1607: How to Calculate Your Net Worth And Why It Can Help by Jackie Beck on Your Assets and Liabilities

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 3 August 2021

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jackie Beck tells us how to calculate net worth, and why doing so can be helpful Episode 1607: How to Calculate Your Net Worth And Why It Can Help by Jackie Beck on Your Assets and Liabilities Jackie and her husband paid off over $147,000 in debt, including their house! She’s walked the walk to become completely debt free, and she wants to help you do the same with her award-winning Pay Off Debt by Jackie Beck app. Jackie and her app have been featured in Oprah Magazine, MarketWatch, Forbes, CNBC, and more. The original post is located here: https://www.jackiebeck.com/net-worth/ Gusto offers modern, easy payroll and benefits to small businesses across the country. Get in touch now and get three months free when you run your first payroll. Just go to gusto.com/ofd. Please Rate & Review the Show! Visit Me Online at OLDPodcast.com and in The O.L.D. Facebook Group Join the Ol' Family to get your Free Gifts and join our online community: OLDPodcast.com/group Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, episode 1607, how to calculate your net worth and why it can help.
0:06.5	By Jackie Beck of JackieBeck.com.
0:09.2	And I'm your host and personal finance enthusiast, Diana Mariam.
0:13.2	This is the show where I serenade you with the sweet sounds of personal finance knowledge
0:17.6	from some of the best blogs on the planet, with the author's permission of course.
0:22.4	Today I'm featuring a new author for the show. I'll tell you about Jackie right after the reading.
0:27.6	So for now let's get right to the post and start optimizing your life.
0:35.6	How to calculate your net worth and why it can help by Jackie Beck of JackieBeck.com.
0:42.0	Let's talk net worth, how to calculate it and why you might want to figure it out.
0:46.6	Let's get the definition out of the way real quick first. What is net worth from a personal finance
0:51.7	point of view? It's the result of this formula. Net worth equals assets minus liabilities.
0:58.5	Assets are the things you own. Liabilities are debts you owe. So net worth is the value of everything
1:04.7	you own minus the value of everything you owe. If you own more than you owe, you have a positive
1:10.9	net worth. If the reverse is true, then you have a negative net worth. And if it's exactly zero,
1:17.2	that's surprising. Net worth isn't a set thing either. Instead, it's a snapshot in time that
1:23.9	shows your current financial picture. It goes up and down over time, but it hopefully trends up
1:30.0	over the long term. The one thing net worth isn't is any sort of measure of your value as a person.
1:37.7	Why calculate your net worth? There are a few reasons you might want to do this. First,
1:42.8	calculating your net worth gives you a starting point. For example, when I was in my 20s,
1:47.4	I thought my ex and I were doing great. We had a house, two cars, and one on vacations. Then one day,
1:53.1	I figured out my net worth and it wasn't pretty to say the least. We were in the red.
1:58.5	Our outside life didn't reflect reality and the truth is we could have lost those things very
	...

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