Vincenza Vicari-Bentley, AFC
Empowering Financial Wellness Program Coordinator
Have you heard that only wealthy people should care about their net worth? This could not be further from the truth, especially for women.
We know about self-care and taking preventative measures to make sure we’re staying healthy. If you were not feeling physically well, you’d want to know what was causing your symptoms and what you need to do to feel better. Same goes for your financial health.
When we understand how to measure and understand net worth we can keep a gauge on our financial health. Otherwise, you may end up feeling stressed or have a false sense of security of your financial future, both which can be dangerous, especially for women.
Net worth is simply a measure of what you OWN (assets) minus what you OWE (liabilities) on those things that you own. The goal is to build that number (in the positive) as we go through our lifetime. It’s not unusual to have a negative or very low net worth for example when you’re young and you’re paying off student loans or just bought a house with a mortgage. It is possible to have a low net worth even if you have a high income. Why? Because unhealthy spending habits can prevent people from building net worth in the positive direction.
Keep in mind that the number you get when you calculate your net worth can’t tell you everything, whether it’s positive or negative. Try this simple net worth calculator and where you stand today: Net Worth Calculator. Ultimately, it’s up to you to take a holistic look at your finances and figure out how financially healthy and secure you are because you’re worth it!
Kristilyn Wiklinson, M.S., AFC Candidate
What is your net worth? Just a heads up, it is different from your SELF-WORTH and is in no way tied to that. It is, however, still an important part of your overall financial wellness? Your net worth is basically what you OWN minus what you OWE. Your net worth is a snapshot of your finances at one point in time. It tells you whether you are solvent, aka whether you have enough assets to pay off all of your debts.
Got the spring fever itch to freshen up, tidy, and de-junk? The obvious list includes the garage, gutters and pantry but don’t overlook your personal financial records. Below are five simple guidelines and links to further resources to make this process painless each year. TIP: Set aside time include your spouse and/or children in this process. It is a great teaching opportunity for kids.
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