Jump to content

Are you financially successful?

Recommended Posts

There are posts here about the highest paid, managing student loans, etc.


But how do one BEST measure financial success?

Two ways.

First is by net worth.  Take the value of everything you own, and subtract what you owe.

Your holdings of cash + todays market value of investments/real estate/etc minus every debt you have is your total net worth.  If you dont have an idea of what this is....you should.  Nerds will have a spreadsheet (I do).


Second way is how you would weather a storm.  Global pandemic (those never happen, right?), job loss, injury, death, job market collapse, death of spouse, government stops paying for healthcare, hyperinflation, etc.  Would you still be successful if the unexpected happens?



Link to comment
Share on other sites

  • Moderator

1-spend less then you make

2-max out contributions to retirements that get matched (free money)

3-start a ROTH as young as possible and put max amount in

4-avoid car loans

5-in the market - you do not need a fancy investment advisor - you need low expense wide based index funds

6- marry someone with similar ideas


I have followed this and will retire at 60 with plenty of money an no worries

  • Like 1
  • Upvote 2
Link to comment
Share on other sites

4 hours ago, Mayamom said:

My advice.  Get out of debt.  If I don't have cash I don't buy it.  Try to pay off your home.  I did many years ago.  Best decision.

Yep, yep, and YEP!  For you "young uns" who won't have a defined pension plan in most circumstances I feel for you trying to save enough to retire at some point.  Pensions and Social Security (not the same as SSI I've discovered) will be our primary retirement income at 65/63 respectively in 3 years.  Savings will float us through then and I'll have a pre-determined safety valve of $300+K sitting in reserve (used to be $200K but a family inheritance allowed it to be bumped up).  I keep looking at downsizing now that I'm no longer tied to DFW specifically but I haven't found anything in a 2/2 1200-1300 sq ft size that I like.

Edited by GetMeOuttaThisMess
Link to comment
Share on other sites

  • Moderator

In my early 50s I have a few 401Ks and a pension from my first job. I do have someone else manage my retirement portfolio who understands my priorities. Should have the house paid off soon. we have been in the same small house for over 20 years and paid less than 200k for it.  Money for kids college is set aside, so no loans there. We should be ok. I have never gone in for big ticket purchases like a boat, RV, ATVs, media room, etc. I did get a mini cooper 2 years ago, but bought it used as a certified preowned. I do drive a lot so wanted to be comfortable and have AWD. 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Create New...

Important Information

Welcome to the Physician Assistant Forum! This website uses cookies to ensure you get the best experience on our website. Learn More