August 1st Net Worth Calculation: A Wealth-Building Essential!!
An easy approach to boost your financial awareness and confidence.
Hey, MFG!
It’s that time of the month again—the first of the month, August 1st!!
As you kick off the second half of the year, it’s crucial to evaluate where you stand financially.
Today, I want to guide you through a powerful exercise that wealthy people swear by: calculating your net worth.
This simple, but impactful and insightful practice not only shows you your current financial standing but, when done regularly, naturally helps your money grow as you focus on building wealth.
-GP a.k.a Fullauto11 🧙🐼
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August 1st Net Worth Calculation: A Wealth-Building Essential!!
The purpose of the net worth calculation: 💸
Calculating your net worth isn’t just about numbers; it’s about clarity, control, direction, and full transparency with yourself.
When you write down your financial assets and debts each month, you bring focus to your wealth-building efforts and financial situation.
The simple act of recording this information keeps your financial goals top-of-mind, making it easier to see growth, identify trends, and naturally attract more wealth into your life.
Why focus increases growth: 🧠
Where focus goes, energy flows. 🌊
By directing your attention to your net worth, you develop an awareness that can help guide your decisions, from saving to investing to cutting unnecessary expenses to creating multiple income streams.
This exercise keeps you on track, helps you adjust your approach if necessary, and ultimately empowers you to make more intentional choices with your money.
Let’s take a look below at an example of a net worth calculation from one of my students. I highly recommend you do this every 1st of the month and send me a picture of it; seriously! 👈
Many students have sent me their net worth every month for years now.
[A net worth calculation example below] 👇
👉ASSETS - LIABILITIES = NET WORTH
How to perform your net worth calculation: 👇
List Your Assets: Write down everything you own.
Cash in bank accounts; checking & savings
Cash in Cash app, PayPal, Venmo, etc.
401ks and IRAs
Brokerage accounts
Crypto portfolios
Bitcoin & U.S.D.C.
Personal homes
Rental properties
Art & Jewelry
Antiques & Sports Memorabilia, etc.
List Your Liabilities: Write down everything you owe:
Car loans
Credit card balances
Student loans
Any other debts
Calculate Total Assets: Add up all items in your assets list.
Calculate Total Liabilities: Sum up all items in your liabilities list.
Find Your Net Worth: Subtract total liabilities from total assets:
Net Worth=Total Assets−Total Liabilities👈Track Monthly: Write down your net worth each month to see how it changes over time. Identifying trends early helps you make better financial decisions, whether that means increasing savings, reducing debt, or building investments.
👉ASSETS - LIABILITIES = NET WORTH
Why Knowing Your Net Worth Matters‼️
Understanding your net worth is key to building wealth.
It provides a clear picture of your financial progress and helps you make informed decisions and choices about how to handle your money.
Wealthy people know this; that’s why they regularly assess where they stand.
By committing to this exercise, you’re actively shaping a more secure and prosperous financial future. 👈
G’s Wrap-Up🧙
Take charge of your finances today—shine a light on your wealth and watch how, month by month, focus and intention can help your net worth grow naturally.
Let’s go, MFG!!
Get your August new worth calculation done and send me a picture of it. I appreciate you!
Always remember, whatever you think about comes about, whatever you focus on grows. - GP🐼🤘
Looking for a group of likeminded people to trade with? Text alerts and the MFG Discord. Text GP 1-936-661-7786 or email GP fullauto11@gmail.com to join.
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Done!
august 1st net worth done!!