| My 1st Post Looking for Advice |
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littleroc02us
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Cash: $ 205.35
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quote:
Originally posted by retire-early
quote:
Originally posted by oldguy
quote:
I know at 55 my networth should be close to a million plus I also have about 70-75k of yearly pension plus with ZERO debt.
You are leaning on that ZERO debt pretty hard. Keep in mind, your Net Worth is the important number, not your debt. NW = Assets minus Liability. Eg, $4M in assets minus $1M in debt = $3M. And $3M is way better that $1M with no debt.
But that $75,000 pension is your savior - you can live just fine even w/o a high NW.
i understand the mathematics behind it oldguy but being debt free just feels so liberating.
Remember this, there are some people that are big debt free guys, who enjoy the feeling and are of low risk, who are millionaires and there are leveraged type guys who are successful, but have take on more risk and they have calculated it and haven't had any setbacks from it and are millionaires. It's all about your goals not someone elses.
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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Wed Jul 13, 2011 8:43 pm |
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retire-early
Contributing Member
Cash: $ 5.50
Posts: 37
Joined: 12 Jul 2011
Location: Las Vegas
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quote:
Originally posted by littleroc02us
quote:
Originally posted by retire-early
quote:
Originally posted by oldguy
quote:
I know at 55 my networth should be close to a million plus I also have about 70-75k of yearly pension plus with ZERO debt.
You are leaning on that ZERO debt pretty hard. Keep in mind, your Net Worth is the important number, not your debt. NW = Assets minus Liability. Eg, $4M in assets minus $1M in debt = $3M. And $3M is way better that $1M with no debt.
But that $75,000 pension is your savior - you can live just fine even w/o a high NW.
i understand the mathematics behind it oldguy but being debt free just feels so liberating.
Remember this, there are some people that are big debt free guys, who enjoy the feeling and are of low risk, who are millionaires and there are leveraged type guys who are successful, but have take on more risk and they have calculated it and haven't had any setbacks from it and are millionaires. It's all about your goals not someone elses.
Well said!
"Live way below your means and opportunities will come knocking"
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Wed Jul 13, 2011 10:08 pm |
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kate032
Preferred Member
Cash: $ 22.35
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Joined: 25 Feb 2011
Location: Michigan
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But just think you'd truly wealthy you'd be without a vehicle that costs over twice as much as the average car. Just a little bit more sacrifice and you'd be a lot more financially comfortable in life.
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Sat Jul 16, 2011 3:52 am |
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