Can we bring back the yearly net worth spreadsheet?

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ruskoolie
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Can we bring back the yearly net worth spreadsheet?

Post by ruskoolie » Wed Dec 27, 2017 11:03 am

Mainly a lurker on here and I understand the reason for getting rid of it was that it wasn't a true measure of everyone on here because not everyone was participating, but I love looking through it as it motivates me like hell and is more granular than anything else I can find on the web.

What is the harm in tracking it and having people be competitive with one another on here?

Please bring it back. I would participate and by looking at the last one, it appears a lot of other people would too.

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nisiprius
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Re: Can we bring back the yearly net worth spreadsheet?

Post by nisiprius » Wed Dec 27, 2017 11:25 am

ruskoolie wrote:
Wed Dec 27, 2017 11:03 am
...What is the harm in tracking it and having people be competitive with one another on here? ...
Just speaking personally, the harm I see in it is that "comparisons are invidious;" that is, they tend to evoke envy (which, incidentally, is one of the seven deadly sins). Also, consider the effect on a reader--a lurker, say--whose net worth is a lot less than the average net worth of those who choose to post unverifiable numbers. For some, the "competition" might be inspiring, but for others it would be discouraging, and might even make them feel that this was a forum in which they didn't belong.

Let's turn the question around. How is a comparison between your net worth and the unverifiable net worth of strangers, useful and actionable investment information, and what use could a reader make of it in planning their own investments?
Last edited by nisiprius on Wed Dec 27, 2017 11:33 am, edited 3 times in total.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

dbr
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Re: Can we bring back the yearly net worth spreadsheet?

Post by dbr » Wed Dec 27, 2017 11:28 am

nisiprius wrote:
Wed Dec 27, 2017 11:25 am
ruskoolie wrote:
Wed Dec 27, 2017 11:03 am
...What is the harm in tracking it and having people be competitive with one another on here? ...
Just speaking personally, the harm I see in it is that "comparisons are invidious;" that is, they tend to evoke envy (which, incidentally, is one of the seven deadly sins). Also, consider the effect on a reader--a lurker, say--whose net worth is a lot less than the average net worth of those who choose to post unverifiable numbers. For some, the "competition" might be inspiring, but for others it would be discouraging, and might even make them feel that this was a forum in which they didn't belong.
It's like my alma mater sending out the 25 year reunion plea for donations so we could all read the list of pledges by name starting in the $10,000,000 and up category, then the $1,000,000 and up category, etc. After that I gave nothing. I could give until doomsday and not approach a fraction of those guys.

stan1
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Re: Can we bring back the yearly net worth spreadsheet?

Post by stan1 » Wed Dec 27, 2017 11:29 am

I think there were some imaginary friends and alternative facts associated with that spreadsheet. Not useful.

Ron
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Re: Can we bring back the yearly net worth spreadsheet?

Post by Ron » Wed Dec 27, 2017 11:33 am

What's most important IMHO is for you to measure yourself against your own goals, not some other unverified entity on the internet (even if they are sincere in truthful reporting on their personal facts).

- Ron

ruskoolie
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Re: Can we bring back the yearly net worth spreadsheet?

Post by ruskoolie » Wed Dec 27, 2017 11:46 am

Obviously it cannot be verified but I think the people on here are more serious than other places. For me it's a competition and IMO it would inspire others as well. Personally, I don't meet with someone who is worth 8 or 9 figures and get discouraged that I can't do that. Instead it motivates and inspires me.

I am really surprised I am in the minority here but it seems the first few responses are moreso people who aren't very competitive or just want to keep to themselves. I think it would be great and is no different than the long running thread where everyone has posted what their net worth is anyway. It would just be more "official" on here.

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bligh
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Re: Can we bring back the yearly net worth spreadsheet?

Post by bligh » Wed Dec 27, 2017 11:52 am

If reading about how well others have done inspires you, just keep an eye on Jeff Bezos's worth and watch him march towards a net worth of $100 billion. You'll be inspired like nobodies business. :D

livesoft
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Re: Can we bring back the yearly net worth spreadsheet?

Post by livesoft » Wed Dec 27, 2017 11:53 am

From a behavioral finance standpoint, comparisons are quite nasty and cause some investors to do things that they shouldn't. Some studies were mentioned in Meir Statman's "Finance for Normal People."
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fishandgolf
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Re: Can we bring back the yearly net worth spreadsheet?

Post by fishandgolf » Wed Dec 27, 2017 12:38 pm

nisiprius wrote:
Wed Dec 27, 2017 11:25 am
ruskoolie wrote:
Wed Dec 27, 2017 11:03 am
...What is the harm in tracking it and having people be competitive with one another on here? ...
Just speaking personally, the harm I see in it is that "comparisons are invidious;" that is, they tend to evoke envy (which, incidentally, is one of the seven deadly sins). Also, consider the effect on a reader--a lurker, say--whose net worth is a lot less than the average net worth of those who choose to post unverifiable numbers. For some, the "competition" might be inspiring, but for others it would be discouraging, and might even make them feel that this was a forum in which they didn't belong.

Let's turn the question around. How is a comparison between your net worth and the unverifiable net worth of strangers, useful and actionable investment information, and what use could a reader make of it in planning their own investments?
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LadyGeek
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Re: Can we bring back the yearly net worth spreadsheet?

Post by LadyGeek » Wed Dec 27, 2017 12:56 pm

This thread is now in the Forum Issues and Administration forum (request).

The site owner sets the guidelines. See this post: Subject: 2015 net worth survey
Alex Frakt wrote:
Thu Apr 16, 2015 11:17 am
It's going to stay locked.

And these types of threads will continue to be locked or removed. We consider these threads off-topic because we have found that a very high percentage of non-actionable threads end up requiring moderator intervention because they stray into personal attacks or politics. As a non-commercial site that relies on volunteer moderators, we just don't have the time or inclination to babysit threads that we know are going to cause problems. I realize that this rules out some potentially useful discussions, but I feel it's better to focus our resources on where we can make the most difference: investing issues and focused personal finance and consumer questions. There are usually good alternate sites, such as reddit, for the general questions we don't allow here.
The discussion is starting to get contentious. Nothing will change without the site owner's agreement.

This thread is locked to end the discussion.
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