Net Worth - Somersoft vs Propertychat

Discussion in 'Investor Psychology & Mindset' started by Ace in the Hole, 21st Jun, 2017.

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  1. Ace in the Hole

    Ace in the Hole Well-Known Member

    18th Jun, 2015
  2. Bayview

    Bayview Well-Known Member

    22nd Jun, 2015
    Inside your device
    I don't know what my Nett worth was in 2017, (we were living O/S at that time), but I do know we hit the $1m in mid 2008...I reckon mid-2017 was much the same; give or take a bit.

    At that time; we were only yer average wage earning couple.

    Fast forward to today; lots of change - not all of it good...but improvement on the horizon....

    *Moved back from O/S in April 2008, Bought a business for $420K using PPoR equity in Aug 2009. Still have it; but probably worth maybe $150k if sold today.
    *Renoed the existing PPoR and sold it for a good profit in 2010, then used the profits towards the next new PPoR build.
    *Started building the next PPoR in 2010, moved in Dec 2011, but had to sell in late 2015 due to Business slump. Paid off all loans still outstanding from IP's and Business Loan, and managed to escape with approx $200k cash. Still have the Business; and now that it is debt free it pays a decent living, even though turnover still well down from 2009.
    *Currently renting, but found a new PPoR site (knock-down house) in late 2015 - $660k. Currently tenanted, and value based on recent similar sales is approx $780k.
    *Early 2016 accessed equity from IP LOC and some cash from savings to join with BIL and SIL in Holiday resort development in Ubud, Bali. Our contribution is $150k there, and on recent valuations our share would be valued approx $300k for the Property (no business income included as yet; not operational for another month).

    So; boiled down after all that; Nett worth (including the current Business) would be approx:
    $910k - backwards by $90k.

    The good news is going to be the Business income from the Ubud dev; expected ROI for each Partner's investment to be approx 50% per year., so the Nett worth has gone down a bit, but the income stream has increased/will increase quite a bit from 2008 level.

    Had the money for the $420k Business purchase been used for property instead; the Nett worth would probably be higher, but the income from the property would not necessarily be close to what the Business income and the future Ubud dev income would be after expenses and taxes.

    Weird how things go!
    oracle, Sackie, MTR and 1 other person like this.
  3. MTR

    MTR Material Girl Premium Member

    19th Jun, 2015
    My World

    Brilliant, more time for golf now
    Bayview likes this.
  4. tomlemke

    tomlemke Well-Known Member

    21st Jun, 2015
    I was 12 Think I had just my entire net worth on a Nokia 3310
    Bayview and Foxdan like this.