[Poll] Real Household Savings

What is your net worth excluding equity in your primary residence?

  • Total voters
    22
NEW -> Contingent Buyer Assistance Program
Age will be a big factor in this poll. Higher earners in their 30s might not have a huge net worth, despite being in the top 5% of earning households.

A household in Irvine could earn near the median for Irvine, but due to their age (60+?), having experienced decades of savings and growth, might have a very impressive net worth relative to the couple in their 30s.
 
It's too bad you can't tie the responses from the 2 polls together.  That would probably be an eyeopener.
 
Wow, about half of the people who voted are millionaire.

This type of poll makes me feel a little poor.
 
There are members here that have over $2m in the bank? I guess that's including retirement funds, stocks, mutual funds and other investments like real estate that is not your primary residence (how would you valuate that? Market value - loan?)

I'm poor too. :(
 
lnc said:
Wow, about half of the people who voted are millionaire.

This type of poll makes me feel a little poor.
Click to expand...

Maybe.  If you're spending $10K/month and only have $1.5M in the bank, you're a wage slave.  If you're spending $5000 a month and have $1.5M in the bank, you're rich.  Regardless of you're actual income.
 
lnc said:
Wow, about half of the people who voted are millionaire.

This type of poll makes me feel a little poor.
Click to expand...

You are not alone hahah definitely homeless here too
So who do I need to send my resume to?  ;D

Gotta start my uber/lyft account soon too
 
pisa said:
I was going to cap the options at $1 or 2 million, but had to scale it up for Homie
Click to expand...

Is the donut business that lucrative?  Should we all be investing in Krispy Kreme franchises?
 
irvinehomeowner said:
There are members here that have over $2m in the bank? I guess that's including retirement funds, stocks, mutual funds and other investments like real estate that is not your primary residence (how would you valuate that? Market value - loan?)
Click to expand...

The title of the thread said savings but the poll says net worth.  Net worth implies all your assets including retirement minus all your debts.  I imagine most people were looking at all their assets including real estate investments.

For our real estate investments, we are conservative in our calculations and only put the loan value of the investment as the asset so it zeros out the loan liability.  Basically on our net worth calculations, the RE down payments and remodel spends are non existent.  Until we sell, any gains aren't real so this seems the easiest way to track it.
 
nosuchreality said:
Maybe.  If you're spending $10K/month and only have $1.5M in the bank, you're a wage slave.  If you're spending $5000 a month and have $1.5M in the bank, you're rich.  Regardless of you're actual income.
Click to expand...

I would take this a step further.  Its about how much you spend and how much you make.  If you made $20K per month and spend $5K, you are doing really well.  How much you have in the bank will really be a function of age and investments.  Net worth is important to know for an individual but doesn't really help explain people being able to buy $800K attached town homes unless you get more data like age, what they started with, etc. 

Also net worth varies on how one calculates it.  The way we calculate RE investments will be different than others.  Some people have high end cars and other valuables like jewelry and art. 
 
Liar Loan said:
pisa said:
I was going to cap the options at $1 or 2 million, but had to scale it up for Homie
Click to expand...

Is the donut business that lucrative?  Should we all be investing in Krispy Kreme franchises?
Click to expand...

Unless your in a high volume traffic location, your not going be big time. Plus the franchise fees might be high.
 
rkp said:
[
For our real estate investments, we are conservative in our calculations and only put the loan value of the investment as the asset so it zeros out the loan liability.  Basically on our net worth calculations, the RE down payments and remodel spends are non existent.  Until we sell, any gains aren't real so this seems the easiest way to track it.
Click to expand...

Might not be conservative if the property is outside of Irvine, i.e: value could become less than the loan >:D
 
Irvine Dream said:
rkp said:
[
For our real estate investments, we are conservative in our calculations and only put the loan value of the investment as the asset so it zeros out the loan liability.  Basically on our net worth calculations, the RE down payments and remodel spends are non existent.  Until we sell, any gains aren't real so this seems the easiest way to track it.
Click to expand...

Might not be conservative if the property is outside of Irvine, i.e: value could become less than the loan >:D
Click to expand...

That's wishful thinking there
 
Sure, loan value can exceed property value and I can be underwater.  Not sure Irvine is immune if the entire market drops that significantly again.  There were plenty of foreclosures in Irvine during the last downturn. 
 
rkp said:
Sure, loan value can exceed property value and I can be underwater.  Not sure Irvine is immune if the entire market drops that significantly again.  There were plenty of foreclosures in Irvine during the last downturn. 
Click to expand...

This is true, but Irvine property values on average decreased less than property values in most all other OC cities.  Irvine home prices have also rebounded at a faster rate than in most all other OC cities.
 
You must log in or register to reply here.
Back
Top