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Poll of Age and Poll of Net Worth

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  • #46













    the poll already make me feel like a big fat loser
    Click to expand…


    Q-school, what leads you to feel like a big fat loser when the leading answer to the poll is a negative net worth?

    And we definitely had it easier in some ways in the old days.  Our president at the time had a student loan program that was 0% interest while in school, and you could file for deferment on interest as a resident.  I was fortunate in that I did not incur a single dollar of interest until after finishing training.

    On the other hand, my first year attending salary was 105k, but still it was likely so much easier without the crushing loan balances that are all too common today.
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    feelings are not always logical.  it’s hard for me to put into words.  i value efficiency.  i am not a spreadsheet person, but i think it probably makes sense for me to be.

    with my age and income, these polls always make me feel like i should be in the 20 million dollar range, but i spend too much.   i think a lot of people here are incredibly disciplined in terms of their spending.  my wife is extremely frugal for our income, but not compared to people on this site.   however, we were very happy and well off before this site, and my general sense is my wife is annoyed by what she perceives as needless penny pinching and attention to detail.  i’m not sure why i want to increase our net worth when we have more than we spend.  it shouldn’t even be an area of focus, but growing up poor, i can’t help myself.

    i’m not sure if it’s some inherent competitiveness or a desire to achieve maximum efficiencies, but since visiting wci i’m less happy with what we have achieved and more concerned about the missed opportunities.  hence big fat loser so many different ways.  snatching defeat from the jaws of victory.   penny wise, pound foolish.  i’m still processing my new life goals.  i wish i had a stronger sense of purpose, but in some ways, i have less purpose than when i just had to focus on feeding everyone and we didn’t eat out cause we couldn’t afford it.

    i have every reason to be super happy, and i feel vaguely unsettled by these type of polls that make me think i’m wasting money.  ????

    ymmv

     

     
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    This is an opportunity to ignore the noise. You were largely content before and exceeding your expectations and obligations. What others may or may not have or do has no bearing on your life or state of happiness, so knowing about it should not matter either. There will be always someone who does it better, and you should be satisfied that you have done it well enough.

    As for the competitiveness, especially with regard to frugality, I am somewhat dubious of the veracity of the self-reported discipline in this regard, jut like I am dubious of all who report running 8 miles per day, eating less than one teaspoon worth of sugar per day, reading journals two hours per day (or whatever stringent routine you can imagine). Some do these things, and more, but most who say that they do do not.
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    what makes you so sure someone can do it better than me?  

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    • #47
      After scanning through these comments I want to see the graph of age vs avg household income vs net worth vs self-reported contentedness

      Comment


      • #48




        After scanning through these comments I want to see the graph of age vs avg household income vs net worth vs self-reported contentedness
        Click to expand...


        In lieu of “self-reported contentedness” - or at least in addition - we might need a scientificly valid survey of happiness.

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        • #49


          i am sure that i don’t want to be the highest net worth guy here. we enjoy travel and eating out too much for that to ever happen. we have a commitment to charitable giving that will ensure we don’t achieve the highest possible levels of material wealth. those are non-negotiable items. my wife told me she’s not going back to living like a resident ever again. apparently that’s also non negotiable. ????
          Click to expand...


          There is no point saving for savings sake. I don't think I can handle 20 Billion or 105 billion like Gates and Bezos. The maximum I think I can wrap my head around is $200M. Don't know why that number but 500M is too much.

          I regret not traveling a bit more in my earlier times when I was in Europe. I penny pinched then when I could have lived life a bit. Now I want to enjoy it before it is too late.

          I agree with your wife. The days of living you like a resident are over. If you don't spend it now you will be handing a big chunk over to your children or IRS. Not the best case scenario.

          Comment


          • #50





            i am sure that i don’t want to be the highest net worth guy here. we enjoy travel and eating out too much for that to ever happen. we have a commitment to charitable giving that will ensure we don’t achieve the highest possible levels of material wealth. those are non-negotiable items. my wife told me she’s not going back to living like a resident ever again. apparently that’s also non negotiable. ???? 
            Click to expand…


            There is no point saving for savings sake. I don’t think I can handle 20 Billion or 105 billion like Gates and Bezos. The maximum I think I can wrap my head around is $200M. Don’t know why that number but 500M is too much.

