The ones I'm referring to are entrepreneurs and we didn't share personal information, just discussion about their company.mathiewannabe wrote: ↑ $10M?? is that excluding primary residence?
Locked: What is your net worth?
- Last Updated:
- Feb 19th, 2019 10:41 pm
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- vkizzle
- Deal Expert
- Aug 22, 2011
- 41789 posts
- 30051 upvotes
- Center of Universe
- Mike15
- Deal Fanatic
- Nov 24, 2013
- 6479 posts
- 3344 upvotes
- Kingston, ON
Hopefully billionaires know what "+" means.GoldenKnight wrote: ↑ Where's the billionaire category?
- studentoflife
- 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
Anyways mine is <0 due to student loans lol
- MarkusX
- 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.
- psudolam
- Sr. Member
- Aug 7, 2014
- 563 posts
- 243 upvotes
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
- MarkusX
- Newbie
- Nov 15, 2016
- 46 posts
- 4 upvotes
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.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
- aqnd
- Deal Fanatic
- Apr 20, 2011
- 7747 posts
- 2750 upvotes
- ON
Which is why they're all meaningless numbers and only matter to an individual at a given moment in time.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
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?
- DDHLeigh [OP]
- Deal Addict
- Jun 20, 2011
- 2095 posts
- 1083 upvotes
- VANCOUVER
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!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?
- MonctonMan
- Deal Addict
- 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.
My rent in central Moncton is $450 a month. Yes, you are saving too much.
Toronto is a very small part of Canada
- greg123
- Deal Fanatic
- Oct 1, 2004
- 6651 posts
- 995 upvotes
- GTA
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.
- kanewtz
- 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
Net Worth = ~$900k
Live: Northern Ontario
- aaappping
- Member
- Jul 22, 2013
- 306 posts
- 158 upvotes
Not choice for negative? You must not heard of student loans. Lol
- coolintheshade
- Deal Guru
- Aug 24, 2016
- 11667 posts
- 14020 upvotes
- Win-ter-peg
- Arrgh
- Deal Fanatic
- Feb 15, 2006
- 9183 posts
- 3861 upvotes
- Toronto
Ha, how shocking, for internet forums. I thought there really were many with $10M+ networth.coolintheshade wrote: ↑Threads like this are pretty much useless for information anyway, because hardly anyone can commit to truth anymore.
- bewiseman
- Banned
- Jul 18, 2016
- 2014 posts
- 786 upvotes
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!
- MarkusX
- Newbie
- Nov 15, 2016
- 46 posts
- 4 upvotes
- Mike15
- Deal Fanatic
- Nov 24, 2013
- 6479 posts
- 3344 upvotes
- Kingston, ON
- Bullseye
- Deal Fanatic
- Feb 1, 2006
- 9645 posts
- 911 upvotes
- Muskoka
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.
- Bullseye
- 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.
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.
- Faith24
- Deal Addict
- Feb 29, 2012
- 2654 posts
- 1461 upvotes
- Richmond