Keeping track of your financial progress is crucial for achieving your long-term goals. One of the most effective ways to do this is by monitoring your net worth – the difference between your assets and liabilities.
A net worth tracker can help you visualize your financial journey, identify areas for improvement, and make informed decisions about your money. In this comprehensive guide, we’ll explore the world of net worth trackers and provide you with the tools and strategies to track your wealth like a pro.
Skale Money Key Takeaways
Managing your personal finances is essential for building wealth and achieving financial security. Tracking your net worth is a powerful way to monitor your progress and make informed decisions about your money. Here are the key takeaways from this guide:
- Understanding your net worth is the first step in taking control of your financial life.
- Net worth trackers simplify the process of calculating and monitoring your net worth over time.
- There are various net worth tracker apps and spreadsheets available, both paid and free, to suit different needs and preferences.
- Regularly updating your net worth tracker can help you identify opportunities to increase your assets, reduce liabilities, and achieve your financial goals.
- Incorporating net worth tracking into your financial routine can lead to better money management habits and long-term wealth-building.
Table of Contents
What is Net Worth?
Your net worth is a measure of your overall financial health. It represents the total value of your assets (what you own) minus your liabilities (what you owe). In simple terms, it’s the sum of your bank accounts, investments, property values, and other assets, minus any outstanding debts, such as mortgages, student loans, or credit card balances.
Best Net Worth Tracker Apps
Best Net Worth Tracker, Overall: Empower
Empower is a comprehensive personal finance app that offers a net worth tracker as one of its key features. It automatically syncs with your bank accounts, credit cards, and investment accounts, making it easy to track your net worth in real-time.
| App | Features | Price | Website |
| Empower | Net worth tracking Budget tracking Investment tracking Automatic account syncing | Free (Premium plans available) | empower.me |
Best Net Worth Tracker for Multiple Financial Accounts: Monarch Money
If you have multiple financial accounts across different institutions, Monarch Money is an excellent choice for tracking your net worth. It can sync with over 20,000 financial institutions, ensuring that your net worth calculation is accurate and up-to-date.
| App | Features | Price | Website |
| Monarch Money | Net worth tracking Account aggregation Investment tracking Budgeting tools | Free (Premium plans available) | monarchmoney.com |
Best Net Worth Tracker for Cash-flow Forecasting: PocketSmith
PocketSmith is a powerful net worth tracker that offers cash-flow forecasting capabilities. It can project your future net worth based on your income, expenses, and investment contributions, helping you plan for your financial goals.
| App | Features | Price | Website |
| PocketSmith | Net worth tracking Cash-flow forecasting Budget tracking Investment tracking | $9.95/month (14-day free trial) | pocketsmith.com |
Best Net Worth Tracking App for Stock and Crypto Investors: Kubera
If you have a diverse portfolio that includes stocks, cryptocurrencies, and other alternative investments, Kubera is an excellent choice for tracking your net worth. It supports a wide range of asset types and provides detailed portfolio analysis.
| App | Features | Price | Website |
| Kubera | Net worth tracking Portfolio tracking Cryptocurrency support Alternative asset tracking | Free (Premium plans available) | kubera.com |
Best for Passive Investing: Betterment
Betterment is a robo-advisor that offers a net worth tracker as part of its platform. It’s an excellent choice for passive investors who want to track their net worth and manage their investments in one place.
| App | Features | Price | Website |
| Betterment | Net worth tracking Robo-advisor Retirement planning Tax-efficient investing | 0.25% annual advisory fee | betterment.com |
Best for Spreadsheet Fans: Tiller Money
If you’re comfortable with spreadsheets, Tiller Money is a great option for tracking your net worth. It automatically syncs your financial data into a customizable Google Sheet or Excel template, allowing you to track your net worth and analyze your finances in detail.
| App | Features | Price | Website |
| Tiller Money | Net worth tracking Financial data syncing Customizable templates Spreadsheet-based interface | $79/year (30-day free trial) | tillerhq.com |
Free Net Worth Tracker Apps
Photo by CardMapr.nl on Unsplash
While many net worth tracker apps offer premium features for a fee, there are also several free options available. Here are a few popular free net worth tracker apps:
Personal Capital
Personal Capital is a free financial management app that offers a net worth tracker, investment tracking, and retirement planning tools. It’s a great option for those who want a comprehensive view of their finances without paying a subscription fee.
Mint
Mint, currently known as Credit Karma is a popular free personal finance app that includes a net worth tracker along with budgeting tools, credit monitoring, and bill payment reminders. It’s a great all-in-one solution for those looking to track their net worth and manage their finances.
Wealthica
Wealthica is a free net worth tracker that supports a wide range of financial accounts, including bank accounts, investment accounts, and even cryptocurrencies. It provides a clear snapshot of your net worth and allows you to set financial goals.
While free apps can be a great option for those on a tight budget, it’s important to note that they may have limitations in terms of features or account syncing capabilities. Premium paid apps often offer more advanced features and better account integration.
Why is Net Worth Important?
