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Keep track of your net worth from "summary" of Manage Your Money Like a F*cking Grown-Up by Sam Beckbessinger
Tracking your net worth is one of the most crucial aspects of managing your money like a grown-up. Your net worth is essentially the total value of everything you own, minus the total value of everything you owe. It gives you a clear picture of your financial health and helps you make informed decisions about your money. To calculate your net worth, start by listing down all your assets, such as savings, investments, and property. Be sure to include both liquid assets like cash and non-liquid assets like your car or home. Next, list down all your liabilities, such as credit card debt, student loans, and mortgage. Subtract your total liabilities from your total assets to get your net worth. Keeping track of your net worth regularly is essential because it allows you to see how your financial situation is progressing over time. By monitoring your net worth, you can identify areas where you're doing well and areas where you need to improve. This information can help you set financial goals and create a plan to achieve them. It's important to remember that your net worth is not a measure of your self-worth. It's simply a tool to help you understand your financial situation better. Don't be discouraged if your net worth is not where you want it to be right now. The key is to focus on making positive changes that will increase your net worth over time. Incorporating tracking your net worth into your regular financial routine will help you stay accountable and motivated to reach your financial goals. Make it a habit to update your net worth calculation at least once a year, if not more frequently. This way, you can stay on top of your finances and make informed decisions about your money.
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