A guide on how to track your net worth online and ways to increase your net worth plus tips on how to create your statement of assets, liabilities and net worth.
In personal finance or money management, one must understand his networth. Or how to determine their net worth. In this page we will going to discuss the importance of knowing our net worth, how to compute our net worth, what are the benefits of tracking it.
This is somewhat only an experiment in this blog, I knew you know this thing already, it is wise to say “one must understand his personal finances” before he will divert his interest into investing money. Some are clueless what is a SALN, this is the “statement of assets, liabilities and net worth”. What is an ASSET? A valuable items that you owned or have. Maybe you think about your house, you car, your properties, businesses, investments, your jewelry or anything that has value. That’s right, they call these things as assets. But what about liabilities? These are the things that you are liable or financial obligations to pay for, maybe you think “debt”. That’s right.
Now you know what is asset and liabilities, in short, asset are those things that you own while liabilities are the things that you owed. But according to Mr. Robert Kiyosaki, an asset is something that put money in your pocket while liabilities are some thing that takes away money out of your pocket. Think about it. It means an house is just a liability if it take away money out of your pocket? Utility bills like electricity, water bills etc. But if you make this house as a rental property, then maybe it can considered as an asset, because of monthly rental. A car maybe an asset if you will use it in your business operation, it can be a liability if it only use for personal leisure. Now we know. But in the financial terms, asset is what you own, liability is what you owed.
What You Focus on, Expands!
Thank you for visiting the net worth tracker online of investmenttotal.com. In this way we can easily track our investments in any of our investment accounts, as we believe in the saying “what you track increases”, “what you foucs on, expands” as T Harv Eker says to his book, secrets of the millionaires mind. Also it easy for me to compute my net worth, and to manage my “debt” if any. I am not hoping that this net worth would become bigger and bigger, I am decisive and determined enough to increase my networth overtime. That’s why I am investing.
My net worth as of May 2014 is about hundred thousands. I need to focus my mind, my soul and my heart in building my net worth, I need to buy assets and lessen my liabilities and simplify my life style as well.
How to Track Your Net Worth Online?
|Savings and Investments||Business Capital|
|Stock Market: 20,000.00||Business Capital 00.00|
|Mutual Funds (Phil Equity) 7,500.00||Other Companies 22,000.00|
|Mutual Funds (First Metro Assets) 217,500.00||Other People 0.00|
|Unit Investment Trust Funds 7,500.00||Total Liabilities: 22,000.00|
|BDO Savings 10,000.00|
|Cash Reserve for Emergency 105,800.00
Metro Bank Savings 2,500.00
|Real Estate (Lot Only) 300,000.00|
|Business (Piggery 2 Sow Level) 50,000.00
|Total Assets||Total Liabilities: 22,000.00|
Making a Net Worth Tracking Online, is very interesting. See how this net worth will increase every year, my challenge in my financial journey is to acquire an earning asset amounting to P10,000,000 when I reached 50. Early retirement, right? Thank God I learned so much thing about personal finance, one of my favorite book “wealth within your reach” suggesting to do my net worth, I did it, not on paper but online, only here are InvestmentTotal.com
The “secrets of the millionaire mind” book also challenge me to update my net worth tracking sheet every quarter, so this, I did it. The books says ” rich people focus on their net worth”. While some people focus on their income.
Real estate and my Mutual Funds (FAMI-SALEF) has the biggest percentage in my net worth, I will grow and expand my business, and invest more money in stocks, mutual funds, trust funds, savings and acquire life insurance as soon as possible. I did it via BPI-Phil Am Life Insurance. I am looking forward to add more assets, build my net worth and achieve my goal to financial freedom.
I will update this net worth tracking online every quarter or even every month just like what I did in my mutual funds at First Metro Asset Management Inc (FAMI-SALEF). So far, it is not that big compare to your net worth, but I think positive in this, from thousands to millions, my target earning asset alone would be P10,000,000. What about you, do you know your TEA: Target Earning Assets. Compute your target earning asset here.
Money Quote and Saying for the Day:
Put not your trust in money, but put your money in trust. ~Oliver Wendell Holmes
Now you know how to track your net worth online. You can use software, or web blogs 2.o like blogger or wordpress. You can also use social media like Facebook, just always post your net worth statement on your timeline. Any other ideas? Share them in the comment box.