Time to update your net worth! (This week's money challenge)


#1

Q1 2017 is already in the books. (What?!)

Money nerds know what time it is… It’s Net Worth Update Time!

This week’s challenge: Update your net worth. Don’t have one to update? Change that TODAY.

There are many different methods to track it, but one simple equation is all you need…

Assets – Debts = Net Worth

Add up all your assets on on side (cash, investments, real estate), and all your liabilities on the other (credit card debt, mortgages, loans) then subtract the two and BOOM – your net worth is revealed.

Here are a few popular ways to track it:

Personal Capital (link goes to our full review)
Spreadsheet (made by yours truly (Google sheet))
Trusty pen and paper (yes, they still work!)

If you need a little inspiration, check out our article today on why bloggers share their net worths with the world, or head directly over to our Blogger Net Worth Tracker and start gawking.

Look for the person who is closest to your own to learn and connect with, and then move up the list a little higher to get motivated to push further! No one else needs to know where you stand, but it’s incredibly important that you do.

Question: Why do you track your net worth and what tool do you use?

– Derek, Master of Challenges


PS: See the results from last week’s challenge (Ditch Your Car).


#2

I track because I love to see $$ signs, numbers and commas. :slight_smile: And of course to see where we are and how far we’ve come! It’s helped me convince my husband we could get to FI and retire sooner than he would have ever expected.

Use the trusty spreadsheets but also like to use Personal Capital. Used Mint for a few years and switched to PC a couple years ago and love it.


#3

haha, commas. Isn’t that what it’s all about?!

But seriously, that’s a huge win that you’ve used tracking your net worth to convince your husband to pursue FI sooner. Wow, that’s a really big win!


#4

Done!! I give all credit to @J.Money for inspiring me to begin tracking my net worth AND posting it. Often people will comment saying they are too afraid to put it all out there and I always respond by saying how much seeing J$'s motivated me to get my butt in gear. You never know who YOU will motivate. Oh, putting it all out there is also the reason why I blog anonymously!! So if you are not anonymous I can totally understand why you would want to pass. Anywho, for those who are curious…


#5

Excellent!

I used to post our budget and net worth each month. Did it for over a year.

I quit when we shut that site down to start my current site. The only reason I haven’t started posting our net worth is because it takes a lot of time. (I know, I know, if you are tracking your net worth already, is it really that much time to make a post? Yes. It is when you’ve got 2 little girls to take care of!)

I find it extremely motivating to see others post their net worth too. One of the reasons (when I have the time) I might start posting ours again. It helps us stay accountable and can motivate others, what’s there to lose?

We posted publicly and it wasn’t a big deal.


#6

Done just this morning!

I started tracking and publishing mine because I wanted there to be proof of my successful financial journey (and I was quite adamant that I would be successful, even when things looked pretty grim 10 years ago!). I hear that more than a couple bloggers were influenced by seeing my net worth posts to start doing their own (or even to start a blog in the first place!), so I’m pretty proud of that and that’s part of what motivates me to keep publishing them.

When I first started, I was semi-anonymous (I went by my first name only and kept most identifying details off the blog), but I got “outted” when I was up for a blogging scholarship and they published my full name and school in the voting. I’ve kept up with the net worth updates since then, though. It’s helpful to me and helpful to other people, and I haven’t really run into any problems with it either (similar to @DerekOlsen).


#7

Haha - your little girls are well worth missing a few NW posts! I figure I will do it until I am FI and maybe quit then…but really, the post FI finances are what is intriguing to me today while I am not in that realm. Like, actually withdrawing from what you have worked so hard to save?! Regardless of what we know about the market, inflation rates and safe withdraw rates, switching totally freaks me out! That is why these posts work for me - learning from everyone at every stage.


#8

I need to wait for my mailed quarterly statements, but I’m hoping they come this week! I’ve been monitoring my net worth since the early 2000’s, and my current spreadsheet goes back to 2008. It’s been fascinating to see the growth a bull market can bring, especially after tracking through a sideways market through all of the early 2000’s.


#9

We track ours using Mint, but I don’t publish it since my friends, family and professional colleagues frequent my blog. :slight_smile:


#10

I use Quicken to track mine since it handles the non-connectable accounts as well. I’m proud to say that I just made my net worth public for the first time today…

– Jim


#11

I’ve been updating an excel spreadsheet from when I first started working full-time. It’s been eye opening to see the progress and it’s only gotten more and more complicated as I add different calculations, ratios, etc. PC is useful to pull data quickly but since it’s relatively new, I still use the spreadsheet. I don’t publish it though.


#12

I have been tracking our net worth since i first installed Money on my PC back in 1997! Of course, back then and for many years after, it wasn’t a conscious effort, i just updated the file without much thought to it. Nowadays I use Quicken (-transitioned in 2011 - after Microsoft killed Money and I ran into a heck of a time finding support for it). So, now - Quicken it is. And many moons later I admit, specially the last several years, I keep really close tabs on our net worth. You can say i am super intentional about it…and it has been
nice to see the change from that far back. I don’t currently publish it but if i ever get this blog up and running perhaps someday i will! - Looking at these reports is so inspiring, makes me want to grow up and follow the examples of others on here. Thanks for sharing!


#13

It’s hard to beat a spreadsheet.

I think that (in some ways) a spreadsheet will never be out-matched or replaced.
All the apps out there are really just glorified spreadsheets anyway.


#14

Since you start from scratch, you tailor it for exactly what you need. No need to shoehorn your needs into whatever features some other company has designed.

PC is great to pull the data though!


#15

Since we are geeking out about spreadsheets…

I saw on your Quicken Alternatives post that you didn’t mention Tiller.

Have you heard of Tiller?


#16

I have heard of them but I don’t see them as really an alternative, since it ties into Google Sheets. Clever, but not really offering the same things.


#17

I see, that makes sense.

I use Tiller myself for tracking spending and budgeting. Love it!

(Also use the same Google Sheet to work our debt snowball and track our net worth.)


#18

I’d be interested to know who’s close to me in terms of liquid assets and debts! Millennials, where are you?

I track my net worth to compete with myself, know I’m moving forward, and feel pride in what I’ve done - where I’ve come from and where I’m going could not be two more different places. But I still haven’t gone so far as to track it in a spreadshseet at all - I rely on Mint for accurate historical data, and I update it every few weeks to make sure it’s an accurate reflection of actual expenses and net worth.


#19

Beautiful @MissMazuma!!! Didn’t realize my reports helped inspire you - so cool :slight_smile: And even more so your jump over the past few months, well done! Don’t forget to update it in our net worth tracker over time! I just did it for you now while I was in there… :slight_smile:


#20

You’re a peach! I’ve been meaning to do that since you sent the link. Thanks, J!! :slight_smile: