In today’s Finance Minute, let’s talk about Net Worth. Google Net Worth and you get 1.8 Billion hits. However the majority of the people I talk to don’t know How much is their net worth. Net worth is the value of all your assets minus all your loans or simply put, net worth is what you own, minus what you owe or all your debts. The common mistake that people make is they don’t pay attention to these numbers. Your goal is to know your net worth number and make sure this grows annually. Every January I open my Net worth calculator. I have a breakdown of all of Savings, RRSPs, Investments and the value of all my real estate and then I have a breakdown of all my debts. Incidentally my debts are all real estate related. I don’t carry credit debts that don’t help me increase my net worth and then I write down what my target is by the year in terms of total cash investments, total real estate investments and total net worth. I’ve been doing this for over 20 years. This is how I was able to multiply my net worth from $3000 20 years ago to over 2000 times that amount. What you focus on expands. It is your duty and your responsibility to pay attention and grow your net worth for yourself, your family and your legacy. My intention is to make a difference by educating thousands of people. Please like and share so you can too!
DISCLAIMER: The information in this post is solely advisory, and should not be substituted for legal, financial or tax advice. Any and all decisions and actions must be done through the advice and counsel of a qualified attorney, financial advisor and/or CPA. We cannot be held responsible for actions you may take without proper financial, legal or tax advice.
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