Net Worth private poll

[Yellow Snow]

Try having 2 kids and then get divorced. You can't write off child support. Plus you pay taxes on the income before it goes out the door...

That being said, if you are young, get out of debt as fast as you can and make sacrifices to do so. When you are 40, or so, you will be SO happy you did because all your money will be working for you instead of working for somebody else.

Young people are not instructed on how to manage their money. You usually learn by mistakes, and no, divorce wasn't a mistake. Marriage was.

Exactly... I have 2 ex-wives and 3 children. Love the kids, but the exes are something else.

Who knew that a woman you were married to for 5 years, who was a stay at home mom (because i worked), could get crazy child support? To the effect that she got half my 401k and STILL doesn't need to get a job. She now makes more than me and is perfectly fine with that... without even having a freaking job. Pretty frustrating.

Anyhoo... it is what it is. I love the kids and they are well taken care of.

 

[MeanDean]

I used to do this every year for several years. I peaked out in '07.

Since I retired my "donations" to my Civil Service Retirement aren't mine anymore since it becomes a pension so it came off my net worth total. So worth it and becoming more and more rare anymore.

I heartily recommend starting to save when you're young and living within your means. Yeah, you should have a few splurge outlets (ok, NOT gambling or narcotics) that don't make financial sense but make you happy and allow you to do without in other areas of your life. Prioritize what's important.

Even if you don't know what to do with your savings you will always at least HAVE the savings if you are conservative. Versus just blowing all your money because you don't think you're wise enough to know how to invest it.

 

[digZ]

Senior at ISU. Currently positive, but just barely.

My body is ready to start going into the red with life purchases after I graduate, lol.

 

[capitalcityguy]

I'm honestly more surprised that a forum made up college educated (I assume) individuals so many would question the amount of $1 million votes on this poll.

It is really ignorant to not realize how attainable this level is and more importantly, how being a millionaire is not what it used to be. People need to start educating themselves on personal finance. Unless you are already in your 50's, you're going to need to have saved multi-millions in order to retire and live the same lifestyle you lived while you were working.

The ignorance on here by some is scary. (but not surprising, I guess, when you read the polls on national savings rates).

I highly suggest reading The Millionaire Next Door.

BTW...I'm NOT one of the $1 Million....yet....but it is in the crosshairs. That said, I'm older (in mid-40's) so my situation looks a lot different when I was 35, and whole lot when it was 25 (and in the red).

 

[Wesley]

Speaking of net worth, it seems marrying a farmer's daughter is now more lucrative than marrying a nurse or teacher. With the rising land values, farmers are looking good.

 

[DurangoCy]

Speaking of net worth, it seems marrying a farmer's daughter is now more lucrative than marrying a nurse or teacher. With the rising land values, farmers are looking good.

Maybe it should be a farmer's mom? Isn't 10% of all farmland in Iowa owned by single women over 70 years old?

 

[cygrads]

Someone should put up a poll for chairitable giving as a % of income. I know my wife and I seem to make a decent living but it seems we don't have the money for nice cars, house and travel that others have and all I can figure is maybe most people don't give much to chairity - we tithe on our gross income.

 

[ISUCyclones2015]

I'm in the red of course... student loans all day every day! But I love that book that was mentioned earlier: Millionaire Next Door. Great read.

 

[Ry4Cy]

I'm honestly more surprised that a forum made up college educated (I assume) individuals so many would question the amount of $1 million votes on this polls.

It is really ignorant to not realize how attendable this level is and more importantly how being a millionaire is not what it used to be. People need to start educating themselves on personal finance. Unless you are already in your 50's, you're going to need to have saved multi-millions in order to retire and live the same lifestyle you lived while you were working.

The ignorance on here by some is scary. (but not surprising, I guess, when you read the polls on national savings rates).

I highly suggest reading The Millionaire Next Door.

