Net Worth Tracking Tips for Beginners
Here are the effective net worth tracking tips for beginners. There is a saying “what you focus on, expands, what you track increases” – those statement came from T. Harv Eker, the author of the Secrets of the Millionaire Mind. I believe, rich people focus on their net worth while poor people focus on working income. There is a difference between a net worth and a working income.
I know you know already the difference between the two. Therefore, if you want to become rich, do what most rich people do, focus on your net worth. I assume you know how to compute a net worth, just add your total assets minus your total liabilities. This article is just another personal finance topic in InvestmentTotal.com, willing to learn? So, let’s begin with the guide.
Related: How to Create Your Net Worth Statement?
3 Awesome Net Worth Tracking Tips
1. Track Your Net Worth Offline
What I am telling you today are my own experiences. I am tracking my net worth through writing. I have a form and I just filled out the form every quarter (every 3 months). You can do your own form and include the following;
Previous Net Worth:
Net Worth to Date:
Net Worth Increase:
Net Worth Tracked Date:
Of course you should also include the assets and liabilities in your form, if you don’t know your assets and liabilities, it is impossible to know or compute your net worth.
2. Track Your Net Worth Online
Here in InvestmentTotal, I am tracking my net worth. I am using this blog not just to brag about my net worth but to let other people know that “investing” is the great way to increase a net worth. As you have noticed, the website URL is – investmenttotal.com, I just started to talk about how much I invest and where I invest my money.
Aside from blog, you can also track your net worth by downloading the money manger app in your mobile phone, just go to Google play and search for Money Manager by Realbyte Inc. You can track your daily income and expenses in this app and also track your net worth under “assets” category.
Related Article: High Net Worth? Here’s How to Have It!
3. Let Your Loved Ones Know Your Net Worth
Me and my husband are talking about what’s going on to our finances, and we discuss the assets we have such as stocks, mutual funds, trust funds, house and lot, car, and even insurances. You should also discuss liabilities such as credit card bills and other debts obligations, but beware on not to focus your discussion on liabilities to apply the law of attraction. Of course you know what law of attraction is all about, right? If you always talk debt you get more debt, if you always talk assets such as your paper assets, your assets and net worth will increase. Simple, talk poverty and poverty will come, talk prosperity and you’ll prosper.
I hope you start tracking your net worth, you can choose to track it whether online, offline or through discussions. Remember, “what you track, increases”. Track your debts, your debts will increase. Track your net worth and it will increase like magic. Last few years, I have no idea about net worth, but when I became interested, wow, I’ve seen a great results. I hope you find this simple guide useful.
It’s up to you if you want to track your net worth per week, per month, per quarter or every year. Who knows, you will be the next high net worth individuals in the world.
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Use these net worth tracking tips if you want to increase your net worth. Share this post in other social networking sites like Facebook, Twitter, Google+ or LinkedIn to spread financial literacy. Keep on reading financial articles in InvestmentTotal, or subscribe to its daily newsletter via eMail to receive instant updates instantly. Thank you.