[bodmon]

bout three fiddy

[AlbertoDelMuerto]

Net worth? Approximately negative $50000, student loans, loans from parents and uncles.

[RougeNoir]

Here is where you can calculate your net worth. Be sure to include all assets and liabilities. I am actually at $900 above water even amidst student loans.

[AneroidOcean]

Assets:
~71k in Rollover IRA
$4k cash

Liabilities:
$3000 on an interest free loan

So, technically net worth is ~$72k but that IRA I'm not sure I can really use except in emergency situations and the tax I'd have to pay I believe is really high. Gonna have to PM WestCoast and find out if what he's talking about applies to me or not.

I'd love to be able to do something with that IRA money. It basically was just a 401k that I maxed out all the time (because once I lived 1 month without that income it didn't even really affect me so I kept it maxed out for some years). The economy taking a dump gave it a huge hit, then when I didn't work at that job anymore I was forced to do a rollover IRA and it just sits there, definitely not ideal.

I also have my name on the title (only my name) of a paid off boat worth between $60-70k for reasons I won't go into here. I have $10k into it (loaned to the original owner) but have never really considered it "mine" or that $10k debt outstanding due to my trust of the original owner (who operates it). It's complicated.

Ultimately I want that cash on hand to grow and be more securely diversified while still maintaining some liquidity. Past that point my goal is to be working entirely for myself so I can set my own schedule and really invest in myself 100% so I alone see all the return on my smart/hard work.

[Veloce]

(05-07-2013 04:35 PM)GameTheory Wrote:  

^^^ in a place like Boston your buddy would clean up !!!

Funny you mention that. He was with his ex-wife in Boston when she left him. He had an alcoholic episode where he woke up in the E.R. From what he remembers it sounds like he was tazed by police outside of a nightclub. He's a crazy fuck.

Yeah I don't think he's going back to Boston anytime soon...

[Atilla]

I’m 27.

Cash: $9k
401(K): $17k
Roth IRA: $17k
Stocks outside retirement funds: $17k

$60k net worth, and no you can’t borrow money.

[Veloce]

(05-07-2013 06:22 PM)InternationPlayboy Wrote:  

Are you a private chef? I know a few who make a lot of money, plus some great benefits. My boy is dating a chick who's a private chef and her boss hooks them up with a free house, which this house would probably run at least $3k a month. She's always getting fat bonuses, and she even hooked my boy up with $10k for Christmas! The lady is obviously mad wealthy and has more money than she knows what to do with.

I feel you on the fuck taking a low paying job in your field. That's the problem I'm running into here. I'm used to being paid decent (Not 75k a year though) and a lot of these jobs out here just aren't making the cut, and I refuse to wake up at 5 am to go to work for $12 an hour. Fuck that noise.

I'm a hotel chef. Private chefs do make bank. It's not uncommon for them to clear $130K/year for high end clients. I've thought about it, but those clients are usually extremely high maintenance, and you're basically their bitch.

I've been at my current job for a year and I've got it on lock, which is why I'm reluctant to take a new job offer I mentioned in another thread.

My NW is around 75k; I make more than that annual. Got a cash scam going. I write my own schedule. I'm taking 18 days to bounce around Spain and Italy in a couple days, and after that I can vacation every 6 months. Some days I roll in for 6 hours and then bounce, go home, take a nap, hit the gym, chase some tail.

I mentioned my buddy and the frat house job because that's a job most cooks would have never considered. The lesson there is it's my belief there are huge pockets of money waiting to be grabbed in every industry, but you have to look in unlikely places to find it. The guy that my buddy works for, the guy who owns a business catering to frat houses, clears well over 6 figures. I'd say he's probably around 200K annual based on what I know about the business, but he's a redneck hick that doesn't know what to do with all the cash and spends most of it on his car, booze, and drugs.

[samsamsam]

(05-08-2013 02:08 PM)AneroidOcean Wrote:  

Assets:
~71k in Rollover IRA
$4k cash

Liabilities:
$3000 on an interest free loan

So, technically net worth is ~$72k but that IRA I'm not sure I can really use except in emergency situations and the tax I'd have to pay I believe is really high. Gonna have to PM WestCoast and find out if what he's talking about applies to me or not.

I'd love to be able to do something with that IRA money. It basically was just a 401k that I maxed out all the time (because once I lived 1 month without that income it didn't even really affect me so I kept it maxed out for some years). The economy taking a dump gave it a huge hit, then when I didn't work at that job anymore I was forced to do a rollover IRA and it just sits there, definitely not ideal.

I also have my name on the title (only my name) of a paid off boat worth between $60-70k for reasons I won't go into here. I have $10k into it (loaned to the original owner) but have never really considered it "mine" or that $10k debt outstanding due to my trust of the original owner (who operates it). It's complicated.

Ultimately I want that cash on hand to grow and be more securely diversified while still maintaining some liquidity. Past that point my goal is to be working entirely for myself so I can set my own schedule and really invest in myself 100% so I alone see all the return on my smart/hard work.

