Do you know your net worth and if so are you happy with it?

Iceman · Mar 20, 2006

I sat down and tried to figure out my net worth(after reading post by Christian) and man this is depressing.

I have made HUGE money for the past 4 years but next thing you know I have HUGE bills now(no real credit cards to speak of either). I am making this my number 1 goal this year to have a net worth of over 50k.

I talked to a few friends and ALL of them of a net worth in the negatives(made me feel better I think) and this is counting equity in home(most still rent). The geneartion X'ers will be in a lot of trouble in 20 years (IMO)

Any ways to help make it grow faster?

Insiders · Mar 20, 2006

What questions you come up with !!

Do you work for the Government in ANY way ?

Life is NOT who has the most when you die anyway! Besides its NOT how much you make, its how much you can LOCK UP !

blueedwards · Mar 20, 2006

each month, take 10% of what you earn and invest it in a mutual fund. you wont believe how much you have in 5 years.

Christian · Mar 20, 2006

Insiders said:
Life is NOT who has the most when you die anyway! Besides its NOT how much you make, its how much you can LOCK UP !

you're right....

but life is a helluva lot more fun to live when you got cash in your pocket then compared to when you don't!

as long as you have your priorities straight (i.e. friends and family first, everything else second) then there's nothing wrong with the ol' capitalist pig dream.

anyway, iceman, track your expenses for 1 month...and i mean track EVERYTHING...right down to what you buy at 7/11 and to how much change you give to the bum sitting on the corner outside of 7/11...EVERYTHING.

then compare it to what you took in that month (salary, investments, etc.) then just look for corners you can cut. a lot of things may seem silly, but if you can save $100 a month by buying generic brand groceries instead of name-brand, using coupons/frequent shopper cards, etc. that shit adds up over the course of a year....

eat out less at restaurants, go out more during happy hour instead of later at night when drinks are more expensive...

a lot of these things are what people typically classify as "being cheap" but you know what? that's how a LOT of millionaires are made...they're f-in "cheap"!

the ONLY way to grow your net worth is to SPEND LESS than you TAKE IN each month. if you can't do that, you can't grow your net worth.

either FIND MORE WAYS to earn money each month or FIND LESS WAYS to spend money each month...or, ideally, do both!

if you can't find more ways to earn money (which few people can), you can certainly find ways to spend less money each month (which most people could, but don't try to)

it's not very hard to do, it justs depends on how disciplined your willing to be.

PixWinns · Mar 20, 2006

blue edwards said:
each month, take 10% of what you earn and invest it in a mutual fund. you wont believe how much you have in 5 years.

Safest way to invest. Mutual Funds. I do the same, but on a weekly basis.

fightclub34 · Mar 20, 2006

blue edwardss any good mutual funds you know of

blueedwards · Mar 20, 2006

the american fund family is pretty solid. they have many funds within the family...you just need to decide what your risk appetite is. some are conservative and others aggressive.

i like a mix. been averaging around 11% since 2002.

Christian · Mar 20, 2006

i am definitely a contrarian when it comes to all that mutual fund nonsense...at least nowadays. things are different than they were a decade ago, or a couple decades ago.

the u.s. stock market (and economy in general) is going DOWN big time!!!!! it's the fall of rome baby, the 2006 version!

do you see our budget and trade defecits? our govt. spending? do you see the rapid advancements in china and india?

this century is going to belong to china, not us, unfortunately.

i'd much rather invest my money abroad, either in real estate or in foreign markets, especially in gold and junior resource stocks (which go hand in hand during gold bull markets). the potential returns are much greater.

Iceman · Mar 20, 2006

Just look at life as one big game. Will not and have not neglected anyone or anything. Just mad at myself for not having a little more in life, espicially after my last 4 years of income.

blueedwards · Mar 20, 2006

ice man said:
Just look at life as one big game. Will not and have not neglected anyone or anything. Just mad at myself for not having a little more in life, espicially after my last 4 years of income.

have 10% auto-debited from your paycheck and invest it...you'll never miss it. trust me.

