# Lets compare blance sheets



## YoNi (Jun 9, 2011)

Hello, I am new to this forum; I work as a financial analyst for a lard insurance company. With a diploma in finance as education. I would really like to start a post where people can share their job position how they got there and what’s their personal financial position. As an example I will start off:

City: Calgary

Occupation: Financial Analyst - Construction Surety Risk Underwriter

Salary: 44k

Years with company: less than 1

Education: Diploma in Financial Services

Assets: 450,000
Condo 215k
Condo 204k
Cash 12k
RRSP 4k
Car 15k

Liabilities: 416,000
Condo 189k
Condo 227k

Net worth 34,000

Lets compare this touchy subject


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## crazyjackcsa (Aug 8, 2010)

Sure, and then after that we can compare the size of "other" things as well.


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## HaroldCrump (Jun 10, 2009)

YoNi -- this is what NetWorthIQ website is for.
Many of the members here have NetWorth profiles and it is posted in their signatures.
All of the information you listed is actually part of the NetWorth profile.

May I suggest you (and other folks interested) do the same.

P.S. I didn't know cooking fat is insurable these days, or was it just a typo and you meant land?


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## CB1021 (Mar 28, 2011)

My net worth is literally like $500. Would be nice to discuss career progression/satisfaction instead of having a pissing contest.


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## MoneyGal (Apr 24, 2009)

Your net worth is almost certainly not $500; although your financial net worth may be. 

However, I hear you; it can get tedious when forums like these implicitly suggest that you have to be a millionaire to participate and you are some kind of loser if you aren't in the top 1% or whatever.


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## ChrisR (Jul 13, 2009)

Salary: 44K
Mortgage debt: 419K

I sure am glad our banks don't just hand out money to anyone, like the American ones did.


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## HaroldCrump (Jun 10, 2009)

ChrisR said:


> I sure am glad our banks don't just hand out money to anyone, like the American ones did.


Yet they appear to have lent you 10x gross income.
Or maybe that was based on household income, was it?


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## I'm Howard (Oct 13, 2010)

I am confused, you are a Finance Grad and yet your profile shows a train wreck about to happen.

You are totally illiquid and very close to the edge.

Sell off those condos, unless you are living in one, reduce that debt, raise your cash.

My Son, just turned 30, has over $200,000 in savings but refuses to buy a condo because A. It is cheaper to Rent B. He refuses to take on excessive Debt, and he is an English Major.

Seven Years of savings has got him to that level, shares an apartment.

I tell Him and his Girl Friend that they should write a book on frugality, one holiday a year is their only extravagance.(Neither drink or smoke, exercise at Health Club is major recreation).


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## larry81 (Nov 22, 2010)

yoni said:


> hello, i am new to this forum; i work as a financial analyst for a *lard insurance company.*


ok !


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## financialuproar (Jan 26, 2010)

And that's why I'll never disclose my net worth...


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## the-royal-mail (Dec 11, 2009)

ChrisR, are you being sarcastic? You've posted only extremely brief facts. I don't see how someone with a $44K income can safely be given a mortgage for $419K. There's something you are not telling us. I'll assume your last statement was sarcastic.


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## MoneyGal (Apr 24, 2009)

TRM. Go back to the original post and add up the poster's income, assets and liabilities. All will be revealed.


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## andrewf (Mar 1, 2010)

MoneyGal said:


> Your net worth is almost certainly not $500; although your financial net worth may be.
> 
> However, I hear you; it can get tedious when forums like these implicitly suggest that you have to be a millionaire to participate and you are some kind of loser if you aren't in the top 1% or whatever.


Not only that, but if you don't make a tonne of money, you must be a bad person. If you make a lot of money, it's because of your virtue.


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## MoneyGal (Apr 24, 2009)

Also: rich people know more about saving money than anyone else, and only rich people are really entitled to have opinions about money (this said while decrying that people with lower incomes don't take more of an interest in money).


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## Syph007 (May 2, 2011)

Salary: 44K
Mortgage debt: 419K

OMG, id be VERY uncomfortable with that. Our family income (my wife and I, is more in the 3x what your salary is) and we have a 230k mortgage. And I could not imagine having any more of a payment than I do. I get extreme pleasure from building my emergency funds etc, and if most of your money gets committed to mortage, how much more can you have left over to invest and build your safety net. My goal is to have a years worth of emergency funds.. half way there.

I assume you did not qualify alone on your 44k for that much debt.


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## I'm Howard (Oct 13, 2010)

MoneyGal, who are you going to take advice from, someone who has made a sizeable asset base or someone who wants to????

I would rather listen to a well heeled Investor than someone making an average salary who has aspirations.

My Dad, 92, is my referance point, a City Worker, his Net Worth is several seven figures.

Dad never did options or Forex or REITS or Condos, just solid Blue Chip Dividend Stocks which he has bought and held.

His one major mistake, and He did not take my advice, was losing over $300,000 on the Nortel Meltdown.


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## MoneyGal (Apr 24, 2009)

Who says I am looking for advice?


