$325k at 29, married with a kid.

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Age * Pre-tax income / 10

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Never seen this before, but suprisingly close at age 37. I will say that I'm tighter than a knat's ass on a lemon wedge so I would question how reasonable it is for the general public.

I'm 27 and single. I just joined Mint.com and it says my net worth (assets and debts) is $92k.

Spaceship, I just calculated mine (roughly) and it's almost the same as yours.

I'm 24, not married, no kids and so far am doing alright.

Own my house (~140k house value, still owe 113k), owe 13k on a nicer 2011 F-150, have a nice bond coming due in September, a good amount in stocks and quite a bit (to me) of cash in my checking account. No other loans or anything to pay off.

I figured about 97k on the positive side. My salary allows me plenty of monthly saving money so that'll only go up for me over the next few years. I'm about to refinance my house which will help me pay down the mortgage a lot faster.

Got married when I was 30.
Net worth pre-marriage: ~ $250k
Networth post-marriage: ~200k

Wife came with a chunk of debt.

quote:

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Age * Pre-tax income / 10

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I'm at about 84% of what this would predict - would be well above it, but the wife stopped working 5.5 years ago when our twins were on the way (and we had our 3rd 18 months later).

Once she's working again, we'll really be putting away the cash. But our only debt as of now is the house (less than $100k left).

I'm 34 and would be concerned if I had less than $100k net worth, let alone in my 50s.

this is old but what is this post saying you can't live off of 40k?? someone alert over half the population

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Two 25-year-old living off of $40k is not even remotely feasible.

Rent: $1200 bare minimum.
Util/Cable/Internet: $225 minimum
2 cell phones: $150
Monthly Gas: $350
Monthly Groceries: $250
Lunch @ $7/day each: $420/month
Car Ins for 2: $180 assuming clean record

That's $33,300 in BARE MIMIMUM expenses.

Hopefully you own both cars free & clear, don't play golf, buy clothes, go on vacations, buy christmas/birthday gifts, like to go out to dinner, go on dates, go to concerts, go to sporting events, meet friends at happy hour, etc.

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I'm not sure you understand what 'minimum' means


Rent: $1200 bare minimum. (I pay ~$600 with a few friends in a nice house off Newport Beach back bay)
Util/Cable/Internet: $225 minimum (usually <<$100 a month for everything)
2 cell phones: $150 (~$30 my share of family plan with unlimited data/text)
Monthly Gas: $350 (<$200 I work 15 mi away drive a big 3row SUV)
Monthly Groceries: $250 (no clue prob a lot less)
Lunch @ $7/day each: $420/month ($5/day if eating out(~half the time))
Car Ins for 2: $180 assuming clean record (~$60 with lowest deductible collision/comprehensive)
(all my numbers above are for myself only per month)

even though making over double that salary before stock/bonuses, still able to feed over half my earnings towards student loans while living in one of the most expensive areas and having a blast

if you think the above is 'bare minimum' then you need financial sense more than a higher paying job



was living pretty much the same way with my first job that was ~40k, and while paying only the standard loan payments was able to buy my (2nd)car with cash after about a year, wasn't brand new but looked it at least


[This message has been edited by EliteZags (edited 2/15/2013 2:38p).]

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(Age - 27) * Pre-tax income /10

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-$2712

YES!

Signed up for Mint... Married with a child and I'm 30.

Damn Grad School Student Loans bringing me down, but we live comfortably.



[This message has been edited by Mostly Cloudy Judgement (edited 2/15/2013 4:14p).]

The thing I've found among friends that skews net worth statistics like the ones on this thread is money from parents.

If your parents gave you a car or gave you a house or paid your downpayment or gave you cash or pay your cell phone, people are not comparing apples to apples. I know several guys that had $1MM+ in school... Most people would discredit them but what if they made $50,000 of it themselves? If your net worth is $80k at 25 but you didn't have to pay for school or you had help in other areas, your like the guy who had $1MM from pop while still in school (to a lesser degree). If you want to understand what those books and formulas are talking about, consider paying for every single thing yourself.

[This message has been edited by Aggie028 (edited 2/15/2013 4:09p).]

im broke ass. no equity and work for a salary. life sucks. i hope im dead by the time im 60.

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If your parents gave you a car or gave you a house or paid your downpayment or gave you cash or pay your cell phone, people are not comparing apples to apples. I know several guys that had $1MM+ in school... Most people would discredit them but what if they made $50,000 of it themselves? If your net worth is $80k at 25 but you didn't have to pay for school or you had help in other areas, your like the guy who had $1MM from pop while still in school (to a lesser degree). If you want to understand what those books and formulas are talking about, consider paying for every single thing yourself.

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Yeah, no kidding. Everything you mentioned makes a huge huge difference. I'm not saying that to complain that life is unfair, just that when I see some of these high net worths, its worth noting that it isnt apples to apples. Not to say that all the high net worths came with a really generous affluent parent's helping hand. To those that didnt, kudos.

I was very fortunate that father could put me through school without loans. That said, I was broke as you could be when I graduated from A&M.

And you are right, it makes a huge difference in where I am versus where I could be if I had to borrow a **** ton of money to go to school.

But I am not sure what you are saying comparing apples to apples. If you are using others as a bench mark, I guess I see your point. But net worth is net worth. It doesn't matter how you get there...

To be fair, I think the spirit of the thread was to gauge where one should be, which there isn't a right or wrong answer.