            I regret not traveling a bit more in my earlier times when I was in Europe. I penny pinched then when I could have lived life a bit. Now I want to enjoy it before it is too late.

            I agree with your wife. The days of living you like a resident are over. If you don’t spend it now you will be handing a big chunk over to your children or IRS. Not the best case scenario.
            Click to expand...


            not to worry kamban.  in my school of thought, you and vagabond are also big fat losers right along with me. 

            i'm just kidding of course.

             

            Comment


            • #51
              The time evolution of the results was interesting. In the first couple days, the poll skewed older and wealthier. As more time elapsed, the results began to peak at 30’s and $500k-2M. I guess the forum regs who would likely vote sooner are richer and older than the lurkers.

              Also interesting that judging by the number of votes in each poll, people are more comfortable divulging their net worth than their ages :P

              Comment


              • #52


                however, we were very happy and well off before this site, and my general sense is my wife is annoyed by what she perceives as needless penny pinching and attention to detail. i’m not sure why i want to increase our net worth when we have more than we spend. it shouldn’t even be an area of focus, but growing up poor, i can’t help myself. i’m not sure if it’s some inherent competitiveness or a desire to achieve maximum efficiencies, but since visiting wci i’m less happy with what we have achieved and more concerned about the missed opportunities. hence big fat loser so many different ways. snatching defeat from the jaws of victory. penny wise, pound foolish. i’m still processing my new life goals. i wish i had a stronger sense of purpose, but in some ways, i have less purpose than when i just had to focus on feeding everyone and we didn’t eat out cause we couldn’t afford it. i have every reason to be super happy, and i feel vaguely unsettled by these type of polls that make me think i’m wasting money.
                Click to expand...


                It is normal to dwell on the fish that got away. Even to this day I think of having almost bought Amazon stock post 2001 crash, and yet not doing it. Or thinking of buying Facebook when it hit $17 and missing that boat. Especially when I have sunk in capital into a couple of venture capital that seems to be going nowhere. I feel I could have achieved more and had more had I acted decisively and not squandered my opportunities.

                But I force myself to think logically. I have been happy overall. I have the money to buy new vehicles, build a new home and travel. And fund my daughter's education and leave a good chunk to her. What really do I want? I don't think I will travel first class even if I have more. So I feel contended till I find the next poll or post which brings back old memories of missed opportunities. 

                Comment


                • #53
                  Really some astounding comments here.  I think we can all agree that those of us who are older likely have a larger net worth.  I consider myself to have enough so I am retiring.  Enough is different for different people.  It is easy to keep working because that is likely all most of us know.  There is always something to be paranoid about.

                  Comment


                  • #54
                    I like WCI's comment.  "Enough" is an important concept.  It is a worthwhile endeavor figuring out what "enough" means to me, to us.

                    Comment


                    • #55
                      John Bogle has a book entitled "Enough".

                      Comment


                      • #56
                        It is interesting that with over 500 responses to the age and net worth poll, the most common answer as far as net worth is negative.

                        I hope those with negative net worth are the young doctors, in training or having recently completed training, who will find much success and financial security, in part from the collective wisdom shared here.

                        Comment


                        • #57
                          41 year old physician (hospitalist). NW is 5.7; investable assets 4.7, paid off house 1 m. Wife is physician as well. It was not hard to do at all. Saved and invested aggressively. I have tried to tell others subtly to do the same but talking about money is tricky.

                          Comment


                          • #58




                            41 year old physician (hospitalist). NW is 5.7; investable assets 4.7, paid off house 1 m. Wife is physician as well. It was not hard to do at all. Saved and invested aggressively. I have tried to tell others subtly to do the same but talking about money is tricky.
                            Click to expand...


                            your NW is exceptional for your age.  it may not have been hard to do for you, but based on peers, it seems hard to do.

                            congrats on becoming FI!  now, what?  are you going to grow it to 25 million?  retire early?   travel?

                             

                            Comment


                            • #59
                              I plan on running up the score at least for the next five years, although if things at work stop being fun and stock market returns continue to be decent, all bets are off...

                              Comment


                              • #60




                                I plan on running up the score at least for the next five years, although if things at work stop being fun and stock market returns continue to be decent, all bets are off…
                                Click to expand...


                                Thats the right attitude.

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