“The last one” 💀
Dude’s a one percenter in the making.
They don’t have any debt? I’m still 5 or 6 years from $0 if I don’t get sick or have to replace a car.
I’m at least 30 years from $0 lol.
It’s funny how my net worth was higher when I was renting than it is now that I’m a homeowner that bought 18 months ago.
Yeah but now you have a concrete asset on which you’re gaining equity.
Before you were getting nothing for all that money you spent on rent. Now you’re getting equity for it.
I know this will likely change as time goes on, but so far I’ve lost value and I’m under water by about 10% according to what I can suss out of the market value. And, my mortgage is 2.5x what I could be paying in rent most anywhere else in the region, which is its own stressor yannow. Everything is just a bit wonky right now.
I have no debts, 10k in savings, and I live in a van 🙃
If you aren’t joking then unironically congrats on your relative financial success!
You have a higher net worth than most millionaires!
Another great episode of Why Next Worth is a Terrible Indicator of Wealth!
Are you not counting your house as an asset when calculating net worth?
I’m underwater right now since interest rates jumped right after I bought. So no.
You went with a variable rate? Are you insane? At least rates will drop in the next 3 years.
Nooooo. I’m locked in.
It’s that interest rates went up and prices fell as a result. My area just leveled off and hasn’t grown since I bought.
Why would you expect that to take 30 years to get back to $0 though?
Net worth literally means assets minus liabilities.
If you have a mortgage that isn’t at least 50% paid off you probably have a negative net worth, while a renter without other debts will have a positive worth.
The accumulation of equity compared to the complete loss of value to renting is a different discussion, since they mentioned they just purchased and are only 18 months into their payments.
This discrepancy, btw, is why people accuse Trump of being a fake billionaire, because his liabilities supposedly exceed his assets, thus his begging for cash from the gullibles.
TF you talking about? You use the whole price of the asset for net worth. If your mortgage is $1 less than what you would get from selling it that’s +$1 to your net worth.
If your house sells for 500k after expenses and you owe 300k you don’t just get the 200k and still owe 300k. The lein holder gets their 300k and you get 200k.
My house is worth ~1.8mm and I owe ~140k, that’s +1.66mm to my net worth. Even if I owed 1mm, I’d have +800k.
Unless the house is worth less than you owe, having a house with a mortgage isn’t a negative to your net worth.
They have a new mortgage. They haven’t built up equity yet, plus who knows what their damage is on other loans.
Their asset (the home) atm is still roughly equal to their liability (the mortgage).
I’m sure they’ll be out of a negative net worth before they think but we also don’t know what their damage is on interest rates, student loans, car loans, medical debt, etc.
I wasn’t taking about that guy, he said he’s underwater.
I was responding to your bullshit about needing to pay off 50%+ for your home to be a positive to your net worth.
“New mortgage” doesn’t matter, as soon as you make the down payment, before you make a single mortgage payment, as long as the house hasn’t decreased in value you have equity and that adds to your net worth.
As long as you can sell and have $1 left over after leins and expenses, it adds to your net worth. It’s the value of the home less any leins, not your equity less any leins when determining what it means to your net worth.
Feel free to day one flip a new house for a profit after those expenses you’re handwaving, I’m sure it’s easy to do.
In the meantime, most homeowners will be breaking even on the investment, aka growing their worth, years or decades into ownership, assuming a stable market.
Much slower now than it was just a couple years ago, I hope they got a fixed rate.
🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🦅🦅🦅🦅
The cajones on that dude! Love it! 🤣
I think you meant “cojones”. “cajones” means drawers lol
Hell yeah! That’s a new brain wrinkle for me! Thanks, homie.
Gigabased
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Any explanation for non-Americans on what is going on and why this is funny?
Dollars are what Americans use instead of pounds.
And pounds are what Americans use instead of kilograms.
And kilos are what Americans want instead of Colombian democracy
And Kilos are what Ukranians use as targets
Venmo is like Paypal or any other payment app. She has one dollar to her name and he asks for her Venmo id, she thinks he’s going to give her money to help but instead he sent a request to her account asking her to give him the one dollar.
Venmo is an app used to send cash with a little note to describe what it’s for. It’s owned by PayPal. When someone asks for someone else’s Venmo, it normally means they want to send cash. The person with $1 remaining must have given their Venmo info out hoping to get some help, but instead the person who asked for it requested their last dollar.
That’s an explanation of what is happening here. I can’t tell you why it’s funny as requested, but that’s because it’s really not that funny
I can explain why it’s funny: Most expect the person to send money and help, instead he is asking to take the last dollar. Comedy is, at its core, a subversion of expectations. This is an example of that idea.
Jeremy must be Mormon
