I try to lead my life a bit like one would a business. At the end of every quarter, I list every asset I own in a spreadsheet, come up with a realistic (I tend to go for a slightly low one) estimate for their value that day, and write it all down. Then I calculate my net worth based on it and set myself an ambitious but possible goal to reach the next quarter. I just did my finances for Q2 2017 and found that I had DOUBLED my goal. I wanted to increase my net worth by 25%, but increased it by just about 50% instead, and the feeling is just spectacular! In fact, I reached the goal I had set for Q3 in Q2.
Does anyone else do this? Any experiences or advice to share? I feel it really puts your finances into perspective. You force yourself to make a fair assessment of where you are right now, and you push yourself to reach a goal that is demanding, but ultimately possible.
Maybe I was able to motivate someone with this, that would be pretty cool :)
A good strategy worthy of study.
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Thanks! I'll check it out in a moment.
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Great, success
I am trying to do this..... Thanks for sharing.... Following you
Thanks a lot!
Yeah, many people never even look at their net worth. I try to look at it atleast semi-annually using a spreadsheet I have to track it. It really does help you progress along knowing where you are at.
That's the way to do it! It's easy not to notice just how well you're doing as well, especially if many of your assets need to be evaluated and don't just show you their value on a website. Much better to keep track of it all than to beat yourself up about not making enough money when in fact you're doing great