Do you know your Net Worth?

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Do you know your Net Worth?

I know my Net Worth and have set goals for this number.
14
28%
I know my Net Worth because I like watching it go up.
18
36%
I know my Net Worth, but don't pay too much attention to it.
10
20%
I don't know my Net Worth, but am working towards getting it calculated.
5
10%
I don't know my Net Worth and am not very interested in it.
3
6%
 
Total votes: 50

squished18
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Do you know your Net Worth?

Postby squished18 » Sat Apr 07, 2007 6:46 am

Continuing on the theme of knowing your net worth, here's a poll to see where the community's at on this matter.

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Dylan
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None of the Above

Postby Dylan » Sat Apr 07, 2007 8:31 am

None of the poll choices really suit me. I do know my net worth and do pay attention to it, but it’s not because I like to watch it go up nor have I set goals for a specific number.

I think it’s more important to know what makes up your net worth because it helps you identify and understand your financial resources, strengths, and weakness.

I know my worth will grow over time, but watching it is like watching paint dry. My goals are tied to actual outcomes like affording the lifestyle I want. Does anyone really know the impact that a $1.2 million net worth at some future date will have on their life versus $1 million?

meatball
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Postby meatball » Sun Apr 15, 2007 2:43 pm

my net worth is so low that i'm scared to know

Belandrew
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Postby Belandrew » Sun Apr 15, 2007 11:42 pm

I do know my net worth and like to watch it go up. It gives me clear feedback that I'm making progress towards my long-term goal.

Fillanzea
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Postby Fillanzea » Mon Apr 16, 2007 4:13 am

I don't pay attention to my net worth to the dollar or anything. Every so often I mentally total up my retirement account, my savings account, and what I could get if I sold my car, just as a measure of how I'm doing, but I don't see why I'd need to get more precise than that, especially when my retirement account is out of my hands for the next 40 years.

gkleinman
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Postby gkleinman » Sun Apr 22, 2007 7:45 pm

I pay equal attention to my net worth and how much things are costing. Right now I'm more concerned with inflation going up at a faster rate than my net worth.

sandycheeks
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Postby sandycheeks » Mon Apr 23, 2007 5:12 am

I have an idea, but it's not something I have calculated.

Mike M
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Postby Mike M » Mon Apr 23, 2007 8:57 pm

I know roughly what my net worth is but don't worry too much about it. I update my calculations probably once or twice per year, but mostly I just check what ballpark I'm in and that I'm still heading in the right direction.

emlombardo
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Postby emlombardo » Fri Apr 27, 2007 10:18 am

I calculated mine for the first time last month. I was terrified to do it, I have a lot of student loan debt.

It wasn't as bad as I expected and I think it gives me a much more concrete goal. For example, it used to feel like I was wasting money sending in a little extra for the car payment but now I can see the direct impact of that on my net worth. I think it makes some decisions a little bit easier emotionally since there is a reward that may have been pretty abstract otherwise.

emlombardo
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Postby emlombardo » Fri Apr 27, 2007 10:20 am

Also, it is nice to know how much it goes up each month. In the past, I only saw the amount that was going into savings. Now I see the impact of paying on my loans and other debts.

Cady
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Postby Cady » Fri Apr 27, 2007 1:43 pm

I like knowing my net worth because otherwise I concentrate too much on my debt, which makes me sad. So it is good for me to have a positive message built into my financial picture. Now that I track everything in Quicken it is easy to see it change over time anyway. Watching it shrink from -18,000 to -1,000 was deeply satisfying over these last 3 years. Watching it grow up from $3,340 will be awesome. I bought a house and had instant equity last week so it jumped nicely into the black. I'm in the black for the first time in my life! Yay!

(I do cheat a little in Quicken and when the stock market takes a dive I do not update the new lower amounts in my retirement funds. I only update those during weeks like the last one where the Dow did its thing.)

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Rush
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Postby Rush » Sat Apr 28, 2007 8:38 am

It seems appropriate for my first post to be in the thread that prompted me to register. Although I chose "I know. . . like to watch it.", the real reason I know my net worth (virtually to the penny) is so that I know how my decisions are affecting that number. Personally, I think it's somewhat foolish to not maintain at least monthly balance sheets (net worth) and income statements (profit/loss). Quicken make's the whole process incredibly simple, so it's not like it takes "work" or even more than 10 to 30 mintues a month to maintain.

I don't have a set goal for my net worth number. There are too many variables that affect it. My goal is to simply keep it climbing as fast as possible.

Croz
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Postby Croz » Sat Apr 28, 2007 2:37 pm

I chose option 3, because that was the closest to reality. I know my net worth, but moving that number is not my focus yet. My drive to become debt free and start investing will move that number automatically.

Kate
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Postby Kate » Sat Apr 28, 2007 11:10 pm

We track all of our expenses in Quicken. I can easily see our net worth whenever I decide to check it.


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