Christian · Mar 20, 2006

blue edwards said:
have 10% auto-debited from your paycheck and invest it...you'll never miss it. trust me.

that's another great idea. when i was in the air force, i did the same thing. i had an automatic deduction setup for $500 each month. after you adjust your spending around it for the first month, you never even notice it after that! great idea!

and with you already making 6-figures w/ no wife and kids...you should be able to auto-debit a nice chunk. good luck!

Iceman · Mar 20, 2006

Christian said:
that's another great idea. when i was in the air force, i did the same thing. i had an automatic deduction setup for $500 each month. after you adjust your spending around it for the first month, you never even notice it after that! great idea!

and with you already making 6-figures w/ no wife and kids...you should be able to auto-debit a nice chunk. good luck!

Have done that in past. Just not sure waht I want to do with that extra money. Not a big stock market guy (just seems too slow, for me)

Fishhead · Mar 20, 2006

Christian said:
i am definitely a contrarian when it comes to all that mutual fund nonsense...at least nowadays. things are different than they were a decade ago, or a couple decades ago.

the u.s. stock market (and economy in general) is going DOWN big time!!!!! it's the fall of rome baby, the 2006 version!

do you see our budget and trade defecits? our govt. spending? do you see the rapid advancements in china and india?

this century is going to belong to china, not us, unfortunately.

i'd much rather invest my money abroad, either in real estate or in foreign markets, especially in gold and junior resource stocks (which go hand in hand during gold bull markets). the potential returns are much greater.

Having said that, what is your opinion on the current CD rates?

sinnedsoul · Mar 20, 2006

to answer the original questions..

yes and never.

as suggested before, automatic savings will work wonders..

WildBill · Mar 20, 2006

Christian said:
i am definitely a contrarian when it comes to all that mutual fund nonsense...at least nowadays. things are different than they were a decade ago, or a couple decades ago.

the u.s. stock market (and economy in general) is going DOWN big time!!!!! it's the fall of rome baby, the 2006 version!

do you see our budget and trade defecits? our govt. spending? do you see the rapid advancements in china and india?

this century is going to belong to china, not us, unfortunately.

i'd much rather invest my money abroad, either in real estate or in foreign markets, especially in gold and junior resource stocks (which go hand in hand during gold bull markets). the potential returns are much greater.

The companies who benefit most in China and India that can be publicly bought and sold are mostly US multinationals. They are also the ones whose stocks do best when the dollar loses value. While certainly most shouldn't have all their money in US companies, nor should all savings be in stocks, I don't think it is wise to take too much out of the biggest US stock names because when China and India emerge, they will be buying Dell computers, driving American and Japanese cars, listening to US musicians, watching US movies, and washing their hair or shaving with US products. Further many of them will be working at subsidiary offices of US companies.

Hitman26 · Mar 21, 2006

Lex Luthor said: "Stocks may rise and fall, utilities and transportation systems may collapse, people are no damn good, but they'll always need land, and they will pay through the nose to get it. "Remember" my father said "Land."

3peet · Mar 21, 2006

Any ways to help make it grow faster?

Buy another piece of property (without a prepayment penalty on your loan) and sit on it. Refi it in a year or year and half and buy another one after that.

You will NEVER go wrong in a real estate investment since there are so many options. In addition, it's the easiest way to supplement a fixed income and built wealth.

:money8:

Dawoofdaddy · Mar 21, 2006

Must pay yourself each month from your income before paying any other bills.

That is the best advice I have for long term wealth accumulation & that money is not touched for any reason other than a total catastrophe.

Mutual funds are a waste of time for investors with any clue about the market, but everyone doesnt have time to study/understand markets.

Many mutual fund investors believe people operating mutual funds are market experts, eventhough history has proven the notion to be false.

Most mutual funds underperform the major indexes and have been that way throughout their history.

:money:

Dawoofdaddy · Mar 21, 2006

An additional note:

Dont walk, but run from investments that many believe will ALWAYS go higher in value.

OR

Investments that many believe will NEVER go lower in value.

:drink:

AlwaysKeen · Mar 21, 2006

great advice about paying yourself first woofdaddy...I agree...

Do you know your net worth and if so are you happy with it?

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