Post: #1

What is your net worth in USD? If you need to convert your currency to USD, you can do so here

I'll start. I am negative USD due to student loans. I should be able to be positive by the end of this calendar year.

If you are in the latter two brackets, at what age were you when you became that?

Post: #2

15-20K

15K cash and 5K assets I guess

Going to go negative in the next few years though.

Post: #3

(05-07-2013 02:20 PM)Emancipator Wrote:  15-20K

15K cash and 5K assets I guess

Going to go negative in the next few years though.

Are you taking out loans for school or something? Why will it be negative?

Post: #4

Yup loans next year for school.

Post: #5

Around 5k. Won't go into negative even though i'm studying, thanks to free education in Finland. Will rapidly rise when i graduate.

Post: #6

Two years ago I was negative $270,000. Now, if you use the accepted business valuation(for brick and mortar businesses. Smaller internet businesses are generally valued at 8-12 months profit.) of four years profit plus current inventory I'm worth well above $250,000.

Post: #7

Not enough that I can completely stop working, but enough that I'll never have to take a job/client/project I don't want.

That net worth (which is relative to the individual and his based on his economic needs and wants rather than an absolute number) seems to be the "sweet spot" of enjoying some of the nicer things about life without becoming a corrupted trust fund kid who has to seek more and more stimulus until finally there's a needle hanging out of his arm.

Post: #8

Maybe 2000 $. I have enough to live, but not enough to really save or invest. I'm just starting and my country is economically fucked, so I console myself that it's not too bad.

Post: #9

I'd second that. My days of taking shitty cooking jobs is over. I'm at about 75k right now.

No matter what your field is, I'm a firm believer in "striking gold". Let's use cooking as an example since that's what I know.

Most cooks take shitty cooking jobs. It might be a nice restaurants, doing nice food, and look good on your resume, but these restaurants start at $10 an hour and max out at $18 per hour. That $18 per hour is pretty rare and usually demands at least 5 years experience. I'll pass.

Sous chef jobs usually demand 50-80 hours per week and pay 35-45k per year. I'll pass.

My buddy? The one that got divorced 6 months ago and moved back to the west coast? He got a gig cooking for sorority and frat houses. He struck gold. He makes 800 a week cash to fuck around and heat up mac n cheese for college kids. The guy comes from fine dining and the kids love him (he's working on the sorority girl thing...I told him to take his time with this one and do it right...don't lose the money supply over pussy) The other frat house cooks don't give a shit but this guy is garnishing his plates with dried parsley and the kids are going nuts. The owner of the business has so much fucking cash coming out of his ears, he'll pay my buddy $150 to make a couple trays of cupcakes that the OWNER was supposed to do, just so he can go out drinking and snort a few grams of blow. There's ounces of premium blow laying around at all times, drinking on the job, absolutely not a single fuck being given. As my buddy gets more and more responsibility, the weekly cash goes up, and this is shit he could do blindfolded.

To me, that counts for something more than "net worth". A number doesn't mean shit if you're lifestyle has a ball and chain on you. Getting paid a decent living wage to do something that isn't stressful, that gives you time to socialize and hit the gym, plus some cash leftover to have fun, that's practically invaluable.

Post: #10

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

Post: #11

100 dollars.

Post: #12

I have about $5,000 in assets I could easily sell if I needed it, plus a car which may be worth about $8,000-10,000, plus $1,000 in the bank.

I also have about $4,000 in liabilities. $3600 in student loans and about $600 in credit cards. I guess.

That'd be about $9,000 net worth?

Post: #13

If you're counting 401k I'm way over but I'm also older than most of you guys. I'd gladly trade in my 401k value to be 24 again

Plus I really do believe that as America gets more and more liberal/handout driven that the government is going to raid 401k's worth over $2.5 million or thereabouts to "save" social security in the next 20 years (like we saw Cyprus do recently with bank accounts worth over 2MM Euros or whatever the figure was). I've already taken the step of lowering my bi-monthly investments to the minimum matching level of 6%. Anything more is kind of silly IMO because it's going to get stolen by the US Gov't. I realize that I sound like Glen Beck or something and I'm generally not a conservative or a conspiracy theorist. I just hate that all these lazy fucks have multiplied so aggressively/quickly that they now control national elections and therefore will control public and monetary policy within the next generation or two.

