0:00.0	Hey friends, welcome back. It's Finance Friday. This is the addition of Money Girl where I
0:10.0	answer your burning money questions. I love hearing from you. So if something finance related
0:15.8	is on your mind, leave me a voicemail at 302-364-0308. You can leave your name or remain anonymous like today's
0:26.8	caller who says, I'm enjoying the podcast and started tracking my net worth using your personal
0:34.1	financial statement or PFS download.
0:44.7	How do I know if I'm on the right track or have a net worth that's high enough for my age,
0:49.6	which is late 40s if I want to retire in my mid-60s?
0:54.1	Thank you so much for your smart question anonymous caller, And congratulations on creating your PFS and tracking your net worth. I always say this is one of the most important financial actions you can take, especially as you get older and you get closer to your target retirement age, but it's also important for young people.
1:11.9	This podcast will review how to figure out your net worth, rules of thumb for what's, quote,
1:18.3	unquote, normal in the United States, and the minimum wealth you typically need for retirement.
1:25.1	And if you want to get my PFS download that the caller mentioned,
1:30.0	simply visit laura d Adams.com and sign up for the money stack. That's my
1:36.3	substack newsletter. You can also Google or search for the money stack. Free money stack
1:42.3	subscribers automatically receive my money success toolkit,
1:46.4	which includes a PFS template to track your net worth. All right, so let's talk about net worth
1:53.8	and how you calculate it. Many people hear the term net worth for the first time when someone
2:00.4	describes a celebrity's wealth. For instance,
2:04.4	Oprah Winfrey is worth about $3.2 billion and Jerry Seinfeld is worth $1.1 billion and so on.
2:12.1	However, net worth is a critical number to calculate and monitor even when you're not famous or ultra rich.
2:20.3	I'm going to read a short excerpt from my book and audiobook called Debt Free Blueprint,
2:25.4	How to Get Out of Debt and Build a Financial Life you love. That explains net worth and how to
2:30.7	determine yours. Okay, here we go. The first step on any journey is to assess the situation.
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