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## andrewf (Mar 1, 2010)

Howard, I'm guessing dad didn't do that _just_ with blue chip stock investing. He must have had several million dollar lifetime wages or other investment income (or inheritance) to pull that off.


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## Ihatetaxes (May 5, 2010)

I'm Howard said:


> My Dad, 92, is my referance point, a City Worker, his Net Worth is several seven figures.
> 
> .


Wow his net worth of several seven figures must mean 21 figures!!

$100,000,000,000,000,000,000!!!


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## MoneyGal (Apr 24, 2009)

OMG I just guffawed in a staff meeting.


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## Plugging Along (Jan 3, 2011)

I have to admit that I am interested in the ‘numbers’ that the OP was asking for, mostly because I’m a little voyeuristic and curious about it, and I think it helps me understand context and where posters are coming from. I also look for other things, in terms of trying to gain an understanding of posters based on the rest of their posts. On the flip side, I can be guarded about my numbers, primarily, because there are a lot of hackers out there, and I never know what someone would do with the info (not necessarily CMF people, but you never know who’s lurking). I also do like understanding where people stand in their finances, as it’s helps me filter out who may be ‘talk’ vs ‘walk’. This isn’t just about having a high net worth or income though. I have found that those with low incomes and decent networth (not high in an absolute), I find really challenge me in my thinking. I have to agree with Howard though, in looking at where I want to be, I am more likely to listen to those who are already there and have done it. Those who are trying to get there, I can still learn from, but it more of going through the journey together. I don’t think any ones $’s or lack of, makes them a more worthy of posting though. 

I know a lot of very wealthy people (8 or 9 going on 10 figure networth, not several 7 –digits though  ). However, I also know how they got where they were and what steps they have taken. Understanding that, I’ve already decided that a lot of their advice does not necessarily apply to me, as I’m not willing to go through the same things that they did. It’s all about context, and pulling out what applies to you here.


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## I'm Howard (Oct 13, 2010)

andrew, Yes He did, He sold a Toronto Home after our Mother died, lived with a Brother for a few years, then moved in with a new lady friend.

His expenses are very low, He just reinvests his Pensions and does not spend.

moneygal, I have attended at least six universities including Post Grad Business Studies both here and in the U.S and I am always looking for advice.

You stop learning when you are dead.

The longer Dad lives, the more I am worth, if he makes it to a 100, Bonus, and we get a letter from Her Majesty.


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## liquidfinance (Jan 28, 2011)

MoneyGal said:


> Also: rich people know more about saving money than anyone else, and only rich people are really entitled to have opinions about money (this said while decrying that people with lower incomes don't take more of an interest in money).


Maybe the people on lower incomes take a lot of interest in money and saving. But they are made to feel inadequate by people on forums such as these gloating about how much they have and how the person on a lower income must have done something wrong to be in such a mess.


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## I'm Howard (Oct 13, 2010)

liquidfinance,no one is gloating, my first job paid $6,000 a year, I saved zero.

I learned lessons along the way, and at each stage and age, I would continue to learn.

There is No Investment for all Seasons, but there is a season for all Investments.

Real Estate, Income Trusts, Gold, commodoties, all assets have their moment to shine, the trick is which one and when.

I took my lunch to work, the Secretaries bought theirs, all the guys in the warehouse smoked, all complained about not having enough money, very few took courses to upgrade their skills, even though they were paid for.


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## KaeJS (Sep 28, 2010)

YoNi said:


> Salary: 44k
> 
> Assets: 450,000
> Condo 215k
> ...


You missed the MOST IMPORTANT factor...

What is your _AGE?_

But I'll play your game:

Salary: $33K
Savings: $2k
TFSA: $16k
RRSP: $9k
Stocks: $12k
Car 1: $10K
Car 2: $2k

Liabilities: Future Girlfriends 

Net Worth: $51K


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## Karen (Jul 24, 2010)

Although most of you are here either to give or receive advice about money matters (sometimes to do both), I joined the forum for a slightly different reason - not because I'm looking for advice about investing (and I'm certainly not qualified to be giving investment advice), but because I'm interested in financial matters and I find many of the people I read about here interesting - even fascinating. I have noticed very little gloating on the forum, and I've been really impressed at how willing many of the members are to share their knowledge with each other, sometimes knowledge that would cost a lot of money to obtain any other way. 

As I've said before in other threads, I'm comfortable enough to know I have enough money to last me my lifetime, and I've made the decision not to worry about trying to increase my assets. But that doesn't mean I don't have an interest in how and why people handle their finances as they do. I like the attitude of so many people on this forum, their ongoing interest in learning more, their willingless to share what they know, and their attitude that they are responsible for their own finances.


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## MoneyGal (Apr 24, 2009)

liquidfinance said:


> maybe the people on lower incomes take a lot of interest in money and saving. But they are made to feel inadequate by people on forums such as these gloating about how much they have and how the person on a lower income must have done something wrong to be in such a mess.





i'm howard said:


> i took my lunch to work, the secretaries bought theirs, all the guys in the warehouse smoked, all complained about not having enough money, very few took courses to upgrade their skills, even though they were paid for.


q.e.d.


