I did move the bridge loan to other. I suppose I could dump it into the Mortgage, but I think it’s starting to become “six of one, half dozen the other.” The loan will be paid off by the spring time.

I’m aware of the excess equity in the new home. We’ve discussed this previously and my impression from your comments was that with a three year time horizon, buying a foreclosure and buying at/near (hopefully) market lows, the home was more of a speculative investment vice a “forever” or at least “for a long time” home. That being the case, I haven’t been too concerned about the equity/net worth ratio on the new home.

Did I misunderstand your comments?

Thanks again for looking over my shoulder. I really appreciate it.

https://www.networthiq.com/people/f18lumpy

And, with $32k in those ‘junk’ assets, and $550k of net worth, you aren’t too far off the ‘rules’ … which means you probably won’t need to be selling (or buying!) any of those cars/boats/stuff soon

I think you moved the $18k loan to ‘other’? But, it’s probably really a property loan, right?

Also, you probably have a little too much equity tied up in your own home right now … again, not too far off the mark?

Why would your woman, drive a Van with a boat attached, lol

No woman will take that plunge!

Particularly if you been somewhat of a collector of heirlooms, you’ll be surprised what you’ve got in that ole’ ‘junk pile’ that may be going up in value

Regarding “these so-called ‘assets’ are really junk” – that’s exactly why I don’t include them in my Net Worth calculation.

Regarding “it help us get a metric using the asset rules: e.g. 20% Equity Rule; 5% ‘Junk’ Rule.” – I’ll play along and include my cars and boat in the assets column if it helps paint my NW picture a bit more clearly.

My first comment to the bank was YGTBSM! I had to secure the money with something and I was dead set against pulling money out of my 401K to do this, so offering up the pink slip on the van seemed like the lesser of all evils.

Bottom line on the 18K… It’ll be gone this spring, so I hesitate to even concern myself with it too much for my Net Worth calculations. It was just a necessary evil to make the real estate deal happen. I could easily have added it in to the mortgage balance, but it will be paid off long before the loan ever matures.

Thanks for the feedback.

… also, the former (your plain ol’ vanilla Net Worth) is useful to the extent that:

1. It reinforces that these so-called ‘assets’ are really junk (sooner or later), and

2. It help us get a metric using the asset rules: e.g. 20% Equity Rule; 5% ‘Junk’ Rule.

So, right now, we are talking ‘Ordinary’ Net Worth, so I recommend that it all goes back in, at least for now …

Also, the Car Loan seems to be really a Home Mortgage Loan (or, Other Mortgage Loan … I’m not sure which property/s all these loans are for) that happens to be secured with your car – obviously, the bank thinks it’s an asset … poor fools

In other words, the loan also needs to be recategorized (is that really a verb?!) …