I gathered from several responses that it's pretty easy to have a bunch of money stored away and have a high net worth in your mid 20s. That's great if you have 90k at 24 but if you had paid for everything, you wouldn't be there so don't weigh in on formulas written without the mommy and daddy assumption and act like you did it all.

For the record, I came out of school with no debt and my net worth would likely be negative if I had paid for everything.

[This message has been edited by Aggie028 (edited 2/15/2013 6:37p).]

I have enjoyed following this thread but..

I have to say 90k at 24 is almost down right impossible without help from parents earlier in life.

27 now and up to ~150K

Also I had about $400 to my name when I graduated fall 2008 and was laid off for about 5 months in there 6 months after graduation.

Wow I must suck at this life thing...26 making about 110k...barely scraping by. Actually, yes...I realize this does suck.

Yeah life must suck if you're only making 110K at 26.

This is my favorite thread on texags. There are so many different factors that can skew expectations and reality. My only advice is find a job that you feel brings you some level of happiness and work as long as it feels good. Retirement is different for everyone. Set a reasonable monthly savings goal and stick to it. Get comfortable with how a true retirement calculator works.

Personally, I enjoy my job. I could see myself working into my late 60s. By then, I should be able to shut it down and live comfortably.

For those that have or will have help from parents, kudos to you, you are blessed. Personally I will have to do everything on my own but that's ok too.

I'm 30, with a net worth of about $127k, and zero debt.

Goal (obviously set very high) is $1,000,000. If I'm even halfway there I'll be satisfied. Of course money isn't the only thing in life. If I'm happy, health and still blessed it won't matter.

23 and at ~40k right now. Finish my MS-Finance and will start a job in the fall.

Should be up to $100k by the time I'm 25ish (that's the goal). Going for an ambitious $250k in net-worth by the time I'm 30.

quote:

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I'm not sure you understand what 'minimum' means


Rent: $1200 bare minimum. (I pay ~$600 with a few friends in a nice house off Newport Beach back bay)
Util/Cable/Internet: $225 minimum (usually <<$100 a month for everything)
2 cell phones: $150 (~$30 my share of family plan with unlimited data/text)
Monthly Gas: $350 (<$200 I work 15 mi away drive a big 3row SUV)
Monthly Groceries: $250 (no clue prob a lot less)
Lunch @ $7/day each: $420/month ($5/day if eating out(~half the time))
Car Ins for 2: $180 assuming clean record (~$60 with lowest deductible collision/comprehensive)
(all my numbers above are for myself only per month)

even though making over double that salary before stock/bonuses, still able to feed over half my earnings towards student loans while living in one of the most expensive areas and having a blast

if you think the above is 'bare minimum' then you need financial sense more than a higher paying job

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I hope you are never responsible for a total loss on a newer model truck, SUV, or luxury brand vehicle. Your $25-30k coverage won't be paying for much.

also, I drank a lot, financed a couple of different cars, traveled, bought things, blew money in vegas, etc, and I think $100k by 30 is completely reasonable and attainable. I will be over that (I'm 27), but I think it's a fair number for a college educated person.

If you were married too soon, and your wife works, you were given a home/down payment/car/trust fund from parents, or you were some sort of investment savant during college, the number may be higher.

quote:

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I'm 30, with a net worth of about $127k, and zero debt.

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this is what I'm shooting for. I'm 23, making ~56K, with 63K in debt.

[This message has been edited by hennessy11 (edited 2/18/2013 1:40p).]

dp

[This message has been edited by hennessy11 (edited 2/18/2013 1:39p).]

quote:

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I hope you are never responsible for a total loss on a newer model truck, SUV, or luxury brand vehicle. Your $25-30k coverage won't be paying for much.

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And the property damage claim is not the one to worry about. If you are talking net worth in the six-figure range, then you should not be carrying minimum-level liability insurance. More importantly, you should carry a high level of uninsured/underinsured motorist coverage. You can't control who hits you and how much insurance they have.

I raised my coverage to 50k/100k, raised my deductible to $1000, and my premium actually lowered.

I just turned 27 and was wondering if anyone on here could look at my portfolio and provide some suggestions.

texasaggietactical @ gmail.com

As your net worth increases, I'd recommend actually going up to the highest liability limits possible on auto insurance.

Once you do that, look into an umbrella policy, especially if you have assets that could be taken in a large judgement.

And insurance gets cheaper as the higher your limits go

The marginal cost that is

Married, 26, and blessed to have two sets of parents who have helped us live debt free our entire lives.

I'm 30 and my wife is 32.

Together we both make quite a bit of money, but we also spend a lot. Combined, we both have ~$23,000 in student loans that we are still paying off (I was in grad school till I was 28), we have 2 car payments, but put away into 401k/roth/her state retirement as much as possible every month which adds up to around ~$2200.00. I also have a pretty hefty pension for the company I am at and I don't plan on leaving or switching anytime throughout my career. I am also fairly unique in the fact that I will more than likely be an expat for a large chunk of my career where literally everything is paid for and we will get large uplifts for moving at a moments notice. Definitely a great perk of working for big oil.

If I were to venture to guess, with our retirement accounts, house equity, bank accounts, etc., our net worth is ~175,000.00. I don't keep track of it really due to the huge fluctuations, but I plan on being a multi-millionaire many times over by the time I retire at 65.