net worth

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eddietx12
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Joined: Mon Feb 23, 2009 6:45 pm

net worth

Postby eddietx12 » Tue May 11, 2010 5:46 pm

im down to -$300k after this term, and I'm a 3L now.. will be down $-345k after all is said and done (undergrad, auto, student, upside down mortgage).

Is anyone here broker than me?

stinger35
Posts: 615
Joined: Thu Jan 07, 2010 2:37 pm

Re: net worth

Postby stinger35 » Tue May 11, 2010 6:00 pm

eddietx12 wrote:im down to -$300k after this term, and I'm a 3L now.. will be down $-345k after all is said and done (undergrad, auto, student, upside down mortgage).

Is anyone here broker than me?


I highly fucking doubt it. 345k?????? I'd start playing the lotto or working towards becoming a professional athlete. Otherwise, you are fucked.

(please don't have kids)

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pugalicious
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Re: net worth

Postby pugalicious » Tue May 11, 2010 6:03 pm

Well...upside-down mortage I wouldn't really count as "debt", as long as you can still make the payments for a few years you may see some appreciation in its value (unless it's in the southwest...).

AtticusFinch
Posts: 81
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Re: net worth

Postby AtticusFinch » Tue May 11, 2010 6:06 pm

eddietx12 wrote:im down to -$300k after this term, and I'm a 3L now.. will be down $-345k after all is said and done (undergrad, auto, student, upside down mortgage).

Is anyone here broker than me?


Damn it will take a hell of a lot of broker's commissions to pay that off. GL

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orangeswarm
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Re: net worth

Postby orangeswarm » Tue May 11, 2010 6:29 pm

pugalicious wrote:Well...upside-down mortage I wouldn't really count as "debt", as long as you can still make the payments for a few years you may see some appreciation in its value (unless it's in the southwest...).


Really? If a mortgage isn't debt, what the hell is it?


And OP, that is freakin' crazy. I doubt very many have you beat in the debt category.

mapes
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Joined: Wed Feb 24, 2010 12:37 am

Re: net worth

Postby mapes » Tue May 11, 2010 6:31 pm

an asset

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orangeswarm
Posts: 198
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Re: net worth

Postby orangeswarm » Tue May 11, 2010 6:35 pm

The home is an asset, the debt is not.

Flanker1067
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Re: net worth

Postby Flanker1067 » Tue May 11, 2010 6:36 pm

You are an inspiration to us all. Hope you have Biglaw.

stinger35
Posts: 615
Joined: Thu Jan 07, 2010 2:37 pm

Re: net worth

Postby stinger35 » Tue May 11, 2010 6:51 pm

Flanker1067 wrote:You are an inspiration to us all. Hope you have Biglaw.


I mean, even that isn't going to do it. I don't see how you can actually pay that off. Who even lets you borrow that much?

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OGR3
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Re: net worth

Postby OGR3 » Tue May 11, 2010 6:53 pm

stinger35 wrote:
Flanker1067 wrote:You are an inspiration to us all. Hope you have Biglaw.


I mean, even that isn't going to do it. I don't see how you can actually pay that off. Who even lets you borrow that much?


The robot overlords running this country.

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macattaq
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Re: net worth

Postby macattaq » Tue May 11, 2010 7:09 pm

stinger35 wrote:
Flanker1067 wrote:You are an inspiration to us all. Hope you have Biglaw.


I mean, even that isn't going to do it. I don't see how you can actually pay that off. Who even lets you borrow that much?


Its very doable, even on less than a BigLaw salary.

AtticusFinch
Posts: 81
Joined: Thu Jan 08, 2009 4:10 pm

Re: net worth

Postby AtticusFinch » Tue May 11, 2010 7:29 pm

macattaq wrote:
stinger35 wrote:
Flanker1067 wrote:You are an inspiration to us all. Hope you have Biglaw.


I mean, even that isn't going to do it. I don't see how you can actually pay that off. Who even lets you borrow that much?


Its very doable, even on less than a BigLaw salary.


Well lets see, less than Biglaw salary lets say $50,000. minus taxes $35,000 net. $345k @ 8% interest over 30 years equals $30k per year. If you can live on $5,000./year very doable. :shock:

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sanpiero
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Re: net worth

Postby sanpiero » Tue May 11, 2010 7:40 pm

AtticusFinch wrote:Well lets see, less than Biglaw salary lets say $50,000. minus taxes $35,000 net. $345k @ 8% interest over 30 years equals $30k per year. If you can live on $5,000./year very doable. :shock:


I'm guessing OP has a working spouse to help shoulder the mortgage and auto debt. $50k est. salary is pretty low for a UT grad. 345k is doable




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