I recently received a voicemail question from an anonymous caller who says:
“Hi, Laura. I’ve really been enjoying the Money Girl podcast! I have a question about net worth and couples. I heard on a previous episode a guideline for comparing net worth to see how you’re doing as an individual. But how should I compare me and my husband together?”
This is a great question that I’ve never been asked. (And by the way, if you have a money question or comment, I’d love to hear from you. Just call our voicemail at (302) 364-0308 to leave your message.)
In this episode, you’ll find out what net worth is and if you’ve accumulated enough wealth as an individual or as a couple. Plus, I’ll give you a free tool that makes it easy to figure your net worth and track it over time.
What Is Net Worth?
You probably heard the term “net worth” as it relates to super-rich celebrities or famous CEOs. Like Beyonce has a net worth of $500 million or Jeff Bezos is worth $133 billion. But what you may not realize is that even for the rest of us non-famous folks, it’s important to calculate and monitor your net worth.
Here’s an excerpt from my new book and audiobook, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, that explains net worth and how to determine yours:
The first step on any journey is to assess the situation. You have to be clear about where you are right now and where you want to go. So, we’re going to really assess where your finances are right now.
Being clear about your current financial situation can be difficult and even a little scary, especially if you’re struggling with debt and don’t want to face it. However, embracing reality makes you better able to make positive changes.
The first priority in assessing your financial situation is getting organized so you understand your level of financial fitness. I’ll explain how to easily create an important tool to track the state of your finances throughout your life.
I call it your Personal Financial Statement, or PFS. It’s critical for gauging your financial health because each time you update it, you calculate your net worth. What exactly is net worth?
The definition of net worth is summed up in a very simple formula: Net worth equals assets minus liabilities.
The definition of net worth is summed up in a very simple formula: Net worth equals assets minus liabilities.
Let me define what that means.
Your assets are things you own that have real value. Your...
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