tag:blogger.com,1999:blog-14245531.post1646433646863401004..comments2023-11-18T01:21:55.631-05:00Comments on My Open Wallet: September Net Worth & Expense RecapMadame Xhttp://www.blogger.com/profile/11536189690094235926noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-14245531.post-34699651959846053442007-10-20T02:28:00.000-04:002007-10-20T02:28:00.000-04:00you should break down your net worth into liquid (...you should break down your net worth into liquid (which excludes your retirement) and retirement (taxable) and retirement (non-taxed). regarding the retirement money, $100K in a 401k is not as good as $100K in a Roth vehicle. to be conservative, just multiply the entire taxable amount by your marginal tax rate.swupakhttps://www.blogger.com/profile/02037536989972493403noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-22268516047187595362007-10-09T10:46:00.000-04:002007-10-09T10:46:00.000-04:00@ andrew-- I hadn't really thought much about the ...@ andrew-- I hadn't really thought much about the term payroll taxes. That is what Quicken calls the category for all taxes deducted from paychecks, including state and federal income taxes, so I just went with it!<BR/><BR/>@ anon 7:11, the next commenter is right, I am just showing the net result of my home value minus my mortgage liability at this point, rather than giving specifics on those two items. I may change the way I do this in the future...Madame Xhttps://www.blogger.com/profile/11536189690094235926noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-42278199402055792792007-10-08T21:24:00.000-04:002007-10-08T21:24:00.000-04:00Question for you.i am a 37 year old who lives in N...Question for you.<BR/>i am a 37 year old who lives in NYC. I make about 120k a year. Have about 100k in my 401k. Would like to buy a house but have 70k in credit card debt (i have a side business i have been trying to get off of the ground)<BR/>would you recommend i borrow from my 401k to pay off debt? i am feeling very overwhelmed by the amount of credit card debt and the fact that I literally live paycheck to paycheck.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-74193496633795272052007-10-08T10:54:00.000-04:002007-10-08T10:54:00.000-04:00Hey Open Wallet,I like your blog and the sharing o...Hey Open Wallet,<BR/>I like your blog and the sharing of your information. The fact that you have $4,268.65 in savings is a problem.<BR/>visit my site at:www.financialadvantages.com and my blog at: www.financialadvantages.com/blog<BR/>I DON'T recommend a checking or savings account<BR/>sincerely,<BR/>Steve HermanAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-84868349151701082832007-10-06T14:47:00.000-04:002007-10-06T14:47:00.000-04:00This isn't very important, but I thought I'd just ...This isn't very important, but I thought I'd just let you know that the phrase "payroll taxes" has a specific meaning. It refers to contributions to Social Security and Medicare (FICA). It doesn't include state and federal income taxes. I mention this because you're pretty clearly including income taxes in your payroll taxes category. I can see why you would think income taxes, taken out of your paycheck, should be called payroll taxes (unlike sales taxes, say, which clearly can't be), but an accountant would be very confused by your balance sheet.Andrew Stevenshttps://www.blogger.com/profile/13453328821252013152noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-21778108046021252342007-10-04T09:05:00.000-04:002007-10-04T09:05:00.000-04:00She is showing Home Equity which is net MV less th...She is showing Home Equity which is net MV less the Mort which is perfectly alright for displaying to the world. In my own "Statement of Financial Condition" I would note my home value based on it's tax assessed value under assets and list the mort under liabilities -- I liked to think of the mort as a negative bond in my asset allocation -- something as an inflation hedge and I tried to be vey conservative on assumed MV.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-41214856429185879442007-10-04T07:11:00.000-04:002007-10-04T07:11:00.000-04:00Do you have a mortgage? Wouldn't that be considere...Do you have a mortgage? Wouldn't that be considered a liability?Anonymousnoreply@blogger.com