Personal Finance

What is your net worth?

  • Last Updated:
  • Nov 16th, 2017 2:19 am
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Poll: What is your net worth?

  • Total votes: 285. You have voted on this poll.
$0 - $50,000
 
39
14%
$50,001 - $100,000
 
21
7%
$100,001 - $200,000
 
35
12%
$200,001 - $300,000
 
22
8%
$300,001 - $500,000
 
40
14%
$500,001 - $750,000
 
29
10%
$750,001 - $1,000,000
 
24
8%
$1,000,000 - $1,500,000
 
24
8%
$2,000,000 - $3,000,000
 
15
5%
$3,000,001 +
 
36
13%
Deal Addict
Feb 9, 2009
4485 posts
2215 upvotes
wonderkitty wrote:
Nov 11th, 2017 7:52 pm
Am I the only real millionaire here? Winking Face
Naw. Im there too.
Deal Fanatic
Dec 11, 2008
7315 posts
482 upvotes
Do you guys add in any value of your work pensions?

We both have defined benefit but we only include the contributed portion; we don't do any calculated value or anything, just straight up what we pay into the plan.
Sr. Member
Nov 13, 2013
714 posts
244 upvotes
OTTAWA
twinpeaks181 wrote:
Jun 15th, 2017 9:00 pm
You guys are lying.

OP is asking how much you are worth. Half of your total net worth belongs to your wife.

So if you said $1 million, it's really $500k. Half is your wife's. Not yours.
Only if you are stupid enough to marry someone who doesn't have at least as much income, or in this case net worth, as you do.
In all seriousness I don't know why anyone would agree to marry a non-working spouse with current divorce rates.
Sr. Member
Nov 13, 2013
714 posts
244 upvotes
OTTAWA
speedyforme wrote:
Nov 13th, 2017 7:48 am
Do you guys add in any value of your work pensions?

We both have defined benefit but we only include the contributed portion; we don't do any calculated value or anything, just straight up what we pay into the plan.
You have to value it higher than that. But don't multiple it's future value by number of years you expect to live as some people do this will vastly overvalue it. I also think it is worth less than the cost of an annuity as an annuity also includes profit, risk and expenses of the issuer.
Deal Fanatic
Dec 11, 2008
7315 posts
482 upvotes
fogetmylogin wrote:
Nov 13th, 2017 8:11 am
You have to value it higher than that. But don't multiple it's future value by number of years you expect to live as some people do this will vastly overvalue it. I also think it is worth less than the cost of an annuity as an annuity also includes profit, risk and expenses of the issuer.
How does one value this kind of stuff?

The only thing I get is an annual document that indicates how much I am currently expected to receive annually if I stopped today (if I left company) and how much I expect to get when I retired if my income stays the same forever.
Sr. Member
Nov 13, 2013
714 posts
244 upvotes
OTTAWA
speedyforme wrote:
Nov 13th, 2017 8:19 am
How does one value this kind of stuff?

The only thing I get is an annual document that indicates how much I am currently expected to receive annually if I stopped today (if I left company) and how much I expect to get when I retired if my income stays the same forever.
There are formulas experts use but in the end IMHO it's all guesswork. The current value assumes a certain amount of return from now until you retire and until you die. Historical data is not necessarily accurate. The future seems very unlikely to be similar to the last 30 years in terms of investment and inflation. What is certain is a dollar today is worth a lot more than a dollar in 30 years. The question is how much more. This is what decides the current value of your future pension. To some extent it doesn't matter as you can't sell you pension and buy a bigger house or put it towards any other current consumption.
Sr. Member
Mar 1, 2016
713 posts
222 upvotes
fogetmylogin wrote:
Nov 13th, 2017 8:29 am
There are formulas experts use but in the end IMHO it's all guesswork. The current value assumes a certain amount of return from now until you retire and until you die. Historical data is not necessarily accurate. The future seems very unlikely to be similar to the last 30 years in terms of investment and inflation. What is certain is a dollar today is worth a lot more than a dollar in 30 years. The question is how much more. This is what decides the current value of your future pension. To some extent it doesn't matter as you can't sell you pension and buy a bigger house or put it towards any other current consumption.

actually you can, it's the commuted value of the pension, and you can get a payout . which leads to the net calculation, the tax liability of your pension, and your RRSP
Deal Fanatic
Dec 11, 2008
7315 posts
482 upvotes
foreigncontent wrote:
Nov 13th, 2017 8:35 am
actually you can, it's the commuted value of the pension, and you can get a payout . which leads to the net calculation, the tax liability of your pension, and your RRSP
Any online calculators that may be worthwhile to check out for fun on this stuff?
Deal Addict
User avatar
Dec 13, 2016
1009 posts
768 upvotes
My net worth is about the average here on rfd which is heartening because I thought I was doing a lot worse especially since I avoid stock markets like plague.

My wife's net worth is over a million for sure, but I don't think that would count because in Thailand I have no rights to any of the loot whatsoever.
Sr. Member
User avatar
Apr 23, 2009
792 posts
119 upvotes
psudolam wrote:
Jun 20th, 2017 12:40 pm
Actually, RFD is also about many non net worth or non finance issues like career, home, and off topics (meaning of life, happiness, etc.)

The problems are that the low net worth people want to be high net worth, the high net worth people want to be happy, the single people want to be married, and the married people want to be dead.... And, the world's problem is not people going towards negative net worth, but that the planet is getting warmer while the people are getting colder. :rolleyes:
Face With Tears Of JoyFace With Tears Of JoyFace With Tears Of Joy last 2000 years of wisdom in 2 sentences overall........
Member
Jul 20, 2012
374 posts
54 upvotes
VANCOUVER
Commuted values are locked in (you can't receive it in cash except for the portion above the maximum transfer value limit based on your age which will be heavily taxed) so it's not really a viable option to consider as money towards buying a house.

Edit: the house part was referring to the post you quoted. But I agree it may be fine to use the CV as an estimate of net worth
foreigncontent wrote:
Nov 13th, 2017 8:35 am
actually you can, it's the commuted value of the pension, and you can get a payout . which leads to the net calculation, the tax liability of your pension, and your RRSP
Last edited by Discombobulator on Nov 13th, 2017 4:52 pm, edited 1 time in total.
Deal Addict
User avatar
Jul 13, 2014
1714 posts
263 upvotes
Toronto
87% of RFD earns an above average wage

WOW! I had no idea only the wealthy of the Canada congregate here on this bargains and deals website.
This message have been approved by the Office of the Mayor of Toronto.
Deal Addict
Aug 24, 2016
2174 posts
1097 upvotes
MayorOfToronto wrote:
Nov 13th, 2017 5:03 pm
87% of RFD earns an above average wage

WOW! I had no idea only the wealthy of the Canada congregate here on this bargains and deals website.
What other forum can you think of where everyone make six figures, and has millions stashed under their mattress? :lol:

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