Why You Should Track Your Net Worth (And How To Do It Easily)

Have you ever taken the time to calculate your net worth?

It’s something that most people have never done despite it being one of the most important financial numbers. It doesn’t matter how young or old you are or whether you consider yourself rich, poor or somewhere in between.

It’s fairly simple to figure out your net worth. If you haven’t done it yet, let’s walk through why it’s important and the best way to calculate it.

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How to Increase Your Net Worth by $800,000 in 8 Years

One fall night in 2010, my wife Nicole and I were watching the Suze Orman Show. (Yes, I used to DVR it). There was this fun segment where someone would call in and Suze would analyze that person’s financial health and give them a grade. It was called How Am I Doing?

One term that we kept seeing over and over again on this segment was “Net Worth”. Since we were personal finance newbies, we had no idea what this meant. Nicole and I were making a combined six-figure income together so we figured our net worth must be HUGE.

After the show was over, we decided to see how rich we really were. There was no doubt in our mind that we’d be better off than most of the jokers that call in to the show and get an “F” grade from Suze!

via GIPHY

We walked upstairs and started to write down all of our numbers on a big white board. By separating our “assets” (what we owned) and our liabilities (what we owed) into two big columns, we started to discover that we weren’t rich.

We were kinda broke.

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How to Become a Millionaire in your 30’s – Interview 17 (Trip Seibold)

When you’re free to openly plan your day and your future, a whole new world starts to open up to you. What once wasn’t clear … is now clear.

That’s how the young millionaire Trip Seibold from Financially Possible described it to me in today’s interview. As a financially independent 30-something millionaire, Trip has the ability to spend quality time with his family and pursue his dreams.

Let’s learn more about his path, his new motivations and how his family is at the center of all of it.

Enjoy!

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How to Become a Millionaire in your 30’s – Interview 16 (Chester)

Working in the medical field can provide you with an incredible income. When you truly have control of your spending, your six-figure medical income can open doors you never thought were even possible.

Chester from Relentless Financial Improvement shares how living on 50% of his medical income has allowed his family to become millionaires in their mid-30’s. His future family plans for are inspiring.

Here’s Chester’s story!

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