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BVC #14: Net Worth Isn’t About Money [VIDEO]

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This latest Bargaineering.com video features some intro music (yay! probably won’t keep it for too long but I wanted to experiment a little with it) and a discussion on net worth. I briefly discuss how I calculate our net worth, how often we track it, and the true value in doing the exercise. As you probably expected, based on the title, the value isn’t in the number you get.

Please let me know what you think! (especially about the music and if you have any alternatives, podcast safe please, you think would work well)

{ 15 comments, please add your thoughts now! }

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15 Responses to “BVC #14: Net Worth Isn’t About Money [VIDEO]”

  1. Mark says:

    I think that including your house and mortgage (asset/liability) is important in determining your net worth, it is difficult on a monthly basis to value it. You have to come up with a standard method when you start…something like using Zillow and several other online services that will hopefully smooth out variances. Zillow can really ping around each month. Without a smoothing of the numbers, the variability of your net worth will not tell you what you are really looking for.

    • Jim says:

      I agree, as long as its consistent then it’s valuable. Zillow does bounce around a bit. For our home, I’ve always used the sale price and haven’t touched it in the last 4 years.

  2. Lucy says:

    Thanks, great video. I more or less track my net worth every month with networthiq.com. Pretty handy. Though you’re right, you can’t evaluate based on the net worth number alone.

  3. Patrick says:

    Great video Jim. I agree that it is a great way to show progress as well as provide motivation. Motivation is the key to maintaining that progress. Just as with going to the gym, if you don’t see results, you are just going to quit and go back to your bad habits.

  4. Martha says:

    hey Jim,
    I liked to video cast but wasn’t a fan of the music, I think it was too slow/ too much of a down beat! Money = fun! = upbeat music!

  5. I love how you divide them up into liquid and illiquid assets. Some people are so quick to put their house int the asset field and pat themselves on the back for their high net worth but a month later when they are laid off, they have to sell their house for much less than it’s “worth”.

    I’ve often thought about keeping the house in the liabilities field until the mortgage is paid off but dividing up into liquid and illiquid is just as good of a way to do it.

    Thanks for the great video Jim.

    • Jim says:

      I think the distinction is crucial because a dollar in the bank is not the same as a dollar locked up in equity in your home, to put them in the same category would be folly. :)

  6. Liko says:

    My net worth used to look good on paper. But within one year it went from $50k to -$20k when I had to sell my car and condo. My condo was apprasided at $300k… but ended up selling for $263k, then I paid $20k for real estate commisson and closing costs. I ended up with only $243k in the end. That’s a $57,000 difference!

  7. Brenda says:

    I liked the music. My problem with all your video is the volume. You have a soft voice with low volume that I can’t increase. Music volume was great. I keep trying!

    In the long run, does net worth matter? As long as you have zero debt, savings, retirement & emergency the rest seems to be for show.

  8. Dan Cook says:

    Great video! I also want to underline the main point, which is that calculating net worth regularly will give you that sense of progress that is required in any long-term endeavor. Getting out of debt is DEFINITELY a long-term endeavor! I need all the encouragement I can get.

  9. Shock says:

    The music intro should have a money theme. How about the intro to Pink Floyd’s “Money”?

    • Jim says:

      I want to use podcast safe music, I don’t want to use any licensed music where I’d probably get sued for using. :)

  10. J. Money says:

    Nice! I thought my A.D.D. might distract me here a bit but it didn’t – so job well done ;)

    I agree w/ tracking it for YOURSELF, and watching how your progress is going. One of my favorite things to do is look back over the months and see how far we’ve come (or how far we messed up). You’re never going to have a perfect run all the time, but it sure is great for sticking to a game plan!

  11. Kerim says:

    Very nice video! :)

  12. FlyFisher says:

    Awesome idea. Simple to do on excel and gives you a great idea of where you are at. I am going to do this tomorrow.


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