Net Worth Calculation Time!
Rich people count their money.
Hey MFG,
It’s May 1st! It's time to do your net worth calculation. You should be assessing your fortune at least every 6 months, if not once on the 1st of each month.
Rich people track their wealth. One of the top habits of wealth builders is to count your money. Just going through the process will change your mind to understand financial wealth as financial net worth. After you have done this 4-5 times in a row, it will become natural.
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IT'S MAY; ALMOST HALFWAY THROUGH THE YEAR, GUYS! TIME TO CALCULATE YOUR NET WORTH!
This exercise requires awareness, honesty, and full transparency with yourself.
Net Worth Calculation
Steps to calculate net worth:
Create a log that lists all your assets, debts, and liabilities. (For assets include stocks, bonds, metals, crypto, real estate, and art). (For liabilities include debts, student or personal loans, car notes, credit cards).
Write down the values of everything.
Add up all assets. Add up all liabilities. Subtract from each other.
Formula: Assets - liabilities = net worth.
Watch this video of my whiteboard class about Getting To Your First $100k in Net Worth out by the lagoon at the Texas MFG HQ. MUST WATCH!
This simple act of commitment to yourself will change the way you think and act. Review your financial goals regularly and aim to be richer each time you calculate your net worth.
The goal is be above average! You must develop an above average level of excitement, discipline, organization, interest, and commitment to yourself.
“Get rich by the creative method and not by the competitive one.”- Wallace Wattles
Always remember, whatever you think about comes about, whatever you focus on grows. - GP
Purchase a hard copy of Gerald’s trading strategy book called The Money Flow Trading System.
We never know where the market is going to go. We do know the stock market climbs higher 70% of the time. Check your charts everyday and keep in flow.
If you need help with this, consider Gerald'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.
They say that you can’t buy bottoms or sell tops; The Money Flow Trading System can show you how to buy ALL the tops and the bottoms and stay in the flow.
That is what the Money Flow Trading System is all about. Being in flow with the stock market. Simple? YES! Easy? NO, but what in life that is worth having is? Stay the course, don't give up and don't get shaken out by wars, the Fed raising rates, rumors of recession, or any other event that may come.
Don't forget, 70% of the time the stock market climbs higher and the other 30% sets up for good buying opportunities.
Thank you Gerald, always keeping the mind working.
This is gold. I do mine monthly - just got done with May actually. Helps me to keep on top of it!