BTW...I'm NOT one of the $1 Million....yet....but it is in the crosshairs. That said, I'm older (in mid-40's) so my situation looks a lot different when I was 35, and whole lot when it was 25 (and in the red).

OMG I just got that book a few days ago...crazy and yes very good book so far!

 

[MaccloNe]

The biggest problem too many people have is not understanding debt. For a house, fine, but vacations, furniture, etc, it is not a good thing. I was glad my two kids were able to graduate from college with no student loans. It gives them a great head start.

 

[Ry4Cy]

The biggest problem too many people have is not understanding debt. For a house, fine, but vacations, furniture, etc, it is not a good thing. I was glad my two kids were able to graduate from college with no student loans. It gives them a great head start.

Yeah there is a reason they call it good debt and bad debt...House, student loans ect. are all good debt!!!

 

[dmclone]

Yeah there is a reason they call it good debt and bad debt...House, student loans ect. are all good debt!!!

House debt is not always good.

 

[balken]

Yeah there is a reason they call it good debt and bad debt...House, student loans ect. are all good debt!!!

I don't think there is any such thing as "good" debt. It is just that debt that allows you a potentially positive return is better than debt against depreciating assets.

 

[Tredici]

Negative because of school loans. In about a year I should break positive.

 

[Ry4Cy]

I don't think there is any such thing as "good" debt. It is just that debt that allows you a potentially positive return is better than debt against depreciating assets.

And that is called good debt!


http://money.cnn.com/magazines/moneymag/money101/lesson9/index3.htm

 

[swiacy]

I started out with "0" net worth after college graduation. Everything I have, I got the hard way, I earned it. Am now 62 and could retire with a six figure income off of investments. Which wouldn't affect my net worth. Which is healthy. My business experience recommends: use other peoples money (a priciple I picked up from Aristotle Onasis's book) otherwords keep what you make and invest. Be frugal but spend wisely in order to enjoy life (never spent a dime in a casino but have played plenty of poker, casino's live off joe sixpack), do not live beyond your means ( do you really "need" what you "want"?).

By the way, interest rates are at an all time low. I lived through the Jimmy Carter solution to inflation, which was a prime rate of 22% (which was why he was a onetermer). If you are in your 20's or 30's and have a big house mortgage, try to refinance now (before a change of administration), you may be able to get to a 2+% long term interest rate.....which is a gift of a lifetime.

 

[CyForPresident]

My ****

 

[Ry4Cy]

By the way, interest rates are at an all time low. I lived through the Jimmy Carter solution to inflation, which was a prime rate of 22% (which was why he was a onetermer). If you are in your 20's or 30's and have a big house mortgage, try to refinance now (before a change of administration), you may be able to get to a 2+% long term interest rate.....which is a gift of a lifetime.

Yeah, I'm very lucky. I'm 21 and in the process of looking for a house and as far as house prices and interest rates go, the timing couldn't have been better!!!

 

[Deleted member 8507]

Try having 2 kids and then get divorced. You can't write off child support. Plus you pay taxes on the income before it goes out the door...

That being said, if you are young, get out of debt as fast as you can and make sacrifices to do so. When you are 40, or so, you will be SO happy you did because all your money will be working for you instead of working for somebody else.

Young people are not instructed on how to manage their money. You usually learn by mistakes, and no, divorce wasn't a mistake. Marriage was.

I second this with a good helping of DISCIPLINE thrown in. Having parents that lived the depression drilled fiscal discipline into me.
* Is it a want or a need! Ignore all wants as long as possible and most will go away.
* Can you afford it? If you can't pay for it now, don't buy it until you can (of course, car, house and necessary medical are ONLY exceptions). NEVER borrow to purchase a want (that includes credit card borrowing).
* Live BELOW your means (free and low cost things are fun too).
* Hard work never killed anyone (two jobs while in college and many years after too).
* NO ONE is entitled to anything. You have to EARN anything and everything. (see hard work).