“To figure out your own net worth, you need to tally up all of the money that you have and the value of the things you own. This includes what’s in your checking, savings, retirement and investment accounts, as well as the market value of property that you own, including your home, your car, and even jewelry and collectibles. Well, it won’t always be easy and it won’t always be quick, but the good news is that it can be done. The truth is that you have more control over your credit than you think. You just have to put in the work.”
Do you live a paycheck-to-paycheck existence? Or are you focused on escaping that vicious cycle and building your net worth?
Net worth — the value of all our assets like bank accounts and property minus our liabilities like mortgages and credit card debt — is a summary of our economic worth, the simplest indicator of our financial well-being.
Building your net worth is the path to true financial freedom, and there’s a tried-and-true formula to grow it: Boost your income and assets while reducing your liabilities. In other words, save more money, and lower your debt. But doing so is often easier said than done.
So, let’s examine 10 simple things you can try in order to start building a stronger net worth — and financial future — today.