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The Meaningful Money Personal Finance Podcast

MMP156: Net Worth - What to do if you're not on target

The Meaningful Money Personal Finance Podcast

Pete Matthew

Education, Business, Investing

4.91.7K Ratings

🗓️ 27 April 2016

⏱️ 27 minutes

🧾️ Download transcript

Summary

Over the last two weeks we have talked about Net Worth, how to define it, how to calculate it and how to come up with a target Net Worth which signifies financial independence. We have looked at the metrics to track as you go along, so you know whether or not you’re on track. But what if you’re not on track? What if it is clear that you’re going to fall short of your target Net Worth. What should you do?

Net Worth: What if you're not on target?

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This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

What if you're not target?

Over the last couple of weeks, we have looked into what Net Worth is and how you can calculate it, and the things you should track on your way to target. But what if it you're not on target?

In this session, you'll discover:

  1. That your target is a moving one
  2. That there are plenty of variables which may or may not be borne out
  3. Why it's about more than just the destination
  4. Ways to reassess your goal if you need to
  5. The three key variables, which can be moved to realign things when they go off track
  6. How tweaking one or more of those variables may mean that your target may not be so far off after all

Apart from anything else, there is much to be gained from aiming at a target, rather than wandering aimlessly through life.

Resources mentioned in this show

Website: Find a Certified Financial Planner Podcast: Session 137: Making More Money 

Join the conversation

I love to read and respond to your comments, so please do join in and share. Question: Are you on track? If not, what might you do to fix it?

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Transcript

Click on a timestamp to play from that location

0:00.0

Hi folks and welcome to the Meaningful Money podcast session number 156.

0:04.4

Stay on target. We're too close. Stay on target.

0:09.1

Loose it up.

0:15.0

I know I've used that clip before, but I love it so much.

0:21.8

This is the podcast dedicated to helping you put your finances in order.

0:26.8

My name is Pete Matthew, and I'm going to share with you everything you need to know

0:29.6

and everything you need to do to secure your financial future.

0:33.4

I'm here to help you make sense of money.

0:40.1

Yeah, I do love that clip.

0:41.9

I don't know exactly when it was.

0:43.4

I used it.

0:44.0

I do like to try and use different ones, but, you know, there wasn't anyone that was better than

0:48.4

that.

0:48.6

So I used it again, so I hope that's okay.

0:50.7

Great to have you with me once again here on the Meaningful Money podcast.

0:53.8

Over the last

0:54.4

couple of weeks, we've talked about net worth, how to define it, how to calculate it, how to come

0:59.9

up with a kind of target net worth which signifies financial independence for you, whatever your

1:05.0

definition of that is. We looked last week at the sort of metrics to track as you go along so you

1:10.3

know whether or not you're on track.

1:12.4

But what if you're not?

1:13.9

You know, what if you're not going to hit your target?

...

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