It’s August 1st, MFG!! Time to Calculate Your Net Worth!!
Rich people count their money.
Hey, MFG!
We’re already more than halfway through the year. I hope you’re still pursuing the goals you set at the start of the year.
If not, now is the time to get motivated and take action!
Consistent effort towards improving your and your family’s financial health and education is key to building wealth. This process requires daily focus, study, and dedication.
You need to invest time, earn a substantial income, and find ways to grow your money at high yields, repeating the cycle continuously.
Tracking your net worth is an excellent way to stay connected with your finances and understand your current financial position.
Regular tracking helps you monitor your progress and watch your net worth grow. Some prefer calculating their net worth every six months or quarterly, but I recommend doing it at least once a month, on the first.
Personally, I calculate my net worth daily, constantly tallying my assets. I enjoy it, and once you get into a routine, tracking your net worth becomes automatic.
Remember, “Whatever you think about comes about, and whatever you focus on grows.”
By focusing on your net worth daily, your wealth can grow much faster.
Once a month, I print out all my stocks in my buy-and-hold portfolio, noting my dividend earnings. I also print out my speculative investments, brokerage accounts, and houses. I include my crypto portfolio, checking how much Bitcoin (BTC) I need to add, and identifying property projects.
I lay everything out, look at it all, review my financial situation, and decide where to allocate my money.
This monthly review of all my assets helps me see the bigger picture, focus on my assets, and strategize. Making money with money is a learned skill, which is why daily financial education is crucial for your and your family’s wealth.
Now is the time to push harder, dig deeper, and focus on your financial goals. Perform a summer check-in, refine your strategies, and prepare for an outstanding finish to 2024.
Your financial future is in your hands – take charge, stay motivated, and watch your wealth grow.
Let’s make the rest of this year your most successful yet!
-GP a.k.a Fullauto11
The Peters Report - Stock & Crypto Trader’s Resource
Looking for a group of likeminded people to trade with? Text alerts and the MFGDiscord. Text GP 1-936-661-7786 or email GP fullauto11@gmail.com to join.
It’s August 1st, MFG!! Time to Calculate Your Net Worth!!
Net worth is a critical indicator of an individual's or entity's financial health and stability. It provides a clear snapshot of the overall financial position by showing the balance between assets and liabilities.
Learning how to perform this exercise is crucial to your success in wealth building.
Regularly calculating net worth helps track financial progress over time, allowing for informed decision-making regarding spending, saving, and investing.
It serves as a foundation for financial planning, enabling individuals to set realistic and achievable financial goals.
Understanding net worth also highlights areas where financial adjustments may be necessary, such as reducing debt or increasing asset accumulation.
Overall, net worth is an essential tool for managing and improving one's financial well-being.
Let’s dig into how to calculate your net worth. Use EXACT numbers for this exercise.
How to Calculate Net Worth:
List All Assets:
Cash and Cash Equivalents: Savings accounts, checking accounts, and cash on hand.
Investments: Stocks, bonds, mutual funds, crypto, retirement accounts (e.g., 401(k), IRA).
Real Estate: Market value of owned properties.
Personal Property: Value of vehicles, jewelry, art, and other valuable items.
Business Interests: Equity in businesses you own.
Other Assets: Any other items of value you own.
List All Liabilities:
Mortgages: Remaining balance on home loans.
Loans: Personal loans, student loans, car loans, etc.
Credit Card Debt: Outstanding balances on credit cards.
Other Debts: Any other forms of debt or financial obligations.
Calculate Net Worth:
Net Worth = Total Assets - Total Liabilities
Example:
Assets:
Home value: $300,000
Savings: $50,000
Investments: $100,000
Car: $20,000
Personal property: $10,000
Total Assets: $480,000
Liabilities:
Mortgage: $200,000
Car loan: $10,000
Credit card debt: $5,000
Student loans: $15,000
Total Liabilities: $230,000
Net Worth Calculation:
Net Worth = $480,000 (Total Assets) - $230,000 (Total Liabilities) = $250,000
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The Year is More Than Halfway Over: Assess Your Progress
August marks a significant milestone as we move further into the year. It's the perfect time to reassess your New Year's resolutions and financial goals. Ask yourself:
Are you on track with your savings targets?
Do you own any Bitcoin (BTC)?
Have you made progress in paying down debt as planned?
Is your investment portfolio performing as expected?
Do you have a trading account?
Use this net worth calculation as a benchmark to evaluate where you stand and determine any adjustments needed for the rest of the year.
Looking for a group of likeminded people to trade with? Text alerts and the MFG DISCORD. Text GP 1-936-661-7786 to join.
LET’S GO, MFG!
Get your net worth calculation done today and send me a picture of it! I believe in you!
"You must never think for a moment that the supply is limited." - Wallace Wattles, The Science of Getting Rich
Always remember, whatever you think about comes about, whatever you focus on grows. - GP
The Peters Report - Stock & Crypto Trader’s Resource
If you need help with setting up your charts and want a mini crash course in the Money Flow, consider GP's course:
"Getting Started with Stock Charts the Money Flow Way" and you will be ready to add shares to your portfolios on stage 1 when the markets are about to possibly rotate and trim profits when opportunities arise. CLICK HERE!
Yes Yes Yes , 🐼💪💪💪💪brick by brick MFG getting even a little bit richer everyday
🐼🐃