It’s Net Worth Calculation Time AGAIN, MFG!

Saturday Homework!! Weekends are for getting RICH!!

Hey MFG,

Calculating your net worth should become automatic. I add up all of my profits, assets, rents, mortgages, debts, dividends, and cash flow daily. Wealthy people count their money and it’s one of the most important habits in wealth building.

It’s June 1st, MFG! We’re almost halfway through the year. It’s time to go extra hard on your family’s wealth this summer. Jim Rohn said to plant your seeds in the spring and defend and nourish them in the summer to reap them in the fall.

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As we move into the summer, think of this time as the season to "defend and nourish" the seeds you’ve planted in the spring, both financially and personally. Just as a farmer tends to their crops, you must diligently monitor and manage your financial net worth and personal development to ensure a bountiful harvest in the fall.

By counting your money regularly, you are effectively defending and nourishing your financial and personal seeds.

This summer, double down on your efforts to build wealth and achieve personal growth. Review your financial goals, track your net worth monthly, and make necessary adjustments.

Stay disciplined and motivated by keeping a close eye on your net worth and celebrating the achievements along the way.

Remember, MFG, the effort you put in now will determine the rewards you reap later.

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Net Worth Calculation

This exercise requires awareness, honesty, and full transparency with yourself.

Steps to calculate net worth:

1. Create a log with two different columns that lists all your assets and liabilities. (For assets include stocks, bonds, metals, crypto, real estate, and art). (For liabilities include mortgages, debts, student or personal loans, car notes, credit cards).

2. Write down the values of everything in the appropriate column.

3. Add up all assets. Add up all liabilities. Subtract from each other.

4. Formula: Assets - liabilities = net worth.

The Importance of Counting Your Money

Performing a monthly net worth calculation allows you to gain financial awareness, track your goals, stay motivated and disciplined, and make adjustments when necessary.

• Financial Awareness

Counting your money boosts financial awareness. It makes you more conscious of your spending habits and allows you to identify areas where you can cut costs or increase savings. This heightened awareness is crucial for maintaining control over your finances.

• Goal Tracking

Regularly counting your money enables you to track your progress towards your financial goals. This ongoing assessment helps you adjust your strategies as needed to ensure you stay on the right path, or in a straight line. Whether your goals involve paying off debt, saving for retirement, or building an investment portfolio, tracking your progress is essential.

• Motivation and Discipline

Seeing tangible evidence of your financial progress can be highly motivating. It reinforces positive financial behaviors and helps you stay disciplined in managing your money. The satisfaction of watching your net worth grow can provide the encouragement needed to continue making smart financial choices.

• Making Adjustments

Regularly counting your money allows you to make timely adjustments to your financial plan. If you notice that your spending is outpacing your income, for example, you can take corrective actions before it becomes a bigger issue. This proactive approach ensures that you remain on track to achieve your financial goals.

A Simple Blueprint to Achieve Financial Independence

1. Set financials goals

2. Increase your income

3. Save and invest wisely

4. Build multiple streams of income

By incorporating these practices into your everyday life, you can build and maintain the financial discipline necessary to achieve and sustain wealth.

Regularly counting your money not only provides clarity and control, but also serves as a powerful tool for staying motivated and disciplined on your journey to financial independence and achieving lasting wealth.

LET’S GO, MFG!

Get your net worth calculation done along with your homework this weekend and send me a picture of them! I believe in you!

"Days are expensive. When you spend a day you have one less day to spend. So make sure you spend each one wisely." - Jim Rohn

Always remember, whatever you think about comes about, whatever you focus on grows. - GP

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