Net Worth Statement
"If you want to create wealth, it is imperative that you believe that you are at the steering wheel of life, especially your financial life."
-T. Harv Eker, author of Secrets of the Millionaire Mind
Reading the above quote from T. Harv Eker reminds me of the importance of tracking your net worth so that you know where you're heading financially speaking. If you want to be at the steering wheel of your financial life, you have to know where you stand today, and what you need to do to achieve your goals tomorrow. That's what a Net Worth Statement allows you to do.
A Net Worth Statement is an important part of your overall financial health, and it's essentially a list of everything you own, everything you owe, and what you are currently worth. I prepare my Net Worth Statement on a quarterly basis. I recommend that you prepare a New Worth Statement on a semi-annual basis, or on a annual basis, at the very minimum.
How Do You Calculate...