Knowing your net worth is crucial because it provides a comprehensive view of your financial situation. It helps you assess your progress towards your financial goals, identify areas for improvement, and make informed decisions about your money management strategies.
By tracking your net worth over time, you can monitor the growth (or decline) of your wealth and make adjustments as needed.
Why You Should Track Your Net Worth
- Tracking your net worth provides a clear picture of your financial health. It allows you to see how your assets and liabilities are changing over time, which can help you identify areas for improvement and make informed decisions about your money management strategies.
- Monitoring your net worth can help you stay motivated and focused on your financial goals. As you see your net worth increasing, you’ll be encouraged to continue making smart financial decisions and stay on track with your long-term plans.
- By tracking your net worth, you can identify potential areas for growth or optimization. For example, you may notice that your investment portfolio is underperforming, or that you’re carrying too much debt, which can prompt you to make changes and improve your financial situation.
How Do You Track Your Net Worth?
List Your Assets
The first step in tracking your net worth is to list all of your assets. This includes things like bank accounts, investment accounts, real estate, vehicles, and valuable personal possessions. Be sure to include the current market value of each asset.
List Your Liabilities
Next, make a list of all your liabilities, which include things like mortgages, car loans, student loans, credit card balances, and any other outstanding debts. Be sure to include the current balance owed for each liability.
Calculate Your Net Worth
To calculate your net worth, simply subtract your total liabilities from your total assets. The resulting number is your net worth. If your assets exceed your liabilities, you’ll have a positive net worth. If your liabilities exceed your assets, you’ll have a negative net worth.
How to Increase Your Net Worth
Reduce Liabilities
One of the most effective ways to increase your net worth is to reduce your liabilities. Focus on paying down high-interest debt, such as credit card balances, and make extra payments towards your loans whenever possible.
Have a diversified portfolio
Increasing your assets is another way to boost your net worth. Consider investing in a diversified portfolio of stocks, bonds, and other investment vehicles. Additionally, you can increase the value of your assets by making home improvements or purchasing appreciating assets, such as real estate or collectibles.
Live within your means
Living within your means and cutting unnecessary expenses can free up more money to put towards your assets or pay down your liabilities. Review your budget regularly and look for areas where you can reduce spending.
Celebrities Net Worth 2024
In addition to tracking your own net worth, it can be interesting to explore the wealth of famous individuals. Here are some celebrity net worth figures for 2024:
Mr Beast Net Worth
Jimmy Donaldson, better known as MrBeast, is a popular YouTuber known for his expensive stunts and philanthropic endeavors. His channel recently passed T-series subscribers and is now the most subscribed Youtuber. As of 2024, MrBeast’s net worth is estimated to be over$100 million.
Tim Tracker Net Worth
Tim Tracker is a successful traveler, social media influencer and entrepreneur. His net worth in 2024 is estimated to be around $25 million, thanks to his various business ventures and brand sponsorships.
100K Track Net Worth
100K Track is an American artist estimated to have a net worth of around $15 million in 2024.
Drake Net Worth
Drake, the Canadian rapper, singer, and actor, has an estimated net worth of $260 million in 2024. His wealth comes from his successful music career, investments, and various business ventures.
Rick Ross Net Worth
Rick Ross, the American rapper, and entrepreneur, has an estimated net worth of over $150 million in 2024. His wealth is primarily derived from his music career, record label, and various business ventures.
Andrew Tate Net Worth
Andrew Tate, the controversial former kickboxer and social media personality, has an estimated net worth of over $12 million in 2024. His wealth comes from his various businesses, including coaching programs and online courses.
Beyonce Net Worth
Beyonce, the world-renowned singer, songwriter, and actress, has an estimated net worth of over $500 million in 2024. Her wealth comes from her successful music career, acting roles, and various business ventures.
Trump Net Worth
Donald Trump, the former President of the United States and real estate mogul, has an estimated net worth of over $8 billion in 2024. His wealth primarily comes from his real estate holdings and various business ventures.
Summary: Tracking Your Net Worth
Importance of Tracking Net Worth
Tracking your net worth is a crucial step in managing your personal finances and building wealth. It provides a clear picture of your overall financial health and helps you identify areas for improvement.
Benefits of Using a Net Worth Tracker
Using a net worth tracker app or spreadsheet can simplify the process of calculating and monitoring your net worth over time. It can also help you stay motivated and focused on your financial goals by visualizing your progress.
By incorporating net worth tracking into your financial routine, you can make more informed decisions about your money management strategies, increase your assets, reduce your liabilities, and ultimately achieve financial freedom.
FAQs
How often should I update my net worth tracker?
It’s generally recommended to update your net worth tracker at least once a month, or whenever there is a significant change in your financial situation (e.g., a large purchase, investment, or debt payoff).
How do I determine the value of my assets?
For liquid assets like bank accounts and investments, you can use the current account balances or market values. For non-liquid assets like real estate or vehicles, you can use online valuation tools or consult with professionals to obtain accurate estimates.
What if I have assets or liabilities in different currencies?
Most net worth tracker apps and spreadsheets allow you to input values in different currencies and will automatically convert them to your base currency for net worth calculation purposes.
