Reply to Do you include your home equity in net worth ?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What do all of you people use your "net worth" calculation for?  [/quote]

I look at how it changes year over year to see how we are progressing and to set financial goals. It helps to see when we need to double down on savings or can spend some money on home improvement or other big ticket items. I also use the process to take a look at the weightings in various things, although our financial advisor does that as well.

I see some people on here saying they do it monthly. I really only do it in January, although occasionally I will do a mid year update.[/quote]

If you download an app like personal capital/empower and connect your financial stuff to it, you don’t have to track anything, ever. It does all the work for you. You can literally push a button every single day and see what you’re worth that day.[/quote]

Yep.. Until someone figures out how to hack those apps and harvest your credentials.[/quote]

DP: I also think for many of us that the work is part of the process, when you do a review you are putting yourself in the mindset of thinking about where you are at and where you want to go.  Taking the time to input everything helps you stay in that mental space a bit and earmark it as something special. I used personal capital back when it was that (I removed my account when they changed hands as I did have security concerns too) and it was great to see it all updated but I found I kind of drifted away from being on top of my finances a bit compared to when I did a monthly excel update and a 2x a year review with my spouse.  I always knew where I was at financially, but the constant nature of it made me less reflective/planful.  [/quote]

Did/Does Empower allow you to track expenses and not keep nagging you about investment accounts? I just a free (web-based or otherwise) app that can connect to my credit card accounts and classify my expenses for me on demand. Don't need them to also track assets/investments. [/quote]

Yes, it absolutely does and that is primarily what I use it for. There is very little nagging involved. In fact, I can’t remember the last time I got any kind of solicitation from them.[/quote]

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