  $56,604.36
Helco         $14,039.42
Car               $8,737.69


Net Worth   $175,853.76



Combination of things.  Spent some of health savings account.  Stock market volatility affected balance of retirement.  Plus side is liabilities are decreasing.

 

[Rukh O'Rorke]

Feb 1, 2020 19:37:29 GMT -5 ners said:

After 2 months of increases Net worth is down 1147.03


Assets
Cash              $14,930.75
Retirement  $144,192.00
House            $80,000.00
Car                   $6,100.00
Stock                $5,447.37
HSA                  $4,565.11


Liabilities

Mortgage  $56,604.36
Helco         $14,039.42
Car               $8,737.69


Net Worth   $175,853.76



Combination of things.  Spent some of health savings account.  Stock market volatility affected balance of retirement.  Plus side is liabilities are decreasing.

 

Stocks are have a bit of sale, ners. Power through!!

[Rukh O'Rorke]

UPDATE! Rukh O'Rorke $ 996,339.00 (Start tracking 10/26/2019 $816,224.70)
Age:55; Salary 142k

Dec 29, 2019 12:28:21 GMT -5 Rukh O'Rorke said:

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!

Oh my gosh this is progressing so rapidly, I never dreamed of this! It can't be real. I'm pinching myself. Is this a dream?

Roths	120,678.70
401k and Rollovers	712,830.54
Other: EF, ESOP, HSA	24,057.09
House Value	496,291
Total Assets	1,353,857.33
Mortgage	247,735.96
Student Loans	109,782.37
Total Liabilities	357,518.33
Net Worth	996,339.00

I can't believe it. Just a little less than 4k in debt payment and/or added to savings/investments and I will cross the 7 figure mark! I feel like it just won't happen. I just need to at minimum hang onto the status quo for about 2 months to make it - minimum payments to mortgage and student loans and HSA and 401k contriubtions would do it! But something somewhere is going to take a dive, I'm sure of it!!

If even the house value had held steady - I would be there! but it didn't!!! 

I can't believe how excited I am about this!! I was looking forward to this for just the liquid assets, but this milestone is also exciting. 

I feel like I'm going to be checking daily for a while now!!!

[Rukh O'Rorke]

Man!! So I looked again


My individual stock holdings already lost nearly 5k since I posted!!

[buystoys]

That's the "fun" of having investments, Rukh O'Rorke!  I try to look once a week or less because I don't like to see the downs as much. 

Congratulations on getting so close to that 7 figures!

[plugginaway22]

Rukh Ororke, check today! We hit a milestone (that will probably go away), but still fun to see!

[Rukh O'Rorke]

Feb 13, 2020 7:13:17 GMT -5 plugginaway22 said:

Rukh Ororke, check today! We hit a milestone (that will probably go away), but still fun to see!

Thank you plugginaway22!!


It's true! I'm just weeping here....I can't believe it!

Rukh O'Rorke became a millionaire on February 13, 2020 at 10:16 a.m. Central time.


$1,003,215.60

[Rukh O'Rorke]

I won't be checking balances for a very long time! I don't want to know - I never want to see this go away.....

[forwardwego]

Congratulations Rukh O'Rorke on your millionaire milestone!  Even if it should bobble a bit, with time it will become more solid and even higher.


I had thought I would update quarterly, but now am leaning toward every other month. I can use the encouragement of seeing improvements in the part that I have control over (saving). Also I am counting $500/month of depreciation on vehicles, and an every other month update makes that an easy $1K calculation and solid reminder to avoid depreciating assets. 

I wish I could have been a little more watchful/mindful of our finances earlier. At 60 years old, this is the first time I've anticipated a tax refund with the thought of "how can I use this to improve my net worth?"

[Rukh O'Rorke]

Feb 24, 2020 13:19:44 GMT -5 forwardwego said:

Congratulations Rukh O'Rorke on your millionaire milestone!  Even if it should bobble a bit, with time it will become more solid and even higher.


I had thought I would update quarterly, but now am leaning toward every other month. I can use the encouragement of seeing improvements in the part that I have control over (saving). Also I am counting $500/month of depreciation on vehicles and every other month update makes that an easy $1K calculation, and solid reminder to avoid depreciating assets. 

I wish I could have been a little more watchful/mindful of our finances earlier. At 60 years old, this is the first time I've anticipated a tax refund with the thought of "how can I use this to improve my net worth?"

Thanks forwardwego! That status is gone in today's stock market turmoil - but not forgotten! I think it warmed me for a whole week.

Someday - I will be there again. 

I sure do hope I will be! Anything could happen, of course....no need to tempt fate by being overly confident in the market and continued employment.

[ners]

Since I said I would post monthly I am going to post.

I make no adjustment to house value.  It is a number well below Zillow. I subtract 150 from car value each month. 

Net worth down by a little over 8000.00 due to decrease in stock market.  On the plus side my 403 b contribution will hit on Monday.  Cash went up due to tax refunds.  I have increased my Health Savings Account contribution because I know I will hit my deductible this year. 

Assets
Cash             $15,744.87
Retirement   $134,839.56
House            $80,000.00
Car                  $5,950.00
Stock               $5,447.37
HSA                 $4,915.11




Liabilities
Mortgage $56,457.15
Helco       $14,039.42
Car           $8,560.31



Net Worth  $167,840.03


Since October 2019 net worth is only down -855.16.  

[ken a.k.a OMK]

Only on paper, right?

1/23  $3,150,265
2/28  $2,757,742

Good thing is we don't need it.

[forwardwego]

Update Feb 29 2020

Bank Accts: 28,600*

Retirement Accts: 202,500 
C&J $: 29,300

Real Estate: 600,000

Cars & boat: 45,000**
Assets: $905,400 


Mortgage (homestead): 28,800 
Mortgage (rental): 98,200
Liabilities: $127K 


NetW: $778K 

* 4 bank accounts, plus cash stash = liquid/nontaxable

** 2 cars & 1 boat, subtracting $500/month combined depreciation

$8K growth in @ 4months. Without recent stock drops we would have gained nearly $10K. Seems like we should be doing better than this since the mortgages' regular payments together build $1040 equity monthly. If nothing especially major negative happens, paying off our mortgage should boost us above $800K, which would be nice.

[Deleted]

Well, I really did not want to do this today, but I did.  The stock loss actually didn't hurt the NW as bad as I thought it would...yet.  


Mortgage - $98,277 
CC debt - $4,840 

Total Debt $103,117 

Cash and Savings - $45,003
529s - $57,668 
Retirement - $488,295 
House - $300,000 

Total Assets $890,986 


Net Worth $787,869 (decrease of $27,630 since 1/1/20)

[tcu2003]

I did our monthly update yesterday - blergh. We’re down nearly 5%. DH’s 401k balance went down by about half his annual salary between the end of January and the end of February. Mine only wasn’t that bad because I have less in my account than he does. 🤣

On the bright side, my company hasn’t done the 2019 401k match yet (they calculate match and profit sharing after the end of the year - it’s usually deposited to our 401k accounts in mid-March), so I’m hoping when it happens, stocks are still on sale. 😂