I'm going to try and be as diverse as possible as I age (not too much money in any one entity - have it spread out between 401k, IRA, real estate, kids' trusts (if/when I ever have any), offshore accounts, business ventures, etc.)

Post: #14

You work the same job your whole life?

Roll it over, on December 31 into a Roth IRA, wait 4 years and 1 day, pull out the entire principal tax free and penalty free.

Take cash and put it elsewhere. Stash hide be free and liquid. The only thing that is useful about a 401K is the match unless you're a poor saver.

(05-07-2013 05:33 PM)MikeinMKE Wrote:  If you're counting 401k I'm way over but I'm also older than most of you guys. I'd gladly trade in my 401k value to be 24 again

Plus I really do believe that as America gets more and more liberal/handout driven that the government is going to raid 401k's worth over $2.5 million or thereabouts to "save" social security in the next 20 years (like we saw Cyprus do recently with bank accounts worth over 2MM Euros or whatever the figure was). I've already taken the step of lowering my bi-monthly investments to the minimum matching level of 6%. Anything more is kind of silly IMO because it's going to get stolen by the US Gov't. I realize that I sound like Glen Beck or something and I'm generally not a conservative or a conspiracy theorist. I just hate that all these lazy fucks have multiplied so aggressively/quickly that they now control national elections and therefore will control public and monetary policy within the next generation or two.

I'm going to try and be as diverse as possible as I age (not too much money in any one entity - have it spread out between 401k, IRA, real estate, kids' trusts (if/when I ever have any), offshore accounts, business ventures, etc.)

Post: #15

Negative.
Them school loans.

Post: #16

(05-07-2013 03:46 PM)thedude3737 Wrote:  I'd second that. My days of taking shitty cooking jobs is over. I'm at about 75k right now.

No matter what your field is, I'm a firm believer in "striking gold". Let's use cooking as an example since that's what I know.

Most cooks take shitty cooking jobs. It might be a nice restaurants, doing nice food, and look good on your resume, but these restaurants start at $10 an hour and max out at $18 per hour. That $18 per hour is pretty rare and usually demands at least 5 years experience. I'll pass.

Sous chef jobs usually demand 50-80 hours per week and pay 35-45k per year. I'll pass.

My buddy? The one that got divorced 6 months ago and moved back to the west coast? He got a gig cooking for sorority and frat houses. He struck gold. He makes 800 a week cash to fuck around and heat up mac n cheese for college kids. The guy comes from fine dining and the kids love him (he's working on the sorority girl thing...I told him to take his time with this one and do it right...don't lose the money supply over pussy) The other frat house cooks don't give a shit but this guy is garnishing his plates with dried parsley and the kids are going nuts. The owner of the business has so much fucking cash coming out of his ears, he'll pay my buddy $150 to make a couple trays of cupcakes that the OWNER was supposed to do, just so he can go out drinking and snort a few grams of blow. There's ounces of premium blow laying around at all times, drinking on the job, absolutely not a single fuck being given. As my buddy gets more and more responsibility, the weekly cash goes up, and this is shit he could do blindfolded.

To me, that counts for something more than "net worth". A number doesn't mean shit if you're lifestyle has a ball and chain on you. Getting paid a decent living wage to do something that isn't stressful, that gives you time to socialize and hit the gym, plus some cash leftover to have fun, that's practically invaluable.

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.

Post: #17

Cash/Cd's/Stocks/Lending Club= $110k

401k= $85K

HSA (health savings account)= $6K

$201k

-$22K(student loans)

=$179K Net worth (33)

Post: #18

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.

Post: #19

Around 85k usd invested in my appartment.
Around 18k usd in cash.

Post: #20

(05-07-2013 06:04 PM)WestCoast Wrote:  You work the same job your whole life?

Roll it over, on December 31 into a Roth IRA, wait 4 years and 1 day, pull out the entire principal tax free and penalty free.

Take cash and put it elsewhere. Stash hide be free and liquid. The only thing that is useful about a 401K is the match unless you're a poor saver.

