New Upcycle Ideas 842
1 day ago
Sunday, January 4, 2009
This week I am going to work on figuring out exactly (if it's even possible to figure that out exactly) what our Net Worth is. I know it is somewhere in the Negative 20 thousandths. One of the Yearly Goals I made for 2009 is to get our Net Worth to Zero. In order to do this I need to figure out exactly where we stand.
I have some questions about figuring out what your Net Worth is:
--Can someone refer me to a good site that will explain everything in detail (what to include, what not to include?)
--Do you include your yearly salary?
--How do you know what to put for the value of your house? (I know what houses are LISTING at on MLS but not what they are SELLING for?)
--How often do you typically do a Net Worth Statement?
--I only get quarterly statements for many of my investments...how often do you look at your investments?
--What do you use to calculate your Net Worth? (excel, paper, what?)
I did a quick Net Worth Statement and it came out at Negative 21K...I used the purchase price of our house as it's value and I forgot to put my husbands loan in it...so this is going to be a work in progress.
Tomorrow I need to phone these banks to figure out what our balances are on loans/investments:
1. BMO (that pesky car loan and my GIC)
2. ACU (Consolidation Loan and LOC--although I think all our stuff is online there)
3. First Line (Mortgage)
4. Husband will need to figure out what the status of his loan is.
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I use: https://www.networthiq.com
And it works great - You can even post it to your blog.
You do not use income. That is revenue. Your net worth is assets minus your liabilities.
assets (home, car, savings, investments)
liabilities (car loan, balance on mortgages, loans, line of credits)
How funny that you mention figuring you Net Worth. Is it a New Year thing? Because I just figured out mine today with SmartMoney and plan to post about it tomorrow.
SmartMoney lists all the items to plug your figures into it. It is just an Asset minus you liabilities.
As for mortgage values, I just googled for an estimator (I can't seem to find the exact one I used, but I retried with Yahoo and they listed the house $20K higher than the estimate I rec'd earlier today).
Good questions and I don't have answers to any of them. I do have a question to add, though - how do you calculate the value of your vehicle, ie estimate its resale value?
Dinah, m'love, your net worth is simply everything you own minus everything you owe. While people like to assign all sorts of $$ value to their stuff, don't fool yourself. We're talking hard, salable assets here. As for your auto, it would be the "black book" value. If you have a mortgage, get your most recent mortgage statement to see what is still owed. As for the value of your home (what with property values coming down), ask your local real estate agent for a list of comparables that have recently sold in your area, and use the closes price. Good luck. gail
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