Comments on: Super Simple Net Worth Calculation

By: Personal Finance is Not About Money Obsession

Personal Finance is Not About Money Obsession — Mon, 17 May 2010 03:01:24 +0000

[...] I’ve shared my net worth on this blog (although I don’t think I will continue). I’ve started with a negative net [...]

By: Michelle

Michelle — Fri, 01 Jan 2010 17:45:59 +0000

If you have a home and a mortgage (or two) in the calculation, I would keep the ASSET value as the purchase price rather than the appraisal…After the housing meltdown, we all know that equity isn't equity unless the house is sold. So the calculation would reflect what you've paid down on the mortgage, not what value you might achieve through a sale of said asset. I update my NW once a quarter.

By: Carnival of Personal Finance: Parts-of-speech abuse edition | Finance, credit, debt, insurance, investing, leasing, loans and mortage

Fri, 01 Jan 2010 13:42:00 +0000

[...] Well-Heeled with a Mission has a super-simple net worth calculation. [...]

By: WellHeeled

WellHeeled — Tue, 22 Dec 2009 08:05:23 +0000

Thanks for the information. I will keep this in mind (and of course do more in-depth research) when it comes time to go back to school.

By: Broke by Choice

Broke by Choice — Tue, 22 Dec 2009 05:50:22 +0000

This is not entirely true. You do have to pay close attention to the details upfront. I did get my MBA and I took out loans. When I did my taxes after graduation and a new found intereste in personal finance, I found that the scholarship money and money I received for being a graduate assistant covered my tuiton and books at a private instittion. I unnecessarily accpeted the loans. The price I paid for being uninformed.

I have had serveral friends attend law school on scholarships.

Many of these programs may not be publicized much. Ask questions and you will find some money.

By: Emma

Emma — Mon, 21 Dec 2009 23:08:26 +0000

I calculate mine differently. I ignore my credit card amounts (I also pay it off monthly), and don't factor in my chequing account to my net worth, since I don't expect to keep any money in that account at the end of the month (it goes to savings or my student loan – I don't get that 0% interest rate!).

I only count my savings vs my student loan towards my networth at the moment (I don't have anything else that could count!).

By: Carnival of Personal Finance: Parts-of-speech abuse edition | Mighty Bargain Hunter

Mon, 21 Dec 2009 07:16:33 +0000

[...] Well-Heeled with a Mission has a super-simple net worth calculation. [...]

By: WellHeeled

WellHeeled — Sat, 19 Dec 2009 02:30:30 +0000

That's an excellent point. I do plan on opening a taxable account sometime in the future (within 5-7 years), but my first priority is to max out tax-advantages accounts before I start a taxable account for retirement.

By: WellHeeled

WellHeeled — Fri, 18 Dec 2009 20:34:57 +0000

Bschool usually require 100% loans, right? Unless you get a merit scholarship. I've heard that for "professional" schools (i.e. med, law, biz, dental), very few grants are available because the expectation is that you'll make enough money after graduation to service the six-figure debt.

By: eric1985

eric1985 — Fri, 18 Dec 2009 19:11:57 +0000

I think it is good to have a mix of retirement and non-retirement equity investments. Who knows, you might make it big and be able to retire early, but will be stuck waiting on retirement funds until you are in your sixties. I put a big chunk of my income into retirement, and a smaller but significant amount into a personal stock account.

By: @journey2mymba

@journey2mymba — Fri, 18 Dec 2009 04:35:25 +0000

nice! I am negative 100k about…ugh not making any progress on this undergrad loans but at least my car is paid off…sometimes i wish i went to a state school

By: paranoidasteroid

paranoidasteroid — Fri, 18 Dec 2009 02:40:27 +0000

Yeah, I took my car & my engagement ring off. I'm not planning on getting rid of either one, so I felt like it just wasn't worth it to have them on there, even though they added $20,000 to my net worth together.

By: WellHeeled

WellHeeled — Thu, 17 Dec 2009 20:37:40 +0000

KISS is a great principle! I don't know if I'll do a NW update every month… probably just once a quarter would be enough.

By: WellHeeled

WellHeeled — Thu, 17 Dec 2009 20:36:30 +0000

All my equities & fixed are in retirement accounts, so that's why they are retirement investments. But if I open a taxable investment account, then I'll categorize those stocks/bonds in the taxable investment (a 3rd line item in my assets section).

By: WellHeeled

WellHeeled — Thu, 17 Dec 2009 20:35:04 +0000

I make savings / investing goals (instead of NW per se) because I don't plan on paying my student loan off sooner than I have to (I have 0% interest). I've known that my net worth is increasing, but it hasn't been the most valuable metric for me.

By: Investing Newbie

Investing Newbie — Thu, 17 Dec 2009 19:53:14 +0000

I'm almost there with you except that Equities and Fixed Income for me are not considered Retirement Money. I consider it cash except "less liquid." I do have an IRA and I'm considering a 401K and that's about it for retirement. But Stocks are fun (totally said as I snap my suspenders!). I consider it play money that I plan to use in 3-5 years.

By: eric1985

eric1985 — Thu, 17 Dec 2009 19:30:40 +0000

I like to calculate my net worth using NetWorthIQ (http://www.narrowbridge.net/2008/10/my-net-worth-... but I also like the personal balance sheet approach: http://www.narrowbridge.net/2009/03/personal-bala...

By: savvy

savvy — Thu, 17 Dec 2009 18:25:31 +0000

I track my finances using Microsoft Money and it gives a net worth calculation for you. I do list our cars and my weddings rings as assets because in a true emergency, they could be sold for cash.