Should I Pay My House Off Early?
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 15 January 2024
⏱️ 28 minutes
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| 0:14.4 | Okay, next question is from Chris H. And you're going to like this one because it's perfectly timed. He says, when is the best time to do your first net worth statement? |
| 0:19.8 | And I mean, you guys are huge fans of your annual net worth statement so I'd love for you to |
| 0:24.7 | share why like what impact that has made on your financial lives and then answer his question |
| 0:29.7 | like when's the best time to do it and how she did he think about doing that? When is the best time to do it and how she think about doing that? |
| 0:33.0 | When is the best time? |
| 0:34.4 | If you've never done it before, as soon as possible right now today, |
| 0:37.3 | ah, that's like you just, you gotta start it. |
| 0:39.8 | If you just graduated college and you're just coming out and you're starting out in the workforce. |
| 0:44.8 | Do it today, get it on paper, start it, start it, start it, start, because the best time to |
| 0:49.3 | start tracking it is right now today and then you can track it into the future. I'll share what I do personally, what I know that you do personally. I like doing mine once a year. |
| 0:57.5 | It's because I love surprises. I'm the kind of guy Brian, like you know it's Christmas time, right? |
| 1:01.0 | And so they're just their boxes |
| 1:02.8 | showing up my house you know what I don't do I don't look at the boxes I mean I |
| 1:06.8 | pick him up to bring him aside because you know that's what I do for my wife |
| 1:08.9 | but I don't want to see it I don't want to ruin I hate ruining surprises I |
| 1:12.0 | love that when I do my network |
| 1:14.2 | statement on like January 1st very year because I do it as of the end of the year I |
| 1:17.7 | love being surprised by what happened over the last year and so I love doing it once a year I like doing it at the end of the year |
| 1:25.2 | because that way it just kind of like 1231 is a nice solid reset to use and then I track it every single year |
| 1:31.6 | every single year every single and I've been doing this now for a long time. |
| 1:34.0 | And it's amazing to look back and see where I am today |
| 1:38.0 | versus where I started back when it probably |
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