Apr 13, 2016
This week I’m going to be looking at the subject of Net Worth, a subject I covered briefly back in Session 93. Back then I defined it and talked about how to increase it, but today’s session is a deeper dive into the subject, inspired by an email conversation I had with a listener called David.
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Listener David from Glasgow is on the MeaningfulMoney mailing list, and I love for people to hit reply and ask questions and offer suggestions for topics they’d like me to cover.
David and I got into conversation about Net Worth. He wrote this to me:
Re net worth, I am just amazed how little this seems to be of interest and I read very little about the concept in the UK financial websites / papers.
Would be good to have a session on how various people 'run' their personal finance - for example I have a spreadsheet with various tabs and update my Fidelity S&S ISA and separate share tabs weekly with all sorts of info, then do a 'net worth' and 'balance sheet' each month and save on a master tab. I also have tabs for pension, retirement planning, spend and savings targets. All fine as far as it goes, but is there a 'master class' podcast on the basics you should keep tabs on
So I took this as a prompt to explore the concept of Net Worth in a bit more detail.
Next week, I'll answer the second part of David's question and look at some things you should be tracking as you go along. Remember there's a cheatsheet for this session, which summarises the calculation and the rationale [Insert Cheatsheet Leadbox here]
Podcast: Session 93 - Net Worth: Define It, Build It, Protect It Website: Networth IQ Book: The Number Book: The Millionaire Next Door Video: Five sources of Inspiration and Motivation Podcast: Session 79 - Financial Forecasting with Andy Hart Calculator: Voyantist Financial Independence
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Hugs and kisses to Dcaaaz for their review this week - much appreciated!
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