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Is your net worth what it should be? - Andrew King

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  • Is your net worth what it should be? - Andrew King

    Hi all,

    Andrew King has sent us this interesting article tonight. First paragraph is below and click the link after that to read the entire article.

    Thomas Stanley and William Danko wrote the US bestseller “The Millionaire Next Door”. It is an excellent book as it gives many insights into the misconceptions of who our rich are and the lifestyles they have. There is a test I will show you so you can establish if you are on the right track to become a millionaire.
    Link to entire article:
    http://www.propertytalk.co.nz/content-126.html

    Cheers

    Marc
    Free business resources - www.BusinessBlogsHub.com

  • #2
    Yippee!!!!!!!!

    Put me down as a excellent wealth creator.

    Started out reading Jan somers book years ago. And finally hit the boom and it all paid off.


    Roll on the slump so we can position ourselves for even more wealth creation.

    Comment


    • #3
      Not to far behind the eight re the calcuation which isn't bad due to my age.

      The calcuator doesn't consider the fact that I spent the first 22 years of my life without a full time job and the fact that as a new person to the workforce (4 years), my salary increases each year as I get the necessary experience to progress.

      Comment


      • #4
        I think it is a fairly accurate estimate to to gauge where you should be at a various age. Although if you are a couple don't forget to combine your incomes and ages or just allocate 1/2 your net worth.

        Comment


        • #5
          I actually think it can be quite inaccurate, althought I was deemed to be an excellent wealth creator.

          All it looks at is your current earning position. You may have lost your job yesterday, and all of a sudden your expected net worth drops to almost nothing.

          It is an interesting calculation for people who have had a consistent income over their earning life.

          Comment


          • #6
            It's not perfect (ie what if you're self employed and your income fluctuates) but its a good thumb-in-the-air indicator.

            Most of my non-property friends are in their late twenties with a net worth of zero - I wonder how many people are behind where they "2should"2 be these days!

            Cheers,
            Leanne

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            • #7
              Originally posted by LeanneS
              Most of my non-property friends are in their late twenties with a net worth of zero - I wonder how many people are behind where they "2should"2 be these days!
              But most people dont start earning real money until their twenties so this test favours the older people how have had time to accumulate wealth. ie at 25 you have had 5 years to earn but at 40, you have had 20.

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