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## Dmoney (Apr 28, 2011)

I really don't see this as bragging or looking down on others in any way. Like some before me in this thread, I am also interested in where people are in their life, how they got there, and where they are headed. I first heard of this forum through Milliondollarjourney.com, an entire blog devoted to tracking net worth and so on. I doubt anybody feels the author is bragging or belittling anyone else. 

Like KaeJS, I think age is also an important statistic to add in as it gives a better idea of overall financial position. Here are my stats:

Age: 22
City: Soon to be Toronto
Occupation: Financial risk analyst, will be taking a position as an equity research associate in the next few weeks.
Salary: currently 40K, haven't received final offer from upcoming position yet.
Education: Business degree, Finance major

Assets: $47,663
Investment accounts: $45,723
Cash: $1940

Liabilities: $0

Net worth: $47,663


Still living at home, which will change in the next couple of weeks and I'm assuming will change my net worth picture, and will dramatically affect my ability to save.


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## m3s (Apr 3, 2010)

I think the people who call others out on this forum for gloating feel inadequate themselves, and maybe jealousy. This forum is about personal finances, not career plans. If I was career oriented I might live in Toronto where the cost and quality of living is different, but the salary potential is higher. I don't look down on people who have no net worth as it is the norm, and I look down on our society for that. I share my networth online to show what can be done with a normal salary without handouts or sacrificing my life. It actually sickens me to see people was money, not make me feel better.


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## andrewf (Mar 1, 2010)

MG, to be fair, that's an engineering proof. 

Howard, do you feel your father is doing to right thing depriving himself (saving his pension--for what?) so that his heirs can live a much better lifestyle than he himself enjoyed? It's his prerogative, I suppose, but were he my father, I'd be trying to get him to enjoy the fruits of his labour. Hard to do at 92, but there were opportunities earlier.


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## MoneyGal (Apr 24, 2009)

Andrew it is used generically in philosophy, as well.


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## Jon_Snow (May 20, 2009)

Great post, mode3sour... 

As for "gloating", I see little evidence of it on this site - I have learned so much since joining this forum, with all of the information provided by people who take the time and effort to share their accumulated financial knowledge with those who, like myself, appreciate it greatly.

Just felt the need to defend the honour of CMF a bit. 

And any success I've had in building up my networth is mostly due to good fortune (and a hardwired frugality), not any cleverness on my part, so any "gloating" isn't remotely justified.


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## andrewf (Mar 1, 2010)

Sorry MG. To the math major in me, QED means something perhaps stronger than in other usages.


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## MoneyGal (Apr 24, 2009)

I used it recklessly, in a non-math context. Perhaps over time you will find it in your heart to forgive me. (I was posting from my phone! at a dog festival! with my boss! and my kids! it was a wacky day.)


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## nathan79 (Feb 21, 2011)

Location: Fraser Valley (BC)
Age: 32

Income: 41.5K
-Wages: 32K
-Rental Income: 9.5K

Assets: 184K
-Condo: 160K
-Cash: 13K
-GIC: 5K
-Mutual Fund: 5K
-Car: 1K

Liabilities: 45K
-Mortgage: 45K

Net worth: 139K


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## hboy43 (May 10, 2009)

andrewf said:


> Howard, I'm guessing dad didn't do that _just_ with blue chip stock investing. He must have had several million dollar lifetime wages or other investment income (or inheritance) to pull that off.


Why?

8% PA, $500,000 today, and 45 years of compounding will get you to low 7 figures. Likely there are folks around here under 45 with this much assets now who never made more than $100,000 in a year.

hboy43


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## andrewf (Mar 1, 2010)

hboy: howard seemed to be implying mid to high 7 figures and not a bit over a million.

Also, 8% real rate of return is not likely. A safer (and more plausible) assumption is 4-5%. And this assumes you don't need any of your savings to fund your thirty year+ retirement.

And, to have 500k at 45 requires some amount of saving. Even if he saved 25% of his gross income (not many pull that off), that would require his income before age 45 to have been on the order of $2 million, or an average of $100k per year before that age. So to say that anyone can have a several million dollar net worth at retirement just with dividend payers and not a significantly higher than average income or other investments is a little incredible.


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## Syph007 (May 2, 2011)

I think salary is also hardly the only success indicator, its how you use what you got that matters. I make 90k and have only recently become even positive in net worth, but i support a family and had student loans etc etc... im 38. Im sure people that make less have a higher net worth than me since they can have a different life and balance sheet.


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## MoneyGal (Apr 24, 2009)

This is why it is good to use ratios and not absolute numbers. 

I am sure my grandmother-in-law's financial balance sheet was positive throughout her entire life, although she worked as a grocery store clerk and really never made more than the minimum wage, ever - because she had NO debt. 

She has a credit card now but she was well into her 60's before she got it, and she dutifully pays the balance off each month. 

So is she a financial success? She has certainly lived within her means. But she has not accumulated any money of note.


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