Personal Finance

What is your net worth?

  • Last Updated:
  • Jun 20th, 2017 12:40 pm
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Poll: What is your net worth?

  • Total votes: 190. You have voted on this poll.
$0 - $50,000
 
22
12%
$50,001 - $100,000
 
14
7%
$100,001 - $200,000
 
26
14%
$200,001 - $300,000
 
14
7%
$300,001 - $500,000
 
32
17%
$500,001 - $750,000
 
17
9%
$750,001 - $1,000,000
 
15
8%
$1,000,000 - $1,500,000
 
14
7%
$2,000,000 - $3,000,000
 
11
6%
$3,000,001 +
 
25
13%
Deal Guru
Aug 22, 2011
13167 posts
3016 upvotes
Ottawa
mrtrump wrote:
Jun 12th, 2017 9:30 pm
So far theres 7 votes with Net Worth over $3m ... are those real votes or fake ?
There's a few on here that are 10M plus, in which I was able to verify; as we exchanged information and references.
Deal Addict
Jul 11, 2008
3769 posts
1158 upvotes
vkizzle wrote:
Jun 12th, 2017 9:51 pm
There's a few on here that are 10M plus, in which I was able to verify; as we exchanged information and references.
$10M?? is that excluding primary residence?
Member
Aug 7, 2014
236 posts
61 upvotes
mathiewannabe wrote:
Jun 12th, 2017 10:18 pm
$10M?? is that excluding primary residence?
Net worth means all assets less all liabilities, and therefore a primary residence should be included.

Another issue is that this net worth is for one person only (i.e., not including the other spouse's net worth). This may need to split the principal residence into half and maybe a couple (?) of the 7 persons with $3m+ will have less than $3m net worth.

Comparing to this RFD net worth poll, one 2014 Money Sense article below says that:
- The Canadian household net worth was $450,000 in 2013
- Unattached individual had about $300,000 net worth at age 45 to 54, and $430,000 net worth at age 65 or more
- Family with 2 or more members had about $800,000 net worth at age 45 to 54, and $1m net worth at age 65 or more

http://www.moneysense.ca/save/financial ... 15-charts/
Last edited by psudolam on Jun 12th, 2017 10:56 pm, edited 1 time in total.
Deal Addict
Nov 2, 2013
4283 posts
667 upvotes
Edmonton, AB
DDHLeigh wrote:
Jun 12th, 2017 9:38 pm
I'm guessing a couple are, but who knows. Being an anonymous forum I don't see why anybody would want to lie. It's nice to see a decent spread among the groupings.
Or it's the internet and people lie left and right.
Deal Guru
Aug 22, 2011
13167 posts
3016 upvotes
Ottawa
mathiewannabe wrote:
Jun 12th, 2017 10:18 pm
$10M?? is that excluding primary residence?
The ones I'm referring to are entrepreneurs and we didn't share personal information, just discussion about their company.
Deal Addict
Nov 24, 2013
3809 posts
943 upvotes
Kingston, ON
GoldenKnight wrote:
Jun 13th, 2017 1:38 am
Where's the billionaire category?
Hopefully billionaires know what "+" means.
Newbie
Mar 1, 2011
72 posts
19 upvotes
i know people find these threads to be a pissing contest but i look at it as good motivation. I think age is also an important factor here.

Anyways mine is <0 due to student loans lol
Newbie
Nov 15, 2016
21 posts
1 upvote
Both my wife and I have defined benefits pensions. How do I even quantify that in terms of "net worth"? Without the pensions our current net worth is around $250,000, early 40s.
Member
Aug 7, 2014
236 posts
61 upvotes
MarkusX wrote:
Jun 13th, 2017 8:49 pm
Both my wife and I have defined benefits pensions. How do I even quantify that in terms of "net worth"? Without the pensions our current net worth is around $250,000, early 40s.
The current value of your pension and profit-sharing plans are considered assets on your net worth statement. It can be challenging to put a present-day dollar value on future income; however, for the purposes of your net worth statement, include the amount that you could withdraw from the plan(s) if you quit your job today. Your firm's personnel department can provide you with the figure.

http://www.investopedia.com/university/ ... imates.asp
Newbie
Nov 15, 2016
21 posts
1 upvote
psudolam wrote:
Jun 13th, 2017 9:51 pm
The current value of your pension and profit-sharing plans are considered assets on your net worth statement. It can be challenging to put a present-day dollar value on future income; however, for the purposes of your net worth statement, include the amount that you could withdraw from the plan(s) if you quit your job today. Your firm's personnel department can provide you with the figure.

http://www.investopedia.com/university/ ... imates.asp
Interesting, thank you! It would be good to now that figure. So far, we contributed around $200K with the university contributing roughly the same amount. I suppose there is some formula for that, but I doubt we can withdraw the entire $400K.
Deal Fanatic
Apr 20, 2011
6784 posts
2027 upvotes
ON
studentoflife wrote:
Jun 13th, 2017 7:08 pm
i know people find these threads to be a pissing contest but i look at it as good motivation. I think age is also an important factor here.

Anyways mine is <0 due to student loans lol
Which is why they're all meaningless numbers and only matter to an individual at a given moment in time.

Someone with 500k at age 30 and someone with 500k at age 65 are two very different situations.

Ask me again in a year and maybe it's 100k higher - what exactly is the purpose of just one number without any context?
[OP]
Deal Addict
Jun 20, 2011
1298 posts
335 upvotes
VANCOUVER
aqnd wrote:
Jun 13th, 2017 10:04 pm
Which is why they're all meaningless numbers and only matter to an individual at a given moment in time.

Someone with 500k at age 30 and someone with 500k at age 65 are two very different situations.

Ask me again in a year and maybe it's 100k higher - what exactly is the purpose of just one number without any context?
It's just for fun and not an exact poll with more meaningful options. It's interesting to see how diverse the people that frequent RFD are. We all share a common ground here to save money, look for deals and get advice from our peers. Sure, it gets toxic at times, but this is my one indulgence I get at work since they block every other website!
Deal Addict
User avatar
Oct 25, 2009
2975 posts
780 upvotes
Moncton
Would it be OK if I devided the value of Canada's unexploited natural resources by 35,000,000? Or do I have to share some of that with future generstions? Dito airports and billionnair fortunes from a future yet to be established estate tax.

My rent in central Moncton is $450 a month. Yes, you are saving too much.

:)
Clicking on "Thanks" is appreciated.
Deal Addict
Oct 1, 2004
3538 posts
196 upvotes
Toronto
mrtrump wrote:
Jun 12th, 2017 9:30 pm
So far theres 7 votes with Net Worth over $3m ... are those real votes or fake ?
Considering more than half of the users are located in GTA, with the housing prices that's pretty reasonable.

Agreed with many posters above a million even retired today is not enough let alone the goal for 30 years later.

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