You can look into a self-directed IRA if you want more control over your money. There are certain rules obviously. One drawback, in certain investments you won't be able to get certain tax benefits because it is a self directed IRA. I am not an expert, so best you do some internet searching.

[soup]

I'm probably worth like 9.5 betas

[AlbertoDelMuerto]

(05-08-2013 01:15 PM)RougeNoir Wrote:  

Here is where you can calculate your net worth. Be sure to include all assets and liabilities. I am actually at $900 above water even amidst student loans.

Is it okay to include assets that I will some day inherit?

[el mechanico]

(05-08-2013 03:37 PM)AlbertoDelMuerto Wrote:  

(05-08-2013 01:15 PM)RougeNoir Wrote:  

Here is where you can calculate your net worth. Be sure to include all assets and liabilities. I am actually at $900 above water even amidst student loans.

Is it okay to include assets that I will some day inherit?

Sure and you can count that loan you're not gonna get too!

[OGNorCal707]

(05-07-2013 06:30 PM)InternationPlayboy Wrote:  

My net worth right now is a couple hundred dollars. I know that's sorry, but I spent the last couple months traveling and haven't worked in 6 months. At this point, I'm gonna put the traveling on hold for a while and start to stack up and try and make some business moves. At least I'm not in debt though.

I'd be about $20,000 richer if I had not traveled internationally over these past 5 years. I always wonder how much "location independent" guys are making on passive income that they can travel the world continuously, and only work a few hours a day. Sometimes I wonder if I would have been better off not traveling and saving that money, but you only live once, and I can say that I've seen and done stuff that 90% of people on earth probably never will.

[presidentcarter]

A lot less than I used to be.

Don't ask. And yes, it hurt.

[Monte Cassino]

Return of Kings had a good post about maintaining anonymity. Read it.

[Matt3B]

Just starting off in investments. I've put a grand down into a friend's business already and aiming to have another 8 or 9 put in by the end of the year. In a few years time I'll be in a much healthier position.

I'm also learning about stocks, shares, equities, and whatever other names they come under. A really good book I'm reading at the moment is called "The Motley Fool Investment Guide" and I'd recommend it to anyone who wants to start learning about investing, particularly younger guys like me even though it's never too late for anyone to start.

They break it down very simply and show that you don't need financial advisors to invest your money to get decent returns, or indeed a lot of money to start with.

[RougeNoir]

(05-08-2013 03:37 PM)AlbertoDelMuerto Wrote:  

(05-08-2013 01:15 PM)RougeNoir Wrote:  

Here is where you can calculate your net worth. Be sure to include all assets and liabilities. I am actually at $900 above water even amidst student loans.

Is it okay to include assets that I will some day inherit?

net worth not interNET worth

According to the poll, it looks like most are between $0.00 and $50,000 but the second cohort is the $250,001+ cohort. Those are either made men or liars.

[Fatless]

Any other mint.com users? This is my net worth trend from late 2009 through today.

I'm 28 years old and have a high tech job. I had scholarships in college and part time jobs paid the rest.

Most of this in my retirement account (Roth IRA, 401k). I started saving retirement funds shortly after the market bottomed out in 2009 - ever since then I've been getting about 15-20% returns... just mutual, index and target-date funds. No day trading for me.

...I recently took on some debt while not being paid at my new job. Finally got paid and overpaid my credit card recently, as you can see.

[Fatless]

By the way, the best retirement savings calculator out there is at AARP:

Edit: They seem to have changed it in favor of something crappier. I'll look around.

http://moneyover55.about.com/od/preretir...lators.htm

[Farmageddon]

edit

[InternationPlayboy]

(05-08-2013 03:53 PM)OGNorCal707 Wrote:  

(05-07-2013 06:30 PM)InternationPlayboy Wrote:  

My net worth right now is a couple hundred dollars. I know that's sorry, but I spent the last couple months traveling and haven't worked in 6 months. At this point, I'm gonna put the traveling on hold for a while and start to stack up and try and make some business moves. At least I'm not in debt though.

I'd be about $20,000 richer if I had not traveled internationally over these past 5 years. I always wonder how much "location independent" guys are making on passive income that they can travel the world continuously, and only work a few hours a day. Sometimes I wonder if I would have been better off not traveling and saving that money, but you only live once, and I can say that I've seen and done stuff that 90% of people on earth probably never will.

I feel that man. I'm probably sitting at about $30k traveling myself, but I see it as money well invested. The experiences I've had and the things I learned were well worth it. Shit, I used to date a girl that spent $200k to study Germanic languages at Columbia University, so I can't be bitter about it. I learned pretty good Portuguese and decent Spanish along the way. I've covered more ground than probably 95% of the population of the world has (I know that sounds high, but when you think about it, most people on this planet can't afford to travel, and a lot of the ones who can don't, especially in America). I don't regret one minute of my traveling. Now I'm trying to work it out to where I can make money while I travel, or at least set up a nice little foundation for myself. I feel I've had a lot of fun and made good use of my early 20's, and I plan on continue doing so into my 30's, but I also want to focus on other aspects of life now. I'm still planning on taking a couple weeks to a month vacation out of the country these next couple years, but until I can get the ball rolling on something productive, I'm gonna have to take a break from the long trips. That $20k you invested on traveling was well worth it my man.

