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Tracking your net worth might not be the same as tracking how many much money you have in your account, but it’s a good start. By tracking your net worth, you’ll have a good idea of how your finances fare in the big picture of things. Doing this may even help you worry less so that you can focus more on improving your situation.
Finding Your Net Worth
To many people’s relief, their net worth takes into account much more than just their paycheck. You can basically think of your net worth as the grand total of all of your assets, minus your liabilities; or, rather, what you have minus what you owe. It’s actually quite easy for your net worth to increase over time, since you’ll owe less and obtain more.
Therefore, the first step toward determining your net worth is putting together a list of what you currently own, versus what you currently owe.
What You Own
What You Owe
Once all of these items are in order, you need to plug this information into an online net worth calculator:
Tracking Your Net Worth
Now that you’ve attained your net worth, you can use a spreadsheet to track the growth–or (gasp) decline–of your net worth. Here are four ways that focusing on your net worth can be beneficial.
Can tracking your net worth be help achieve your financial goals? Try it out and let us know in the comments how it goes.