JW's Financial Coaching Podcast Lesson #96-The 5 ways tracking my Net Worth helps my finances
Wikipedia defines the term net worth as is the total assets minus total outside liabilities of an individual. I've talked about net worth before but today I'm focusing on the ways that tracking our family's net worth has improved our finances.
I don't think you need to track your net worth each month, but it is definitely something I would do at least once a year. Tracking my family's net worth for the past 8 years has enabled us to do the following:
As mentioned on the show, if you want a basic template to keep track of your net worth please download it here.
Today's quote of the lesson is brought to you by my new book A Tale of Two Houses
"Shallow men believe in luck. Strong men believe in cause and effect.” – Ralph Waldo Emerson
As a followup here is some additional material I've done on finances and luck:
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