Recalculating Your Net Worth
Posted By: Dr. Frugal in Saving on 06/05/2007 at 10:41:49
It's a good idea to recalculate your net worth at least annually. It usually takes only a few minutes once you've created your first evaluation. Believe it or not, doing it every month, while it might seem excessive, will be of great benefit.
If you're married, talk to your spouse about what you've accomplished when areas still need improvement. If you're single you'll have to do this alone. If you don't feel as though you're making substantial progress on a particular goal, re-evaluate the approach and figure out some ways to get back on track. If you're making steady progress, seeing the results is both rewarding and motivating for future goals.
Sometimes you'll discover your goals have changed and that's absolutely fine. Good financial planning is flexible and will evolve with your needs. If you lose interest in a goal, don't consider it a failure. There's no reward in working for something you don't really want. Simply update your goals and keep moving forward.
Sometimes talking with others can be of great benefit. You can learn from each others experiences and gain insights as to what has worked for other people. If you find that you're failing at most of your goals because of a lack of motivation make a new list of how exactly achieving these goals will help you. Putting positive thoughts in your mind about the goals and their benefits will make them easier to obtain.
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Related:
Setting Long-Term GoalsThe Importance of Financial Goals
