I was listening to one of bigger Pockets latest podcasts and one of their guests mentioned that he calculates his net worth every week. Â He calculates his home’s present value, money owed on the mortgage, car loans, and the liking. Â He started doing this in the years before mint.com, zillow.com, or other websites that might help him do that. Â He said that by doing so, he could put his finances in perspective and had a constant reminder to save and invest rather than spend.
These days, you can check your home’s value using real estate websites like zillow.com or trulia.com. Â Mint.com allows you to keep track of your other assets and liabilities. Â You can import your account info for car loans, and it even estimates your car’s value using Kelley Blue Book.Â Mint also tracks your current account balances between your brokerage accounts and your various bank accounts, and even student loans.
Things to remember in you net worth calculation:
- Present car value
- Present car loan amount owed
- Present home value
- Present mortgage amount owed
- Checking account balance
- Savings Account balance
- 401k account balance
- Roth and traditional IRA balance
- Free cash in pocket
- Valuables (antiques, expensive china, gold coins, silver coins, collectables)
- Bills outstanding
- Present Credit card balance
- Present home equity line of credit balance