MSE Poll: How much are you worth (or do you owe)?

2

Comments

  • Takmon
    Takmon Forumite Posts: 1,738
    1,000 Posts Second Anniversary Name Dropper
    Forumite
    edited 26 August 2020 at 2:53PM
    Well the poll does state:

    MSE Poll said:
    Take any unsecured debt (ie, EXCLUDING any mortgage/student loan) away from any savings you have and where do you end up?


    It's pretty clear that does not include the value of any property because nobody would describe the value of their house as "savings" . So i don't see why people are struggling to understand what it's asking and some people in this thread have still got it wrong.
  • 203846930
    203846930 Forumite Posts: 4,708
    1,000 Posts Second Anniversary Name Dropper Photogenic
    Forumite
    Takmon said:
    Well the poll does state:

    MSE Poll said:
    Take any unsecured debt (ie, EXCLUDING any mortgage/student loan) away from any savings you have and where do you end up?


    It's pretty clear that does not include the value of any property because nobody would describe the value of their house as "savings" . So i don't see why people are struggling to understand what it's asking and some people in this thread have still got it wrong.
    I have no mortgage and no debt of any kind, I DO class my home as savings, I can take equity release on it at any time I like, I can sell it and go live in a cave if I wanted to, sorry but house value in my case is savings.
  • Takmon
    Takmon Forumite Posts: 1,738
    1,000 Posts Second Anniversary Name Dropper
    Forumite
    Takmon said:
    Well the poll does state:

    MSE Poll said:
    Take any unsecured debt (ie, EXCLUDING any mortgage/student loan) away from any savings you have and where do you end up?


    It's pretty clear that does not include the value of any property because nobody would describe the value of their house as "savings" . So i don't see why people are struggling to understand what it's asking and some people in this thread have still got it wrong.
    I have no mortgage and no debt of any kind, I DO class my home as savings, I can take equity release on it at any time I like, I can sell it and go live in a cave if I wanted to, sorry but house value in my case is savings.
    But then if you class your home as savings then using the same logic you can class all your other possessions as "savings" so your car is savings, your furniture is savings because then can sell them to release the money. So then you get into the situation where buying a new car could be called putting your money into savings. You could also say that you have 3 months income as an emergency fund and that comprises of the sofa, the fridge and the washing machine...

    I can see your logic to an extent but i wouldn't call your home as savings because your obviously not going to sell it and live in a cave and equity release is simply borrowing money against the house so involves getting into debt. 
  • dk2401
    dk2401 Forumite Posts: 39
    Part of the Furniture 10 Posts Combo Breaker
    Forumite
    In my opinion this is a pointless exercise unless guidance is given about whether to include property and pensions...
  • XRAT
    XRAT Forumite Posts: 239
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Forumite
    Takmon said:
    Well the poll does state:

    MSE Poll said:
    Take any unsecured debt (ie, EXCLUDING any mortgage/student loan) away from any savings you have and where do you end up?


    It's pretty clear that does not include the value of any property because nobody would describe the value of their house as "savings" . So i don't see why people are struggling to understand what it's asking and some people in this thread have still got it wrong.

    Dear Takmon,
    I am afraid I tend to agree with 'dunkanthedog' based on the grounds that so many people say, "My house is my pension, I'll downsize when I retire and move to the countryside."
    That said, I pity anyone who is reliant on their home for a pension. I don't think that statement is viable for pretty much anyone living outside London SW1. The current cost of moving from most other areas, to most of the rest of the country would devour so much of the value of a home that the downsize would not realise much capital.
    I agree with most other comments, clarification needs to be made;
    couples with joint assets should halve their assets to give personal wealth,
    if property is not to be included.., what about a second home? (There's no difference between that and other assests such as shares.)
  • Zanderman
    Zanderman Forumite Posts: 4,496
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Forumite
    MSE_Petar said:
    Poll started 25 August 2020

    While many are struggling as a result of the coronavirus crisis, others are saving and repaying debts much faster than before. So this week, we're looking to get a snapshot of the nation's finances. Take any unsecured debt (ie, EXCLUDING any mortgage/student loan) away from any savings you have and where do you end up? 

    With or without house value? 
    Your poll is meaningless unless you say.
    Results so far are meaningless because you didn't say.
    You're wasting our time MSE_Petar and missing an opportunity for some really interesting results.
  • 203846930
    203846930 Forumite Posts: 4,708
    1,000 Posts Second Anniversary Name Dropper Photogenic
    Forumite
    My house is worth something like £60,000 more than I paid at the start of my mortgage, about half of that is pure profit (I can't be bothered to work it out) so I have to include it in my calculations as an investment, nothing else that I own has risen in value so they are all just written of as nothing.
  • MalMonroe
    MalMonroe Forumite Posts: 5,783
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Forumite
    I think this is just somebody being nosy so I'm not even going to bother. Thank you and good night. 
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • Norman_Castle
    Norman_Castle Forumite Posts: 11,871
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Forumite
    The poll asks for net worth,

    Take any unsecured debt (ie, EXCLUDING any mortgage/student loan) away from any savings you have and where do you end up?

    How much are you worth, or do you owe?
    Whether you've 'net worth' or 'net debt', pick your relevant option below.

  • Norman_Castle
    Norman_Castle Forumite Posts: 11,871
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Forumite
    edited 27 August 2020 at 8:09PM
    MSE_Petar said:
     Are you surprised at the results so far? Have your say below.

    What results? All I get is "chart loading"
    Instead of wasting time with this poorly thought out and administered nonsense focus on ditching "my badges" from everyones profile.

Meet your Ambassadors

Categories

  • All Categories
  • 340K Banking & Borrowing
  • 249.1K Reduce Debt & Boost Income
  • 448.2K Spending & Discounts
  • 231.8K Work, Benefits & Business
  • 602.9K Mortgages, Homes & Bills
  • 171.6K Life & Family
  • 245K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards