I randomly found a report in YNAB that tells you your improvement in net worth over time (not just current net worth). Since I began my FIRE journey in October 2018, our net worth has increased by 8.4%! Fab! I am kind of surprised but also thrilled.
Although I’m not ready to share my actual net worth to the entire world, I can say that it includes all debts and assets, except for the stuff in our house and whatever Hubs has in his government pension. I even threw in 4k for my 2 old cars.
Recently I was listening to the ChooseFI podcast where Brad and Jonathan discuss how they calculate net worth. They discussed some different methods for doing this, like using Mint plus another tracking tool, and reconciling at the end of the year. Or just using an excel sheet with formulas where you can input your data manually. Additionally it was mentioned that some folks actually use different calculations such as not including your mortgage into the mix…I feel like this isn’t really a true picture so I included my mortgage. That said, I also included the full estimated value of my home as an asset.
Long story short, it’s great to check in on your net worth every now and then – it’s a helpful metric to measure your progress to improving your financial situation. +8.4% in 4 months is a big win in my book! Perhaps I’ll plan a special 10% increase in net worth party sometime soon…
How do you track your net worth? What tools do you use? Do you include all the “stuff” in your house as an asset? How about your home or cars, if you have any? Please comment with your thoughts!
3 Replies to “Net Worth Update”
I didn’t know about this…..will have to give it a try!
Do you keep track of all your assets in YNAB? Personally I’ve traditionally used it to just keep track of liquid accounts (checking and savings) – not anything long term like a 401k.
Recently I’ve switched to just tracking everything on a spreadsheet and prefer that. I used to use Personal Capital to track my net worth, but I’ve grown to adopt a similar approach to budgeting – if I’m not tracking it manually it’s out of sight, out of mind.
Hi Alex! I have put every asset in YNAB as a Tracking account so it accurately calculates my net worth via the Net Worth report. I think a spreadsheet works great, however! Especially if you are keeping it up to date manually on a regular basis. I love the sounds of Personal Capital. There is a rumour that it *may* be coming to Canada sometime soon…if it does, I’m definitely going to give it a try!