How often do you check your net worth?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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Re: How often do you check your net worth?

Post by createplayact » Sun Apr 14, 2019 9:13 am

I use Quickbooks (the desktop version) and manually update all the retirement balances with a journal entry on the last day of each month.

QB also works well at tracking my credit card spend, ACH activity, and bank transfers. Switched to it from Quicken after running into several bugs and losing my bank feeds in 2013 / 2014. No login information is saved anywhere. I have to key in my password every time I pull info into it.

Main fault with my system is that it can be a little difficult understanding my investment diversification since QB doesn't track individual securities well. I like QB (as an accountant by trade) because I have a lot of control over how I can organize everything.

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Re: How often do you check your net worth?

Post by JDCarpenter » Sun Apr 14, 2019 3:37 pm

Since mid-90s, all weekdays when home (use quicken to download transactions/prices for all of our accounts). Now we often have gaps of months when we aren't home and I don't check when traveling.

In any event as noted by others, I don't catch house/land value changes with this approach. To me, not worth bothering for more precision, as NW isn't really an important number to us; important number, especially now that we are retired, is liquid net assets.
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Broken Man 1999
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Re: How often do you check your net worth?

Post by Broken Man 1999 » Sun Apr 14, 2019 3:50 pm

acegolfer wrote:
Sat Apr 13, 2019 3:28 pm
SCV_Lawyer wrote:
Sat Apr 13, 2019 3:17 pm
I can understand why to some, the value of your house is not that useful if you plan to stay in it for a long time. For our situation, I am very interested in the value of our house. I will likely retire in around four years, and then once my youngest graduates from high school four years after that, we will move from a VHCOL area to a MCOL area. We will be able to buy a house for probably half the value of our current house, so those excess proceeds are part of our retirement plan. Sure, the value can fluctuate over time, but if I just ignored those excess proceeds, which are probably $600k, I would work too long.
One should include house value in NWT calculation, if he can. IMO, ppl who say one should not include house value are in the minority.
Yes, very true. However, the question posed was not if one included housing in net worth figure, the question was How often do you check your net worth?.

The fact that many of us don't check our net worth does not mean we don't know what net worth includes, it is simply many of us see no value in calculating our net worth and updating the figure at some interval. At this time, I find no value in our net worth figure, so I don't calculate it. To others, their net worth figure is very important for planning purposes. For a lot of us, not so important.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

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Harry Livermore
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Re: How often do you check your net worth?

Post by Harry Livermore » Sun Apr 14, 2019 5:28 pm

Long answer:
I have a relatively simple 3-page master spreadsheet that calculates our net worth, including our primary residence. It does a few other things too like calculate our future SS and pension income, current and future real estate rents, and (my preference) 3.5% SWR from our liquid investments to try and come up with a workable retirement income stream. It also breaks liquid and illiquid assets into different categories so I can visualize asset allocation within each category.
I generally update the share prices manually each Saturday. When I make a mortgage payment, I enter it into another spreadsheet and then enter the resulting remaining balance into the appropriate place on my master spreadsheet. If I pay down business debt it affects the value of the business (mostly depreciated equipment value) so I enter that result in the master spreadsheet. When I get my (paper) quarterly Vanguard statements, I update the number of shares in the master spreadsheet, and if it's in a taxable account, enter the div/ cap gain reinvestment or purchases into a spreadsheet to track basis (no need to track reinvestments in retirement accounts although I do track contributions)
I'm well aware that I can't sell off a bathroom, but like others here, I'm keenly interested in the value of our primary residence and the equity we currently have in it, as we will likely relocate for retirement. As part of that plan I'd like to have a realistic expectation about proceeds from the sale of that house, and what that might buy us in a (hopefully) lower cost location. Philosophically I agree with those who say don't count it, but I like to look at the whole pile holistically.
Short answer: usually every Saturday.

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Re: How often do you check your net worth?

Post by TallBoy29er » Sun Apr 14, 2019 8:25 pm

Skipped all the intermediate posts. To answer your question re how often, I take stock of where we are about twice per year. When I feel like it, not on a schedule. I'm thinking of moving to 1x per year to save effort.

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Re: How often do you check your net worth?

Post by NYCwriter » Sun Apr 14, 2019 9:28 pm

I use personal capital. I've learned it's not very productive to fixate.

I'm maxing income deductions into retirement (autopilot), max out Roth, and DCA into taxable. I see net worth whenever I use PC to check on my allocation, which I do 4-6x a year. (Yes, more than necessary.) My retirement funds get adjusted 1-2x a year at most.

I can tell you that my net was significantly less end of Dec, and significantly more when I recently checked. Yet, nothing about me or my lifestyle significantly changed in between :D

The one advantage of doing my financial plan every Jan is that my net worth gives me motivation to look at cutting expenses for the year, to avoid "lifestyle creep" on unnecessary expenses, and to budget for the one fun thing (travel? a vacation?) that feels like an earned luxury now that I've entered my 50s.

12% tax bracket, btw.

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Re: How often do you check your net worth?

Post by drawpoker » Sun Apr 14, 2019 9:35 pm


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Re: How often do you check your net worth?

Post by tc101 » Sun Apr 14, 2019 10:57 pm

I check my net worth almost every day. There is no rational reason to do this, but it makes me feel good to see how much money I have. When the market is going down, I don't look.
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