If you’re like most of the people on earth, you’re always worried about finances. It’s a real concern as the cost of living seems to increase faster than your pay raises. There are numerous articles discussing how older people are not prepared for retirement and how a really high percentage of people will have to work way past their retirement age just to keep putting food on the table. This is a scary thought. Here is how you can take control of your future, just by starting to track your net worth for free.

 

The good news is that it’s never too late to start getting your priorities straight and planning for the future. A good place to start is to actually figure out your net worth. This can help pinpoint where your money is going, specifically what you are spending your money on. I’m guessing you think this would take a lot of time, time that you don’t have or that you think it’s a hard thing to set up. You would be wrong on both counts. You may not even know what it means.

 

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Net worth = Assets – Liabilities

Assets are things that you actual own of value. Examples are your retirement savings, your money in checking or savings accounts, your house value

Liabilities – debt owed that you still need to pay off. Examples would include student loans, credit card bills, mortgage balance, and auto loans

 

Case Study:

Assets:
Jerry has a house worth $250,000
Car worth $15,000
Savings and checking account balance: $2,500
Retirement account: $18,500

Total of all assets is $286,000

 

Liabilities:

Mortgage balance of $175,500
Car loan balance: $8,250
Credit cards debt: $4,350
Total of liabilities is $188,100

 

$286,000 (assets) – $188,100 (liabilities) = $97,900

 

how to track your net worth for free absolutely

Free net worth tracker from Personal Capital

Net worth is equal to $97,900

Track your net worth, absolutely free

What if l told you there was an easy way to track your net worth for free? All it takes is a few minutes to input your information. Once stored, it gets updated automatically, syncing all your accounts without you having to lift a finger. Personal Capital is a financial management company that has a free net worth tracker that does it all.

Is it safe?

Yes it is. Personal Capital uses the latest encryption tools to make sure that your information is safe and can only be accessed by you.

Tracking net worth is not just for the rich. Yes, rich people use it, but everyone should have a good idea of their net worth for these reasons and more.

 

– It can serve a  wake up call for you to buck up. You see exactly where your money goes. It might be dining out that’s draining your finances, seeing that in black and white can help with your budgeting.

– It can help shape your future. Once you track your net worth, you have a clear idea what steps you need to take to reach your goals. Maybe you’re lagging behind with your desire to be a home owner. You can work on your allocation of funds to make that dream a reality.

– It can stop frivolous spending. I had a really hard time with this. I had a weakness for handbags and spent an obscene amount on them. I had an idea but truly didn’t know just how much of a money drain it was till l saw it. Once l realized this. I knew l had to change because l wanted to retire earlier than normal. I started throwing that excess towards my mortgage balance.

It can save you money. Personal Capital has a free analyzer that can help you discover which particulars funds and investment accounts are killing you with hidden fees. You can direct this money to your savings instead of their pockets.

– Free Retirement Planner. This can help you plan, manage and forecast your retirement savings in one place. Of course if you choose to use their other services, you would pay management fees.
To get started with tracking your net worth, click this link for Personal Capital.
For at least 9 years, l had been using another net worth tracker, Mint. It was good, but Personal Capital offers more tools than that one did. I’m glad l made the switch. You owe it to yourself to track and manage your net worth. Armed with this free tool, you are definitely on the right track.
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how to track your net worth for free
Do you track your net worth? If so, has it been a blessing in your life? Please share.

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