Net Worth?
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    Default Net Worth?

    Does anyone here calculate their net worth on a regular basis? We do every August on our anniversary - and I just started crunching some of the numbers (partly because we're looking at buying a house soon).

    I think that this year is the last year we'll actually be able to double our net worth. Last year we had $18,500, and this year we might (very big might) break $40,000. We include all retirement savings, college savings for DS, value of the cars (blue book), and all personal savings and debts (as well as household debts).

    I just find this an interesting exercise to see if we're on track with our financial goals. Does anyone else do this?

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    I keep everything in Quicken, and it calculates net worth automatically. Very handy tool.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"


    Greebo
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    We do this regularly - to see if we're "over accumulaters" or "under accumulators" of wealth (according to "The Millionaire Next Door" book.

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    How is it possible to over accumulate wealth?
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"


    Greebo
    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
    WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three
    Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!

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    Quote Originally Posted by Greebo View Post
    How is it possible to over accumulate wealth?
    No kidding! His formula is based on age - so I guess we're just determining whether or not we're on track for out age.....I haven't read the book in years, I'd have to dig it back out...

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    I set up a monthly balance sheet, that I plug numbers into at the end of each month. More than anything this is just to motivate me and see the big picture instead of always fiddling with the beans and rice issues, so to speak. I do, however, leave out the car. I know it's an asset, but it feels like such an ephemeral transient one. The next guy who runs a red light could take it out. Besides, it's not worth looking it up. I include actual money on hand and in savings accounts, and the retirement accounts. Fortunately, right now I have no debts against it, but I have places for them. At the end I've set it up to calculate the gain/loss for the month and year. It's a simple form and easy exercise that lets me see where I stand without much effort on my part. The hardest part is just remembering to check the retirement account totals at the end of the month.
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    I've heard of it before, I'll have to get hold of a copy m'self. Thanks!
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"


    Greebo
    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
    WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three
    Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!

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    Quote Originally Posted by Greebo View Post
    I've heard of it before, I'll have to get hold of a copy m'self. Thanks!
    I have a copy, a lot of common sense stuff in it that you likely already do. Thats my story and I'm sticking to it.
    PM you address and I'll send it to you.

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    Can someone please tell me how to calculate net worth? I'm curious about ours, but I don't know where to start in figuring it out. How do you know what your house is worth? What should I include?

    100% Debt Free.... home, car & credit cards.
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    Quote Originally Posted by The Muse View Post
    Can someone please tell me how to calculate net worth? I'm curious about ours, but I don't know where to start in figuring it out. How do you know what your house is worth? What should I include?
    Net Worth is assets - liabilities.

    Liabilities = what you owe.
    Assets = what you own.

    For House value, try www.zillow.com - and knock about 15% off their estimate cause they overstate things.

    For cars, try www.kellybluebook.com

    Add up the value of your house, cars, savings, checking, and retirement accounts, and anything else of lasting value, and then subtract out your mortgage, car loans, and other debts.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"


    Greebo
    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
    WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three
    Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!

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    Quote Originally Posted by Greebo View Post
    For House value, try www.zillow.com - and knock about 15% off their estimate cause they overstate things.

    .
    I wonder if they take into acct how bad the real estate market is?

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    Quote Originally Posted by rcannon View Post
    I wonder if they take into acct how bad the real estate market is?
    No I don't think they do.

    I actually prefer www.homeprice.com as they seem to be more on the money, but an appraisal from them costs $20.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"


    Greebo
    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
    WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three
    Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!

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    this is a neat idea!! I think i'll do ours .. we'll be in the negative for a long time though with the mortgage
    Wendy

    Goals:
    1. BEF COMPLETE
    2. Debt OWE $4374.81 / $6026.38 ($1651.57 less than where we started!!)
    3. FFEF $1000.00 / $10,000.00
    (Murphy has visited us)

    Challenges:
    1. 2012 Fling: 501 / 2012


    Working towards Romans 13:8

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    does that include everything ie. furnature, electronics etc? that would be hard to do ...
    Wendy

    Goals:
    1. BEF COMPLETE
    2. Debt OWE $4374.81 / $6026.38 ($1651.57 less than where we started!!)
    3. FFEF $1000.00 / $10,000.00
    (Murphy has visited us)

    Challenges:
    1. 2012 Fling: 501 / 2012


    Working towards Romans 13:8

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    Registered User Wendy99's Avatar
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    oh my how i wish there was an 'edit' feature!! guess our net worth isn't in the negative after all . .just did a quick calculations ..included .. house (market value), van and savings account .. and then subtracted the mortgage amount and voila .. it's not too bad considering ...
    Wendy

    Goals:
    1. BEF COMPLETE
    2. Debt OWE $4374.81 / $6026.38 ($1651.57 less than where we started!!)
    3. FFEF $1000.00 / $10,000.00
    (Murphy has visited us)

    Challenges:
    1. 2012 Fling: 501 / 2012


    Working towards Romans 13:8

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