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Net worth ver. 1.0

May 5th, 2011 at 12:12 pm

Looking over my blog, I just realized that I've neglected to do a net worth calculation. Uh, yeah ... scratch "neglected", I've been absolutely mortified to punch out a number. Guess I'd better get this over with.

While I'm not sure what the accepted practice for figuring out my net worth is, I'll follow my hunch for now and wait for feedback. Here we go:

Today's net worth

Cash (checking & savings): $2,806.04
Investments: $46,232.44
Property (home & autos): $177,500.00

Consumer debt: $26,462.05
Mortgage debt: $161,227.68

Net worth: $38,848.75


I'm surprised. I seriously thought that the value would be negative. On the other hand, I'm a little bit disappointed that even if my consumer debt was eliminated today, my net worth would barely surpass one year's income. Time to get more motivated.

9 Responses to “Net worth ver. 1.0”

  1. laura Says:

    I have a love-hate relationship with the net worth. I had a very inflated one, prior to the popping of the real estate bubble. Primary residence was valued at $525K at the highest point, and the secondary residence was valued at $330K. With the burst of the bubble, I went to a realistic $350K and $200K. The only consolation with each $1,750 mortgage payment that we make is that the equity is building.

    Remember that each payment you make on credit cards and mortgages moves you more toward the positive. Smile

  2. MonkeyMama Says:

    I think being positive puts you ahead of the curve! (Not that it means much to you. Ahead of the curve can be kind of sad, isn't it? In our debt culture?) But I think the fact that your net worth is positive, is great!

    Our net worth has struggled recently with the stock market and falling home values. Meaning: lots of savings but no net worth progress for about 3 years? But I think tracking our net worth is still meaningful - and reminds me why I wouldn't put all my eggs in one basket!

  3. creditcardfree Says:

    Yipee!! A positive net worth.

  4. crazyliblady Says:

    I do my networth at www dot networth dot com. You sign up for a free account. You input all your information each month or however often you want to update it and it gives you a graph. It is not tied to bank accounts or anything. It is just you inputting data. I find the graph to be very motivating when I look back over the years at my first graph which really sucked. The only thing I don't like about is that it does not allow you to add extra savings accounts that are separate. I guess you can lump them altogether, but I fudge a little bit and call them stocks or something. You are doing great. You have a positive networth! My networth was much lower in 2008, so there is hope. You can get out of debt.

  5. patientsaver Says:

    Check out www.networthiq.com. You can compare your net worth to others in your age range, occupation,etc.

  6. mskills Says:

    Thanks for the support everyone. I suppose that the net worth number is nothing more than a benchmark, but the discovery of it being positive is certainly gratifying.

    Glancing over networthiq.com, I was initially shocked to find that so many people in my age range were making six figures. Then, I realized that the sort of people that care enough about their net worth to participate with the site would probably make above-average wages.

    Thanks for the heads up.

  7. Broken Arrow Says:

    Interesting! HP owns net worth.com.

  8. mskills Says:

    Broken Arrow,

    Weird find! Would love to hear the story on how/why HP acquired that domain name.

  9. crazyliblady Says:

    I actually downloaded a free spreadsheet from the url below. I find it to be better than networthiq because it allows you to input more types of information and accounts. The disadvantage is you don't get the cute little graph or the ability to compare yourself with others.

    www dot vertex42 dot com/Calculators/net-worth dot html

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