If I can stress one very important fact, and the foundation that this blog is based on, it is that everybody should track their Net Worth. Make a spreadsheet, journal, or even on a post it. Track it consistently so that you can improve on the bottom line. I started tracking mine about 4 years ago and I can now see an improvement in how I view money and the direction I want to take to reach my next financial goal. Granted all this tracking has me on edge more often than not, but it has always been my desire to eventually be financially stable, so that I won’t ever need to track my net worth and just let it grow, grow, and grow. Also this tracking will let you see how much of your income comes from Earned, Passive, and Portfolio Income sources. I think the ideal situation for most is to have a good stream of passive and portfolio income while sipping your fave drink on the beach somewhere or while sleeping in a villa in Tuscany. I am still far away from this reality but without the tracking of my Net Worth I would not be one step closer than I am after I started tracking my finances. Do yourself the pleasure of Watching Your Money!
Thanks for the advice UncleEl…I am always looking for ways to improve and have such a hard time following advice. This seems like a simple step for me to start with… Time for me to crack down and track my finances for sure!
Yes it's time. The funny thing most people do not realize is how easy it is to finally get started.