Personal Finance

Locked: What is your net worth?

  • Last Updated:
  • Feb 19th, 2019 10:41 pm
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Poll: What is your net worth?

  • Total votes: 364. You have voted on this poll.
$0 - $50,000
 
49
13%
$50,001 - $100,000
 
25
7%
$100,001 - $200,000
 
45
12%
$200,001 - $300,000
 
28
8%
$300,001 - $500,000
 
48
13%
$500,001 - $750,000
 
37
10%
$750,001 - $1,000,000
 
27
7%
$1,000,000 - $1,500,000
 
37
10%
$2,000,000 - $3,000,000
 
15
4%
$3,000,001 +
 
53
15%
Deal Expert
Aug 22, 2011
41789 posts
30051 upvotes
Center of Universe
mathiewannabe wrote: $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 Fanatic
Nov 24, 2013
6479 posts
3344 upvotes
Kingston, ON
GoldenKnight wrote: Where's the billionaire category?
Hopefully billionaires know what "+" means.
Member
Mar 1, 2011
218 posts
61 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
46 posts
4 upvotes
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.
Sr. Member
Aug 7, 2014
563 posts
243 upvotes
MarkusX wrote: 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
46 posts
4 upvotes
psudolam wrote: 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
7747 posts
2750 upvotes
ON
studentoflife wrote: 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?
Deal Addict
Jun 20, 2011
2095 posts
1083 upvotes
VANCOUVER
aqnd wrote: 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
4329 posts
1344 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.

:)
Toronto is a very small part of Canada
Deal Fanatic
Oct 1, 2004
6651 posts
995 upvotes
GTA
mrtrump wrote: 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.
Deal Addict
Apr 19, 2010
3071 posts
1585 upvotes
33M married to 31F with 3.5yr old son and 6 day old daughter

Net Worth = ~$900k
Live: Northern Ontario
Member
Jul 22, 2013
306 posts
158 upvotes
Not choice for negative? You must not heard of student loans. Lol
Deal Guru
User avatar
Aug 24, 2016
11667 posts
14020 upvotes
Win-ter-peg
ace604 wrote: You are missing a category for negative net worth.
Agreed.
Threads like this are pretty much useless for information anyway, because hardly anyone can commit to truth anymore.
Deal Fanatic
Feb 15, 2006
9183 posts
3861 upvotes
Toronto
coolintheshade wrote: Threads like this are pretty much useless for information anyway, because hardly anyone can commit to truth anymore.
Ha, how shocking, for internet forums. I thought there really were many with $10M+ networth.Smiling Face With Open Mouth And Smiling Eyes
Banned
Jul 18, 2016
2014 posts
786 upvotes
Arrgh wrote: Ha, how shocking, for internet forums. I thought there really were many with $10M+ networth.Smiling Face With Open Mouth And Smiling Eyes
Oops, sorry. Missed that pesky little dash symbol. That's negative 10 million, not plus.

I'm sorry, but I consider polls of this kind to be silly. Its a given that there are many different levels of wealth in this country. Why do we need a poll to draw attention this?

I hit the $3 mil category. Am I worth that much? Of course, I am! There is a great intrinsic value to me that is worth well more than 3 million! :) :) :)
Newbie
Nov 15, 2016
46 posts
4 upvotes
Mike15 wrote: Hopefully billionaires know what "+" means.
Maybe they don't want be lumped together with poor single digit millionaires.
Deal Fanatic
Nov 24, 2013
6479 posts
3344 upvotes
Kingston, ON
MarkusX wrote: Maybe they don't want be lumped together with poor single digit millionaires.
Image
Deal Fanatic
Feb 1, 2006
9645 posts
911 upvotes
Muskoka
MarkusX wrote: 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.
In a DB pension, your 'Commuted Value' would be the total of your contributions plus your employers, plus interest. But few people would be smart to pull the money out like that. The real value of your pension is the future income stream till you die. You can value it by looking at current monthly payout at 65 (in your year end statement, most likely), and then finding the cost of an annuity for the same income stream. You'll be blown away by the real value most likely. Well above $400k, for sure.
Deal Fanatic
Feb 1, 2006
9645 posts
911 upvotes
Muskoka
For the OP, how much you need to retire depends on how much you will spend! Most people can live comfortable on $40k-50k per year with a paid off house. If you are a couple and maxed CPP your whole lives, you could get $40k just from CPP/OAS. The problem would be divorce or spouse dying, then your income would drop. Long term care costs, if you wanted to save for that.

So how much extra to save is the real question. I'd plan for enough to cover income for 2nd person. Using the 4% rule, save enough for that amount. So if you want $20k for life from 65, you'd need $500k in a balanced investment portfolio to get that for life.

I'm generalizing, in case anyone wants to pick at the details.
Deal Addict
Feb 29, 2012
2654 posts
1461 upvotes
Richmond
psudolam wrote: Another issue is that this net worth is for one person only (i.e., not including the other spouse's net worth).
What, I can't count all the money I invested in my spouse? But that's my biggest investment! :)

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