This page is intended to track my net worth as I branch out into different income streams to achieve my financial goal(s). This is an extremely revealing portion of my life, and does not take into consideration my beautiful and loving wife. I think this will help me stay accountable to my goal(s) as well as track my progress towards investing in the gig economy through real estate.
As an Engineer I have a passion for math, science, and dealing with numbers in general. I track my net worth through an excel spreadsheet that I developed myself. It tracks my assets and liabilities and provides a detailed graph to help illustrate how my net worth varies month-to-month. Some people may debate what is considered an asset and what is considered a liability (i.e. my home). I track them as both. Your house may not be an extremely liquid asset, but it still appreciates. Appreciation and paying off the mortgage create equity. That equity should by considered as an asset and debt a liability.
I do intentionally leave some assets off of this graph, as I do not recognize them as my assets. I consider investments into my children's 529 as their money. The thought is this is to fund their education and provide them with a good start to their life after living with mom and dad. It will benefit them, and should be considered a part of their net worth. I will discuss that in a later blog post as well.
Net Worth Tracker:
I have been a stickler to my budget for 2 years, and it seems to be paying off. I am a firm believer in discipline and am convinced that it can set you free. This applies to all aspects of life, especially to personal finance. The more discipline you have with tracking your finances, the more free you are to live!