Comments on: What Is Net Worth? (Plus How to Calculate Yours!)

By: Joel

Joel — Mon, 07 Sep 2020 17:37:07 +0000

So cool to hear! J$ is a true legend – and I credit him for some of my better habits too! Congrats on the 800k, you’ll be at the millie soon enough, and beyond! It’s amazing how simple activities like tracking give you huge insight and encouragement. Cheers!

By: Debt Free in RVA

Debt Free in RVA — Sat, 05 Sep 2020 22:04:46 +0000

Thanks for this article! Catching up over the weekend :-)

I owe it to this blog for helping me start to track my net worth, back in 2018. I feel that it is very important to track as how can you measure progress on ANYTHING if you don’t track it.

My family is up to about $ 800,000 now, and I think a lot of good guidance from this blog and other resources will help us get over the $ 1,000,000…..

Cheers!

By: Joel

Joel — Sat, 05 Sep 2020 13:36:43 +0000

In reply to Jasper Stojanovski. Aussie Aussie Aussie! Great to hear you're tracking and growing that NW! I've been using Mint for almost a decade! But as my net worth grew and I started acquiring rental properties and investing in private partnerships, it became easier to build my own net worth spreadsheet. I still use Mint to track all my expenses, daily. Cheers Jasper!

By: Jasper Stojanovski

Jasper Stojanovski — Sat, 05 Sep 2020 02:22:03 +0000

Great article Joel! I think Mint and Personal Capital are great platforms to track your net worth. I’m a 21-year-old from Geelong, Australia with a net worth of less than $10,000. I definitely plan to start building it up in the future!

By: Joel

Joel — Thu, 03 Sep 2020 21:35:07 +0000

In reply to TB from Midwest. Hey TB! Congrats on your kickass growth over the last 6 years! Personally, I don't include any 'gift' accounts in my NW. I have 4 nephews with UGMA accounts (like 529's but not for education) and there's prob $15k in these accounts. Because the money is *not mine* I don't add it to my NW. If I did, it would artificially inflate my overall worth and maybe I'd be under false pretenses when I hit my FIRE number. Know what I mean? I keep my NW personal - and any gifted money out, even if it's under my control as a custodian. Also, some people list their cars, jewelry, and other possessions as assets in their NW. I leave these things out, because they're not income producing assets that are helping me build wealth.

By: TB from Midwest

TB from Midwest — Thu, 03 Sep 2020 21:27:28 +0000

I just calculated our Net Worth as of the end of August earlier today! I’ve been tracking our net worth since 2014, but I’ve only been doing it monthly for the last 12mos. During that time I’ve seen our net worth grow by 2.5 times from $250K (age 29) to $630K (age 35).

I was reviewing our net worth calculations, specifically my investment accounts, and noticed that we always back out our children’s college savings plan (529 Plan). After a little bit of research, I realized that I should probably including it as an asset, even though it’s not for my benefit.

Joel, what are your thoughts on including 529 Plan amounts as assets in the net worth calculation?