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 about some deep, philosophical question or 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 more 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;0)
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.
I’m off to make these last few charts all fancified in Numbers. If you have any Mac tips or know of a great tutorial, I’m all ears! Heeeelllp Meeeee!
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:)