Info Advantage was formed in 1992 for the purpose of specializing in Information Technology consulting, which encompasses business solution development, software development, and platform support from IBM’s midrange to a growing number of Intel based solutions.

How to Find & Track Your Net Worth

How to Find & Track Your Net Worth

When money is tight and you start feeling down about your financial situation, it’s important to keep the big picture in mind. This can be done by reviewing your net worth. Plus, if you go so far as to track your net worth, then you’ll constantly have this big picture before you. This will help you to worry less and allow you to better focus on your goals.

How to Find Out Your Net Worth
Thankfully, your net worth takes more into consideration than just your paycheck. A good definition of net worth is the value of all assets, minus the total of all liabilities. Put another way, net worth is what you own minus what you owe. Generally speaking, this is why your net worth increases over time, due to the fact that you’ll owe less and less on the debts you pay.

When determining your net worth, start by making a thorough list of what you own and what you owe.

What You Own

  • Home (its current value)
  • Other real estate
  • Automobiles and other vehicles like RVs and ATVs (leased vehicles don’t count)
  • Jewelry and collectibles
  • Household items, like furniture, appliances, etc.
  • Retirement accounts, bonds, stocks, mutual funds
  • Cash value of life insurance
  • The balance of checking and savings accounts
  • Cash

What You Owe

  • Home mortgage principal
  • Other mortgage principal
  • Auto loans
  • Student loans
  • Credit card debt
  • Other loans

Once you have all of these items in order, you’ll next plug this information into an online net worth calculator.

How to Track Your Net Worth
Now that you know your net worth, you can use a spreadsheet tool to keep track of its growth--in a similar way to how you keep track of your monthly budget. Here are four ways that tracking your net worth can benefit your financial situation.

  • Financial Progress: We all want to evolve and progress in anything in life, it’s human nature. It's even better when you grow your money and can look back to the month or year previous and see how far you've come.
  • Confidence Builder: For example, if you saved an extra $1,000 in your emergency fund or watch your 401K increase due to a bigger contribution, it will make you feel proud of what you’ve been able to accomplish.
  • Avoid focusing on just assets: If you have 200K in assets but 100K in debt, you’re just lying to yourself. It's important to factor both into the calculation.
  • Loans: Your net worth can be a factor if you plan on applying for a loan in the near future.

In the same way that it’s beneficial to keep track of your personal net worth, there are benefits to keeping track of your company’s assets. The average SMB likely needs more than a calculator and a spreadsheet to do this, which is why there are so many enterprise-level accounting solutions on the market. To learn more about what’s available for your accounting department and how technology can further your company’s goals, give us a call at (585) 254-8710.

P.S. Some businesses struggle to reliably budget out their IT, especially with surprise bills when technology goes down and unexpected updates need to take place. If you are frustrated with the unforeseen nature of your current IT, reach out to Info Advantage to discuss a managed, proactive approach.

Facebook Tools Every Business Should Take Advantag...
Has Your Business Gone Mobile? Be Sure to Account ...
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Thursday, 19 October 2017
If you'd like to register, please fill in the username, password and name fields.

Captcha Image

Support Options

  • Phone Support +

    Speak to a support team member on the phone!

    Phone: (585) 254-8710
    Fax: (585) 254-8766

  • Ticket By Email +

    Send an email to the Help Desk to create a ticket automatically and communicate with your team or any member.

    Submit A Ticket

  • Ticket By Portal +

    Create and manage tickets via our secure online Help Desk Portal. (Members Only Requires login)

    Enter Support Portal

  • 1

Mobile? Grab this Article!

Qr Code

Tag Cloud

Security technology Tip of the Week Best Practices Privacy Current Events malware technology solutions backup Productivity Hackers Software cloud Business practice Business Management cyber attacks Ransomware Innovation Microsoft Hardware Mobility Business Continuity Disaster Recovery Office tips Business Computing Network Security Mobile Devices hardware solutions Windows 10 Avoiding Downtime Quick Tips Efficiency business Computer Internet Flexibility cyber criminals Social Saving Money Health email Operating System Law Enforcement data breach Laptop Wi-Fi Education Application Mobile Computing Antivirus internet user History IT Services servers data Miscellaneous cloud capabilities Identity Theft Upgrade IT Support Office 365 Money Risk Management Small Business IT Facebook Communication voip Information Technology Humor Personal Information Smartphone Passwords ecommerce Hosted Solutions Windows phone systems Workplace Tips Marketing Apps Battery Internet Protocol Wireless Scalability Text Messaging Point of Sale Automation hardware refreshes Update iPhone business continuity plan Automobile Employer-Employee Relationship time How To threats Server downtime Artificial Intelligence BDR Managed IT Services Government Virtualization virtualized servers Cybercrime holiday Search Virtual Reality byod Router Microsoft Office Reputation Encryption Video Games ATMs Recovery spam Remote Computing content Gadgets Data recovery Managing Stress HaaS Password Net worth Software-based phone systems Alert Legal cars

Blog Archive

Sign up for our Newsletter!

  • Company Name *
  • First Name *
  • Last Name