[John Galt2]

Mid 7 figures, but I'm old.

[artur jedi]

(05-08-2013 03:53 PM)OGNorCal707 Wrote:  

(05-07-2013 06:30 PM)InternationPlayboy Wrote:  

My net worth right now is a couple hundred dollars. I know that's sorry, but I spent the last couple months traveling and haven't worked in 6 months. At this point, I'm gonna put the traveling on hold for a while and start to stack up and try and make some business moves. At least I'm not in debt though.

I'd be about $20,000 richer if I had not traveled internationally over these past 5 years. I always wonder how much "location independent" guys are making on passive income that they can travel the world continuously, and only work a few hours a day. Sometimes I wonder if I would have been better off not traveling and saving that money, but you only live once, and I can say that I've seen and done stuff that 90% of people on earth probably never will.

Same here. 7 months ago it was roughly 12K USD net worth, (almost exclusively saved from my job within less than a year), now little more than 1K. But almost entire SE Asia covered. If I was to do it again, I would. Now looking for opportunities in China, it it works out, will be soon 5 figures again.

[phoenix101]

(05-08-2013 07:40 PM)RougeNoir Wrote:  

(05-08-2013 03:37 PM)AlbertoDelMuerto Wrote:  

(05-08-2013 01:15 PM)RougeNoir Wrote:  

Here is where you can calculate your net worth. Be sure to include all assets and liabilities. I am actually at $900 above water even amidst student loans.

Is it okay to include assets that I will some day inherit?

net worth not interNET worth

According to the poll, it looks like most are between $0.00 and $50,000 but the second cohort is the $250,001+ cohort. Those are either made men or liars.

...or have little/no life lol. I'm in the 250k+ camp, but I'm in my very late 30s and my net worth won't change much going forward unless I decide to work more as I make enough to cover my expenses at this point. At my age and not realistically seeing marriage in my future I don't see the point in working like I have kids to feed anymore or saving for some mystical/probably future family. I was at 250k at about 25 due to stock market craziness and savings (made 10-20x my money OTTOMH)...but very soon around 2000 went back to ground zero.

[RougeNoir]

(05-09-2013 06:49 PM)phoenix101 Wrote:  

(05-08-2013 07:40 PM)RougeNoir Wrote:  

(05-08-2013 03:37 PM)AlbertoDelMuerto Wrote:  

(05-08-2013 01:15 PM)RougeNoir Wrote:  

Here is where you can calculate your net worth. Be sure to include all assets and liabilities. I am actually at $900 above water even amidst student loans.

Is it okay to include assets that I will some day inherit?

net worth not interNET worth

According to the poll, it looks like most are between $0.00 and $50,000 but the second cohort is the $250,001+ cohort. Those are either made men or liars.

I was at 250k at about 25 due to stock market craziness and savings (made 10-20x my money OTTOMH)...but very soon around 2000 went back to ground zero.

Were you hit buy the dot bomb? How did you get your money back? Through investments again or busting your ass working, entrepreneurship, saving, inheritance, luck etc?

[phoenix101]

Quote:

Were you hit buy the dot bomb? How did you get your money back? Through investments again or busting your ass working, entrepreneurship, saving, inheritance, luck etc?

Made it back through combo of hard work/savings and dumb luck in investments.

Around year 2000 lost all the cash that was sitting in my account (mostly made in a rechargeable battery company lol) because I put it on a worthless penny mining stock.

After that, through entire 2000s made up a good amount of savings busting my ass working like a dog, mid 2000s bought a small place with small downpayment, steadily paying down mortgage, pretty much stayed away from investing.

Around end of 2008 or early 2009 had 10s of 1,000s just waiting to apply against my mortgage. But then the meltdown came, I had literally been too busy to look into investments due to work but it was too good an opportunity to pass up the "end of the world" so with some very basic research I did a hail mary and put it all on black on a company trading at pennies but with book value of around $1.00, it slowly realized that value over a couple of years (and company either keeping investors in the dark or occasionally putting out press releases mentioning bankruptcy being a possible avenue...slimy pieces of shit majority investors and operations guys trying to get the company on the cheap and scaring investors away...but didn't matter I kept buying with more savings). It wasn't smooth, it was a fucking scary daily/weekly rollercoaster (up down 10s of 1,000s on daily/weekly basis) but I never wavered for a couple of years. After that nice win, I got a bit greedy, kept getting my fingers blown off losing 5-10 and close to 15k here and there but then stopped, I wasn't going to allow what happened in 2000 to happen again.