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I absolutely love reading net worth reports. Seeing what ours is and how it’s changing (and hopefully increasing) over time is motivating.
The financial independence community posts similar content, which is very encouraging.
Consistent little changes really do change the course of our lives.
In the midst of it, it’s hard to see how much progress we’re making. Paying off $130,000 of debt is no joke.
From the macro viewpoint, it really does add up, though.
What is Net Worth?
Net worth is what you own minus what you owe.
In American culture, it’s easy to consider it a lofty status symbol of sorts.
Really, it’s just a snapshot of a financial moment in time.
It does not predict where you’re going to go. Only you control that.
It shows what you’ve done and can be motivating if you’re goal-oriented like I am.
Why ‘net worth’ is wrong
The moniker of “net worth” is total crap, in my opinion.
It’s too easy to get invested the numbers and discount our worth as human individuals.
Whether yours is high, low, negative, or in the millions, it has zero affect on your worth as a person.
Similar to the scale, your net worth won’t tell you
- Your friends and family love you more than you know
- You’ve mastered countless skills which are unique and special
- Or, your worth is far greater than dollars and cents.
Savings tip: Want $10? I highly recommend you take a second to sign up with Ebates. It’s a great cash back app that pays you to shop. Sign up using my exclusive Ebates link to get $10 loaded to your account. Cha-Ching!
Our Net Worth
If we had a paid for mortgage today, our net worth would be over $266,000!
Our debt is about 45% of our total net worth! Yikes.
God willing, I think we can pay it off by December 2019 when I’m 28 if Nick gets a raise from passing an engineering exam he took this month.
Do you think we can do it?
Knowing our numbers helps me answer some important questions along our journey:
- How are our assets doing over time? Are they growing?
- How many liabilities do we have? Are our strategies for debt payoff working?
- How heavily weighted are we in a particular category? Do we have too much invested in one area over the other? (Real estate versus investments versus passive income, etc.)
- Do our assets fit our where we want our wealth to be?
Personal Capital helps you answer all of these questions for free through it’s amazing program. Through my exclusive Personal Capital link, it’s free and will total your net worth and analyze your finances. It’s awesome.
April was a good month, all things considered.
We paid for unexpected and emergent oral surgery with cash. This cost totaled over $1,100.
We also paid for flights to Alaska to see our aunt who doctors recently diagnosed with cancer.
Having cash to pay for both was a tremendous blessing and benefit of living on a budget.
We’ll be flying with our daughter who will be 11 months. Halp! me.
We have long layovers, so hopefully that’ll make a huge difference in keeping us (and her) sane.
- We paid off $51,000 of our mortgage!
- Grocery budget: 10 tips to spend only $25 per person per week
- 101 FUN! No Spend Activities
What’s going on with you? Share with me in the comments below.