What is your net worth?

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Have you ever calculated your net worth? Have you really sat down and written all of your assets and liabilities to figure out your household net worth? This is something that I think should be done at least once a year. When JP and I went to Tennessee with my brother to do our debt free scream with Dave Ramsey in 2016, my brother and I started a financial race. The first one to x amount of dollars, wins. Now, I don't know if he remembers this, but I have taken it seriously ever since. JP and I also have an age in mind where we want to accomplish this same goal, so to make sure we are on track, I check our net worth each month.

 Below is an average net worth by age:
How do you stack up? Below I will put 2 examples, the first is a household similar to ours without debt except the mortgage and the second, a household that has the average amount of debt in their 30s.

Do you see yourself in any of those situations? Write out your balances in those amounts and add any other assets or liabilities your household has to figure out your net worth. Are you where you want to be? Does your net worth shock you? If this is your first time doing a net worth statement, you may be uncomfortable with what you see and that is ok. Take that feeling and make the changes you feel are necessary. Maybe you're shocked in a good way and can sleep better at night knowing you are in a better situation that you may have thought. The examples I put together are just there so you can see some of the different types of assets and liabilities. You can see that by having little to no debt, your money can go towards other assets instead of interest on your loans. 

What is your net worth? Be sure to subscribe, share, like and comment.

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