Comments on: Tracking and Making Annual Adjustments to Your Net Worth http://www.nodebtplan.net/2009/01/05/tracking-and-making-annual-adjustments-to-your-net-worth/ A personal finance blog teaching you how to live debt free and use credit wisely. Thu, 18 Mar 2010 16:28:18 +0000 hourly 1 By: Russell Fascenda http://www.nodebtplan.net/2009/01/05/tracking-and-making-annual-adjustments-to-your-net-worth/comment-page-1/#comment-9014 Russell Fascenda Sun, 11 Jan 2009 14:03:20 +0000 http://www.nodebtplan.net/?p=1564#comment-9014 That's a worthy goal to reduce the liabilities to zero, I think I'll always have a mortgage but I still dream of the day. I don't regularly compute net worth, probably less than once a year, and like you only major belongings are on my list. For the car and motorcycles I think the local newspaper or shopper is probably a better gauge. I also toss a round number on there for furnishings, and something for a computer if it's relatively new. I don't make comparative statistics like you do, mostly I just want to know where I generally stand. The first time I computed a net worth, I was pleased that it was greater than zero. Years later when it exceeded $100,000 for the first time I felt good. When I was out of work for many months and traded some assets for liabilities, it helped to see my net worth and console my self that my decisions didn't affect it. (Yes you can argue it affected future net worth but at a time of no income that wasn't my primary concern.) As you said, it's part science and part art, which is probably why I compute it infrequently and just take subjective looks at it. MS-Money would compute net worth at the touch of a button, but I don't have every asset and liability loaded in there so I still do it manually with my own list in a spreadsheet. That’s a worthy goal to reduce the liabilities to zero, I think I’ll always have a mortgage but I still dream of the day. I don’t regularly compute net worth, probably less than once a year, and like you only major belongings are on my list. For the car and motorcycles I think the local newspaper or shopper is probably a better gauge. I also toss a round number on there for furnishings, and something for a computer if it’s relatively new.

I don’t make comparative statistics like you do, mostly I just want to know where I generally stand. The first time I computed a net worth, I was pleased that it was greater than zero. Years later when it exceeded $100,000 for the first time I felt good. When I was out of work for many months and traded some assets for liabilities, it helped to see my net worth and console my self that my decisions didn’t affect it. (Yes you can argue it affected future net worth but at a time of no income that wasn’t my primary concern.)

As you said, it’s part science and part art, which is probably why I compute it infrequently and just take subjective looks at it. MS-Money would compute net worth at the touch of a button, but I don’t have every asset and liability loaded in there so I still do it manually with my own list in a spreadsheet.

]]> By: Kevin http://www.nodebtplan.net/2009/01/05/tracking-and-making-annual-adjustments-to-your-net-worth/comment-page-1/#comment-8749 Kevin Tue, 06 Jan 2009 15:01:07 +0000 http://www.nodebtplan.net/?p=1564#comment-8749 @SimplyForties: In this instance the tax appraisal may be higher since values have fallen a little bit. But its impossible to tell. I did have someone email me and tell me I should be using Zillow.com for our valuation instead. Generally, I like the idea. However, we live in a new neighborhood and our section of the neighborhood isn't even on the map. On top of that the other homes at the beginning of the neighborhood, when I looked them up, had wrong information (0 bedrooms, 1 bathroom) and odd home values. This makes me not really trust Zillow in this instance. @SimplyForties: In this instance the tax appraisal may be higher since values have fallen a little bit. But its impossible to tell.

I did have someone email me and tell me I should be using Zillow.com for our valuation instead. Generally, I like the idea. However, we live in a new neighborhood and our section of the neighborhood isn’t even on the map.

On top of that the other homes at the beginning of the neighborhood, when I looked them up, had wrong information (0 bedrooms, 1 bathroom) and odd home values. This makes me not really trust Zillow in this instance.

]]> By: SimplyForties http://www.nodebtplan.net/2009/01/05/tracking-and-making-annual-adjustments-to-your-net-worth/comment-page-1/#comment-8706 SimplyForties Mon, 05 Jan 2009 13:24:15 +0000 http://www.nodebtplan.net/?p=1564#comment-8706 I do mine annually as well. I've always wondered how different people come up with the value of their house as I don't think they are having appraisers trot over every year. Using the tax assessors value seems an interesting choise as, if you're lucky, that assesment is low. Maybe you're in better shape than you think! I do mine annually as well. I’ve always wondered how different people come up with the value of their house as I don’t think they are having appraisers trot over every year. Using the tax assessors value seems an interesting choise as, if you’re lucky, that assesment is low. Maybe you’re in better shape than you think!

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