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If you’re not sure what you should include and what you shouldn’t, just start tracking the parts that are important to you and you can tweak it over time.
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Whatever number that equates to is your net worth. There’s a ton of different ways to calculate your “net worth,” but technically speaking it’s:Īll your Assets (savings, investments, property, etc) minus all your Liabilities (credit card debt, student loans, mortgages, etc) – that’s it.
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(There’s also too btw which is also free and automated, but its more focused on day-to-day budgeting rather than long-term net worth building) How to Calculate Your Net Worth They also do a lot of other cool stuff as well which my early retired friend Justin covers in our full review of PC – check it out: Why I Use Personal Capital Almost Every Single Day. It only takes a few minutes to set up and after that everything is automated, so if you’re serious about tracking your net worth as you build your first million, you can grab your free account here. You’ll get a crystal clear picture of how your spending and investments affect your financial goals (early retirement?), and it’s super easy to use. Personal Capital is fantastic tool that connects with your bank/investment accounts to give you an automated way to track your net worth. If you’re not a spreadsheet guy and prefer something more automated (which is fine, whatever gets you to take action), you might wanna grab yourself a free Personal Capital account. Here’s the exact template I use – complete with budget built in and all: J’s Financial Snapshot. This forces me to stop and soak things in before moving on to the next shiny thing.
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I highly encourage you to do the same if you haven’t started already (if you’re a regular reader of this blog you better be! )) There are a billion ways to track it, but I prefer using a plain ol’ Excel spreadsheet that I manually update at the end of every month. Which is important for someone with A.D.H.D.