Episode 8: Getting Real With Our Spending and Calculating Net Worth
I almost re-recorded this episode because I was scared I sounded like I was yelling at you. I took a vote on my IG story (@gretchen_heinen) and you all voted to 'drop it like it's hot' so here you go. You asked for it!!! (PS this is my grammy gram below).
Part of getting real about your net worth is that you need to actually calculate it. This can be painful, I know. It's easier to ignore it and keep swiping away! Real and lasting net worth is more than just your income and your budget, it's a delicate balance of multiple streams of income and making sure that your money is working for you AND you are saving and investing. A person earning $1,000,000 a year and spending $1,000,000 a year is still broke.
Remember when I told you in the beginning of this podcast that I am not going to pretend to be an expert...ok good. Keep remembering that because it still stands. Here is your official disclaimer that you need to take a professionals advice, not mine when it comes to your investment strategy and your portfolio. I will do my best to always bring those experts to you! If you haven't checked out Episode 7 yet with Dave Dettmann, do so! He is a professional. Listen to him.
However, I wouldn't be a very good friend if I didn't at least tell you how I calculate my own net worth and calculate how much it takes to run my life. I use very BASIC spreadsheets and basic apps which I talk about in this episode.
We also have some exciting news! The Net Worth It Podcast community is now on Facebook!
In the group is a free downloadable tool and daily inspiration for your journey. The tool will help you to discover your ideal day and tips and ideas about how you might get there. This information is strictly for informational purposes and not meant to replace professional advice. CYA yo....or maybe it's CMA since it's mine to cover.
Each month in our community we will be collectively tracking our net worth and my goal is to get our group to 100 million dollars of net worth collectively and eventually to 1 billion. I cannot wait for this day!
I get kind of fired up in this episode so don't think I am yelling at you. I just want you to do your best in life with your money.