Summer is in full swing in east Tennessee, and it’s such a busy time of year.
My stepdaughter’s seventh birthday party was this past weekend, and we had a blast being with our family and friends outside as the kids played.
My husband is (with a lot of frustration, I might add) assembling mounts for our upcoming kayak purchase as I type, and I absolutely cannot wait to use them this weekend.
And of course, I’m also excited that we leave for Russia in 26 days!
Time flies when there’s a lot going on, and here it is time for another net worth report.
If you’re unfamiliar with the term, your net worth is the amount by which your assets exceed your liabilities. In other words, it is simply what you own minus what you owe.
For some, this number may be negative – it may actually be a BIG negative, and for others, it might be right at zero. This usually deters people from even bothering with calculating their net worth, but I find it to be a great tracker for how we’re doing financially.
I calculate ours around the 15th of each month using Personal Capital, and this frequency is mainly just to stay in the habit of doing it. It’s more common to calculate it every three to six months.
This free, simple service makes it easy to keep track of our ever-changing net worth by connecting automatically to all of our financial accounts – bank accounts, retirement accounts, etc. – and is updated within a minute or so after logging in.
Below are the assets that make up our current net worth. Since paying off our mortgage at the end of January, we have no liabilities.
- Cash: $8,829.93
- Investments: $78,180.72
- House: $144,000.00
- Vehicles: $7,807.00
Net Worth: $238,817 (+$3,476 from last month)
I’m glad to see us moving upward after our first dip last month, but we have a lot of things to cash flow soon. It’s okay. I am enjoying our well-deserved spending spree while it lasts. We’ll see how the next couple months’ reports look after paying our contractor and spending on large purchases for our home, summer fun and our upcoming trip!
So, do you track your net worth? If not, there is no better time to start. It’s not as intimidating as it sounds, and you’ll most likely wish you had started sooner. I sure do!
P.S. – If you’re just getting started taking control of your finances, be sure to check out our budget here. (And if you use WordPress and have any suggestions for formatting this in a friendlier way, I would LOVE to hear from you!)
Check back in soon!