Net Worth Update
On January 18, 2011 I decided to start a new way to track my net worth. I created a private spreadsheet and zeroed out my net worth. This way I can share my progress each month, going forward without revealing how much is in my savings account, 401(k), etc.
What assets am going to include:
- My Cash Savings Accounts
- My 401(k)
- Wife’s Roth IRA
- My Small but Awesome Perpetual Income Machine
- Value of my House
What liabilities am I going to include:
What is missing?
- Credit Card debt – Don’t have any except a revolving AMEX account so no reason to put it up
- Checking Accounts – Always changing and moving kept low on purpose so no reason to track it
- Cars – I have no idea why people count cars as an asset. Its transportation not an asset.
- Jewelry – I joke that The Wife’s hand is worth more than my car…but there is NO way anything is being pawned/sold so why list it as an asset?
In the twelve days since my original post my net worth has increased 2.67%! I’ll take that kind of gain inside two weeks. A good portion of my gain was split between a principal payment of $500 towards the evil auto loan, and a tiny bump in cash accounts.
People Shouldn’t Complain About Money If They…
I often have thoughts that aren’t entire posts so I will throw them in my status updates.
I don’t often talk to friends and family about their money situation, nor do I really want to open that line of communications with most people. However, it is hard to bite my tongue when people complain about money when…
- Their monthly lease is $500+/month
- They belong to a gym that costs $150/month
- Have an iPhone or similar smart phone that costs $120/month
- Go out Boozing 4 times a week
- Often eat at restaurants that cost $250/meal
- Stop for Starbucks 4 times a week at $5 a pop ($80/month) – from Serendipity Smalls
- Gamble more than you know they can stand to lose
- WHAT AM I MISSING?
I am not a “budget” person, but the basics of personal finances are simple it doesn’t matter if you make $46,000 or $460,000; if you spend more than you make then good things are unlikely to occur. I am not saying people shouldn’t buy/do these things, rather all I am saying is that it is hard to listen to bite my tongue when they say to me “I am broke” on their $120/month phone while driving their $650/month car.
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