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Of course, it’s not always the best idea to compare yourself to others.But when it comes to your finances it’s nice to know where you stand.As long as you can do simple math, you can calculate your net worth. And if you don’t feel like doing it by hand, don’t sweat it. My first attempt to calculate our net worth was a total flop.You might be wondering how I could mess up such a simple math problem. Well, apparently I failed to add one of our assets. That pulled our net worth way down and made me feel a little depressed.So, if you’re sitting there scratching your head wondering if you should track your net worth, let me tell you the answer is a resounding YES.So without further ado, check out 5 reasons you need to start.
I used to think nothing of going out for lunch every single day at work. Personally, we like our time so we love tools that allow us to Set It and Forget It.
Before starting our financial freedom journey, we had no idea why we needed to be tracking our net worth.
In fact, we weren’t even entirely sure what our net worth number meant or how to calculate it. After diving head first into the FIRE/FIOR movement, we now know that tracking our net worth is the single best metric for our money and our #1 motivator.
And if you’re in a situation with a negative net worth trying to dig your way out of debt, tracking your net worth will provide massive motivation to keep going.
By tracking your net worth, you’ll be able to gauge your progress against your peers.