Xviper has raised a question of \"Worth More Dead than Alive\" Now, with some explanation by our resident CPA (if he's willing), I think a POLL might be in order If a few people respond to the POLL without commenting, then the cloak of ANONYMITY will quickly fall over the survey

It should inspire some of those "sitting at the little table"...either to be impressed with what mature folks have been able to accumulate or scare the be*jesus out of them at how little

I've selected several categories...somewhat arbitrary but should be illustrative My understanding of Net Worth is: All of your assets [minus] all of your debts/ obligations. Assets would include real estate equity, investments, cash in the bank, value of material possessions, vested retirement funds, fair value of business interests, life insurance cash value, etc. Maybe ralper will further explain the "etc" and correct any of my layman explanation.

There are many reasons why some people may need to have a high net worth before they stop working, but others (with fat pensions ) can probably keep very little in the kitty. What do you think?

 

OK, one vote....that's a start

I hope that we get some further professional definitions on Net Worth, but I'm going to bed now

 

For the sake of this survey, Jerry's definition of net worth is satisfactory.

A word of caution, don't overvalue your collectables or your business interests. Your collectables may not be worth what you think they are, and (particularly if you are in a small business) your business may not be worth what you think it is without you. Also note that things like your $32,000 S2000 tend to depreciate over time and may be worth less when you die than they are today. Hard assets like cash, cd's, real estate and investments should be weighted more heavily than cars and collectables. Also consider the fact that in a forced sale things like business interests, autos, and sometimes real estate is sold at prices well below fair market.

I hope this thread forces everyone to take a good look at their will and their financial plans. If you haven't, you should consult with an attorney, a financial planner and a CPA. At the very least, make sure you have a will in place, and make sure it is up to date.

After that have the last laugh by living a long and healthy life.

 

for me the best solution was to pay everything off and generate just enough $$ to live fairly well....the real secret of avoiding taxes is not to make much money.....

 

We still need someone in the first category....who is "car poor" but "mod rich"

 

Wherever anyone fits in the chart (whether you've voted or not), I'm wondering....

* what positive (or negative ) factor has placed you there
* are you content with where you are

 

If I had stayed married, my net worth would be quite a bit higher, but then my debts would be, too. I'm not complaining. I'm very comfortable.

 

[QUOTE]Originally posted by paS2K
Wherever anyone fits in the chart (whether you've voted or not), I'm wondering....

* what positive (or negative ) factor has placed you there

 

I intend to make it to the last category. Will I be content? We shall see. I'm very comfortable now but more isn't bad as long as it doesn't cause any hardships or take away from my current financial position and lifestyle.

 

The main reason that I'm in a relatively comfortable position today:

I had my own very profitable business for 12 years. My income from 1986 to 1998 increased about 500% but my standard of living remained almost the same during that time. My disposable income was not disposed...but was invested in various equities. I've never lived beyond my means.