Readers: Do you know your net worth? Yeah yeah, I know about you PF bloggers… but what about you other readers (if there are any): Do you know what you are worth?
I remember when I first heard in the finance world to “calculate your net worth” I thought it would be a long, complicated process. Well, it turned out to be super short and simple because I had so little money to calculate. Ever since then, knowing my net worth has really helped me in keeping my eye “on the prize.” (The prize, of course, being financially secure. That’s what this blog is all about, right?).
If you want to know ways to increase a net worth you can start by doing some safe investments in hodl crypto, making smart investments, not just in stocks, is a surefire way to increase net worth. Buying a sensible car, a house or rent you can afford, and keeping luxury expenses low are all important steps. Net worth doesn’t need to mean rich.
Nobody likes to hear that they spend too much and need to cut back. We all know that eating out at restaurants or buying the latest gadgets catches up with us, but what we don’t realize is how quickly smaller expenses can add up, too.
Make a habit of noting your expenses every day for a week and you will be shocked by how much of your paycheck is trickling away. The intent is not to stop eating out or quit hobbies entirely, but instead to become aware of your spending habits and identify areas where you can make adjustments; a little goes a long way.
On my PF spreadsheet, my net worth sheet is named “HOPE” because it always makes me feel hopeful to see my progress since I began tracking.