What Are You Worth?

Hello All! Blake here. I thought I would share with you the answer to the question I ask our family every year: What are you worth? This isn’t a deep, philosophical question or some Zen like journey that some take around this time of year. This is about Cold. Hard. Cash.

What are you worth? This isn't about some deep, philosophical question. This isn't about some Zen like journey that some take around this time of year. This is about Cold. Hard. Cash.

For the past several years, I have completed a simple net worth check. It is just the basics: retirement accounts, home equity, outstanding mortgage, etc. I do this with the goal of keeping my eye on the prize; retirement. I want my old bones on a beach somewhere before I am too old to enjoy it. When it comes to retirement, I do not have a magic clock running or a set age to retire at. I love what I do and there is a ton of research that shows those who work into their later years, live longer (that is if they enjoy what they do, of course). When the time comes, however, to ride into the sunset, I want to be prepared.

So, the facts! The Zotti bottom line looks like this:

Net Assets = just over 1/2 million buckaroos

Total Liabilities = right at 170 G

Total Net Worth = 350ish G

How much should the Zotti’s net worth be? Great question! I have no clue! My goal is to retire with between 1.5 and 2 million dollars in total net worth. With roughly 20 years left (unless I hit the numbers!) of Workin’ for the Man, I think it is doable.

This post is not about how to plan for retirement, but I think one should always be looking forward. In a previous post I spoke about revenue streams and how to piece together monthly income. Those things are very important! I am always thinking of ways to create revenue streams. What I want you to consider is how you can cross the retirement finish line with a net worth so big you have to get a bulldozer to push it across the finish line. When I finish, I want to resemble that dude from the Monopoly game or maybe Daddy Warbucks!

Jayleen here. I was amused by Blake’s chicken scratches from year to year. It gets the job done but I knew there was a better way. Lo and Behold … Numbers! I’m the proud new owner of an iMac and the learning curve is killing me. I did, however, manage to come up with this nifty chart. Numbers even has a ‘Net Worth’ template and it does all of the calculations for you. Easy Peasy. It’s my first attempt so don’t judge too harshly.

What are you worth? This isn't about some deep, philosophical question. This isn't about some Zen like journey that some take around this time of year. This is about Cold. Hard. Cash.What Are YOU Worth?

If you have never asked yourself this question, or maybe it has just been a while, you should. Don’t be afraid! You may be worth more than you think. I just hope to see you all on the same beach that I will be on later in life. Well, not all of you because that would be really crowded! You know what I mean.

Here are a few places to help you in your endeavor of finding your net worth:

Kelley Blue Book will walk you through the steps to discover how much your vehicles are worth.

Zillow is a starting point for the worth of your home.

Disclaimer: The views given in this article are simply a conversation starter and not meant to be financial advice. Unless it gives you lots of inspiration and wealth. Then, feel free to share your wealth with me! Remember, I am not a financial advisor. I just play one on TV:)

10 comments… add one
  • Tie the Money Knot Jan 29, 2015, 8:40 am

    I think it’s good to keep tabs on this, to know your overall financial situation. Not sure how often others do this, but I assess net worth at least every quarter.

    • How Do The Jones Do It Jan 29, 2015, 9:13 am

      Finding your net worth definitely shows the reality of your finances. Is debt just being shifted or are you actually gaining momentum. Now that I have a handy dandy net worth sheet, I might want to do it more often too!

  • Andi Jan 29, 2015, 10:56 am

    I’m not sure this post is helpful seeing as you never actually explain how to calculate ones net worth, you just state your own?!?

    • How Do The Jones Do It Jan 29, 2015, 8:54 pm

      Thank you for the feedback Andi. I’m sorry the post was not useful to you. I will see if the hubby can expand on the post to clarify. In the meantime, the handy dandy chart I created will give you a great idea of the assets and liabilities we used to figure our net worth. Of course, yours will probably be different as we all have a wide variety of assets and liabilities.

  • kay ~ lifestylevoices.com Jan 29, 2015, 6:38 pm

    This is a great idea! Periodically assessing one’s net worth. I think I’ll make this a new goal. Thanks! 🙂

  • EL @ Moneywatch101 Feb 11, 2015, 11:13 am

    Good job on the net worth. IS numbers a mac app only? I don’t own apple products. 350K will turn to 1 million in no time. Good Luck.

    • How Do The Jones Do It Feb 11, 2015, 4:13 pm

      We’re hoping for that million;0) Numbers is a Mac product. I’m thinking Excel must have the same type of thing though!

  • Michael Mota @NTPNW Jun 3, 2015, 6:34 pm

    I truly believe keeping track of your net worth is a great way to motivate yourself to better your financial future. I update my own net worth on a semi annual basis and actually post it on my site in the hopes of helping others. If interested here is a link to those net worth reports- http://negativetopositivenetworth.com/category/net-worth-reports/
    I enjoyed this article and hope to see you both at the beach as I bake in the sun enjoying my Corona, lol

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