Comments on: Net Worth Competition: Don’t Compare Yourself With Others http://www.consumerismcommentary.com/2008/07/16/net-worth-competition-dont-compare-yourself-with-others/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Bill http://www.consumerismcommentary.com/2008/07/16/net-worth-competition-dont-compare-yourself-with-others/#comment-167265 Bill Thu, 24 Jul 2008 23:40:29 +0000 http://www.consumerismcommentary.com/?p=3418#comment-167265 Houses are very illiquid assets, with total transaction costs around 10%, not considering the time required to sell them. They should be valued very conservatively in any net worth calculation. Houses are very illiquid assets, with total transaction costs around 10%, not considering the time required to sell them.

They should be valued very conservatively in any net worth calculation.

]]> By: Stephen Ward http://www.consumerismcommentary.com/2008/07/16/net-worth-competition-dont-compare-yourself-with-others/#comment-165180 Stephen Ward Wed, 16 Jul 2008 15:59:57 +0000 http://www.consumerismcommentary.com/?p=3418#comment-165180 I think it's worth noting that services like NetworthIQ have misleading comparative value. Their data relies on self-report measures of those who have an active interest in their net worth. Not only is this is a very small subset of the population at large, but more than a few may be misrepresenting their numbers, so it is in no way accurate. It's only useful from the standpoint of, "How do I compare to others in my demographic who are financially savvy enough to track their net worth?" I think it’s worth noting that services like NetworthIQ have misleading comparative value. Their data relies on self-report measures of those who have an active interest in their net worth. Not only is this is a very small subset of the population at large, but more than a few may be misrepresenting their numbers, so it is in no way accurate. It’s only useful from the standpoint of, “How do I compare to others in my demographic who are financially savvy enough to track their net worth?”

]]> By: Twiggers http://www.consumerismcommentary.com/2008/07/16/net-worth-competition-dont-compare-yourself-with-others/#comment-165135 Twiggers Wed, 16 Jul 2008 12:11:44 +0000 http://www.consumerismcommentary.com/?p=3418#comment-165135 I haven't actually bothered to calculate mine because I know it's an awful picture. Instead, I just use my credit card balances (the current debt I am trying to pay off...student loans are a whole different thing) as a metric of my success. Seeing those numbers fall every month is great! However, in the future when the debts are almost gone and I actually have some assets (like retirement accounts) I will definitely start tracking my net worth and have a goal to be increasing that every month....that will probably be much funner and less stressful than paying off credit cards! I haven’t actually bothered to calculate mine because I know it’s an awful picture. Instead, I just use my credit card balances (the current debt I am trying to pay off…student loans are a whole different thing) as a metric of my success. Seeing those numbers fall every month is great! However, in the future when the debts are almost gone and I actually have some assets (like retirement accounts) I will definitely start tracking my net worth and have a goal to be increasing that every month….that will probably be much funner and less stressful than paying off credit cards!

]]> By: FrugalTrader http://www.consumerismcommentary.com/2008/07/16/net-worth-competition-dont-compare-yourself-with-others/#comment-165133 FrugalTrader Wed, 16 Jul 2008 11:49:11 +0000 http://www.consumerismcommentary.com/?p=3418#comment-165133 Thanks for the mention Flexo. I agree that net worth postings shouldn't be viewed as a competition. To me, it's a competition with personal milestones. Thanks for the mention Flexo. I agree that net worth postings shouldn’t be viewed as a competition. To me, it’s a competition with personal milestones.

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