my net assets
i am only posting my net assets because it's negative. if it were positive, no one would ever know, as i'd be squirrelling my moolah away from the world's prying eyes. either that, or i'd be yelling, "i'm rich, biotch!" (tm Dave Chappelle) from the rooftops.
so here it is.: -$193,863.66
posted by eingy @ 9/27/2004 01:22:00 PM
6 comments
6 Comments:
Houses SO don't count.
My net worth is just a few hundred dollars north or south of zero. Which, unfortuneately, is pretty good for me.
Houses count if they are sucking up more than half of your monthly income, keep you from having any savings to get married or take time off or serve as a buffer if I get laid off, and if you can lose it if you miss payments. It's not like it just sits there and gains equity.
Furthermore, houses count if your family will be homeless unless you make payments. It's not a flip matter.
I'm sorry, I wasn't trying to be flip. It's definitely important. I just meant that, while you may owe the bank $193,863.66 more than you have in cash, the house itself does have equity and could theoretically be sold to repay the debt.
But, I understand that it must be a huge drain on your day to day finances. :(
h
Heh, definitely a good point that the house part of the debt can cancel itself out. I was thinking the other day that it's worth more if I sell it now than if I don't, since the total I'd end up paying for it over the lifetime of the loan is something like > 2x the actual worth of the house.
i was fortunate enough to reach a point a little while back where i was even. zero. IF i counted the value of my major material goods (laptop, motorcycle, ipod, camera) as assets.
i had a brief impulse to sell everything i owned that was worth more than $200 and pay off all the remaining loans, right then.
-m
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