Know Your Net Worth
It can help you to determine when you are and how to get where you want to be.
- You can identify areas where you spend too much money. Do you need it or merely want it?
- Pay Down Debt. You can develop a plan for paying down debt.
- Your net worth figures can motivate you to save and invest money.
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Money rules to increase your net worth
- Don't spend all your income at once: the easiest way to grow your bank account is NOT to spend it all.
- Know how the Economy works.
- Avoid debt; personal debt destroys your net worth like nothing else.
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Know Your Net Worth
Net worth is what would be left if you were to sell everything you own and pay what you owe. If you have a positive net worth, continue working to increase your net worth, but if you have a negative net worth, analyze your budget and plan how to increase it.
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Why you should know your net worth
- Knowing your net worth provides you with an actual state of your finances.
- It can also tell you how close you are to achieving financial independence.
- Tracking over time helps you know if you're spending too much month after month.
- When opening a bank or brokerage...
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