I can’t be the only person that checks their bank account every day, right?
When I’m bored I check my bank account every 30 minutes. I’m like that person that gets up and looks in the fridge every 30 minutes… like the fridge could have suddenly filled up with nachos but disappointingly didn’t.
There is nothing wrong with being interested in your money.
Often times you’ll hear people make the argument that money doesn’t buy happiness, that it isn’t important, or that wanting more is in some way greedy.
Ignore that nonsense. Everybody knows that money is important whether they’d like to admit it or not. And money is freedom. It provides choice.
In order to become truly free, it’s important to build your net worth with assets that earn money FOR you, such as real estate.
So it’s settled. We are interested in money!
What Is Your Net Worth?
You may not be checking your bank account daily but you probably check it at least weekly.
Is your net worth negative?… positive? Let’s find out. It’ll take 5 minutes.
I’m not just referring to your cash accounts when I ask “what is your net worth?”
It’s a combination of things and this is how it’s calculated.
Let’s say you bought a $15,000 car and took out a $12,000 loan to get it, your net worth would be?….
That’s right, $3,000. The math is literally that simple.
Well check this out. I found an app that calculates your total net worth FOR you!
It’s called Personal Capital, and.. it’s FREE.
Here’s their banner:
What It Does
Everyday the app updates your net worth.
It tracks everything all of your financials. From cash accounts to investments. Everything is in one place.
There are other apps out there kiiiiiiiinnndd of like Personal Capital. I’ve tried them and I’m not a fan.
Apps like Mint are mostly made for budgeting. My problem with budgeting apps is that unless they can slap the Milk Duds out of my hand at the cash register, they’re useless to me.
Net worth on the other hand is WAY more fun. I am more motivated trying to build my net worth then I am trying to stick to a budget.
…. boredom just oozed from my keyboard as I typed “stick to a budget.”
Personal Capital is easy to use. All you do is download the app and link your bank accounts. The app does the rest.
To the right is a screenshot from my phone (with my numbers covered) so you can see what the summary page looks like.
That blue blob is a net worth chart.. It doesn’t look like much now, but in a few years, hopefully with growth, it should look pretty badass.
Maybe you’re on the fence about checking your net worth and I completely understand that.
Possible fears could be:
- Student loan and/or credit card debt
- Being underwater on a car or home loan
- Low cash
These things are hard to face, but they’re a reality. Running from them does NOT make them go away. Check your net worth and you just might get the motivation you need to kickstart your way to financial freedom.
Are You Gutsy Enough To Check Your Net Worth?
If you’ve read this far, I’m confident you’ll get use out of it.
I hope you give it a shot and MORE importantly, I hope you like it as much as I do. Let me know what you think and please leave a comment.