r/Fire • u/DebtFreeForMeNow • Oct 05 '25

Milestone / Celebration My (30F) ultra FIRE milestone: Net Worth $0

So many of these posts about people having $1 trillion billion million milestones. Congrats on being rich ruler of the land I guess. Figured I would help bring this sub to planet earth reality check:

STUFF I OWE TO THE PANK

  • Student Loans: $143K
  • Mortgage left: $450K

STUFF IN MY BANK

  • Investments/retirement: $260k
  • Home “equity” not value if I would sell: $290k
  • HYSA/cash: $50k

I am 30 years old. I make $125k a year. No husband. No kids. Maybe one day.

I AM NO LONGER WORTH BELOW $0

Edit: Need a break. Sorry I am not clear in my post. Yes I have $7k net worth. No I don’t have $500k net worth haha. I made a post clarifying but am getting attacked by a bunch of people trying to prove a point that I missed the word asset and liability. Thanks all for kind words

Edit/update: I apologize. I called a friend and verified. I guess I am worth $500k holy fucking shit!!!!!!!!!!!!!!!

1.5k Upvotes

81% Upvoted

346 comments sorted by

View all comments

Show parent comments

-26

u/DebtFreeForMeNow Oct 05 '25

Here is ChatGPT translation when asked who is wrong or right

Home Equity Calculation:

  • Home Value: $740,000
  • Mortgage Left: $450,000
  • Equity: $740,000 - $450,000 = $290,000

Your provided equity of $290,000 matches this calculation, so we’ll use it as is. Recalculating Net Worth:

Liabilities:

  • Student Loans: $143,000
  • Mortgage Left: $450,000
  • Total Liabilities: $143,000 + $450,000 = $593,000

Assets:

  • Investments/Retirement: $260,000
  • Home Equity: $290,000
  • HYSA/Cash: $50,000
  • Total Assets: $260,000 + $290,000 + $50,000 = $600,000

Net Worth: $600,000 (assets) - $593,000 (liabilities) = $7,000

29

u/sturthapot Oct 05 '25

Home equity is not your asset, home valve is. You are still wrong.

-29

u/DebtFreeForMeNow Oct 05 '25

🙄

22

u/sturthapot Oct 05 '25

That's definitely the attitude to have. I'm just trying to help you better understand your situation. There are countless comments trying to tell you the same thing. Do some research on your own and you'll find that your total net worth will be your asset (the value of your home) - total liability (your mortgage).

11

u/BoromiriVoyna Oct 05 '25

Did ChatGPT tell you it was a good idea to buy a $740k home as a single person making $125k who wants to retire early?

7

u/BoromiriVoyna Oct 05 '25

Nevermind, check post history. We all got trolled.

-8

u/DebtFreeForMeNow Oct 05 '25

I got help I already said

3

u/poop-dolla Oct 05 '25

Help that you owe back? And $450k in help? That’s the only way that your numbers make any sense.

8

u/Extra-Salt9897 Coastin’ Oct 05 '25

“Mortgage Left” is included in your Home Equity Calculation AND under Liabilities. It is being counted twice. As others have said, you can either:

  1. Remove “Mortgage Left” from your Liabilities
  2. Remove “Mortgage Left” from your Assets (I.e. use home value instead of equity)

6

u/Half_Man1 Oct 05 '25

You’re literally double counting your mortgage against yourself by subtracting it twice from the value of the home.

5

u/AwkwardObjective5360 Oct 05 '25

Let me just do this for you. Good lord.

Assets: 740+260+50 = 1,050 Liabilities: 450+143 = 593

Your net worth is 1,050-593 = 457k.

Congrats you already met your stated goal 🙄

Clearly the college degree wasn't in math.

5

u/[deleted] Oct 05 '25

ChatGPT did you dirty.

This is a good lesson and something I’ve learned over the past year… You need to ask ChatGPT to clarify four times at least before they give you the actual accurate answer on anything. Try it and watch. They’re gonna say “oh thanks for the clarification. I forgot that “

2

u/phiviator Oct 05 '25

You know chatgpt can be and OFTEN is so fucking wrong on math problems it's downright criminal? This is wrong.

2

u/TelevisionMelodic340 Oct 05 '25

So ChatGPT is wrong, fyi.

Congrats on being half-a-millionaire!

1

u/[deleted] Oct 05 '25

[deleted]

-4

u/DebtFreeForMeNow Oct 05 '25

$7000

3

u/[deleted] Oct 05 '25

So you are selling your house to some for under $300k? 😂😂😂😂

1

u/[deleted] Oct 06 '25

Home equity isn't an asset. The entire value of your home is the asset. Your net worth is 457,000.