(05-07-2013 05:33 PM)MikeinMKE Wrote:  If you're counting 401k I'm way over but I'm also older than most of you guys. I'd gladly trade in my 401k value to be 24 again

Plus I really do believe that as America gets more and more liberal/handout driven that the government is going to raid 401k's worth over $2.5 million or thereabouts to "save" social security in the next 20 years (like we saw Cyprus do recently with bank accounts worth over 2MM Euros or whatever the figure was). I've already taken the step of lowering my bi-monthly investments to the minimum matching level of 6%. Anything more is kind of silly IMO because it's going to get stolen by the US Gov't. I realize that I sound like Glen Beck or something and I'm generally not a conservative or a conspiracy theorist. I just hate that all these lazy fucks have multiplied so aggressively/quickly that they now control national elections and therefore will control public and monetary policy within the next generation or two.

I'm going to try and be as diverse as possible as I age (not too much money in any one entity - have it spread out between 401k, IRA, real estate, kids' trusts (if/when I ever have any), offshore accounts, business ventures, etc.)

It's crazy how I have an MBA and I don't know anything like that I feel so fucking stupid sometimes. So I rolled my previous employers 401k into Ira 2 years ago so in 2 more years I can w/d it penalty free for real estate or to smart small business??

Post: #21

Must be a Roth IRA you pay the taxes this season, 4 years 1 day later assuming you roll to Roth on December 31 you can pull tax free.

PM if you have ?'s.

NEVER keep cash locked up in 401K's if you can make them liquid fast. There is no point. If you want to keep it tax deferred you can just buy different investment vehicles and kick the payment down the road without being locked up until you can't even walk anymore. Be liquid. Be free.

Always calculate your worth based on liquid assets. Example if you have $10K in a fund, but you owe 3.5K in taxes post a pull of funds... You're really worth $6.5K. Find a way to get it out with the least taxes. Uncle Sam is always a cockblocker. If you think in terms of post tax, you'll spend more time finding ways to get them lower and of course becoming more liquid.

If you did roll to a Roth IRA, more likely than not you have to wait a bit over 4 years. I am saying December 31 2013, because this is how they run the taxes it will say you rolled it on jan 1, 2013 (tax year). So ideally you do all rollovers the last day of the year. So you only wait 4 years 1 day instead of say 5 full years if you rolled on jan 1, 2014.

The one day difference is between getting it liquid 2018 vs 2019

(05-07-2013 08:54 PM)MikeinMKE Wrote:  

(05-07-2013 06:04 PM)WestCoast Wrote:  You work the same job your whole life?

Roll it over, on December 31 into a Roth IRA, wait 4 years and 1 day, pull out the entire principal tax free and penalty free.

Take cash and put it elsewhere. Stash hide be free and liquid. The only thing that is useful about a 401K is the match unless you're a poor saver.

(05-07-2013 05:33 PM)MikeinMKE Wrote:  If you're counting 401k I'm way over but I'm also older than most of you guys. I'd gladly trade in my 401k value to be 24 again

Plus I really do believe that as America gets more and more liberal/handout driven that the government is going to raid 401k's worth over $2.5 million or thereabouts to "save" social security in the next 20 years (like we saw Cyprus do recently with bank accounts worth over 2MM Euros or whatever the figure was). I've already taken the step of lowering my bi-monthly investments to the minimum matching level of 6%. Anything more is kind of silly IMO because it's going to get stolen by the US Gov't. I realize that I sound like Glen Beck or something and I'm generally not a conservative or a conspiracy theorist. I just hate that all these lazy fucks have multiplied so aggressively/quickly that they now control national elections and therefore will control public and monetary policy within the next generation or two.

I'm going to try and be as diverse as possible as I age (not too much money in any one entity - have it spread out between 401k, IRA, real estate, kids' trusts (if/when I ever have any), offshore accounts, business ventures, etc.)

It's crazy how I have an MBA and I don't know anything like that I feel so fucking stupid sometimes. So I rolled my previous employers 401k into Ira 2 years ago so in 2 more years I can w/d it penalty free for real estate or to smart small business??

Post: #22

$250k

Post: #23

16k in student loans for a degree I didn't even finish..

about 5k in my compulsory retirement fund
4k in cash
Assetts worth roughly 5k including car

21 yo

Aim is to have minimum 100k by the time I'm 30 and enjoy myself in the mean time.

Post: #24

about 200$ (dead srs)

beat that bitches

Post: #25

I have 13€ in my wallet, does that count?