NOVEMBER 2024 NET WORTH & FINANCIAL GOALS UPDATE

In this video, I share our real number net worth as of November 30, 2024. When we started this journey back in 2020, we had over $120,000 in student loans. Over the last two years, we have more than doubled our net worth by decreasing our liabilities and increasing our assets. I talk about how to calculate your net worth and how our net worth has changed over the last year. I also discuss our current financial goals and our progress towards our 2024 financial goals which include maxing out two Roth IRA's for 2024, saving for a basement remodel, saving additional money towards our emergency fund and saving for our kids college funds.

Knowing your net worth is a critical part of your financial picture. Many confuse income with net worth; however, they are very different. Your net worth is a calculation of your assets minus your liabilities. Assets can include cash in a savings account, 401(k), jewelry, or real estate investments. Liabilities can include any outstanding debts you might have, like student loans, credit card debt, or a mortgage.

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PLEASE NOTE: I am not a finance professional and just want to share my journey openly and honestly. This is only my experience and not intended to give financial or legal advice.

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See you in my next video! XO, Amy

[denselypackedfancy]

Include cars as assets. But use the trade in value (from kelly blue book) which is the bare minimum you can expect from the car in an emergency situation. We have three (older, but extremely reliable) paid off vehicles. The total bare bones value on them is around $10, 000, but we could probably get closer to 15, 000 easily for them if we needed to sell. I use $10, 000 in my net worth calculation. Think of it this way…can you go to the bank and get a loan secured by an item? That item should be included in your net worth. Banks loan money on used cars all the time.

[mattburton]

I do include my Jeep in my net worth but I lower it by $1, 000 almost every month just to keep up with the depreciation. It’s paid off though! 🙌🏼
I know you don’t want to share all your numbers regarding your overall savings, retirement, etc…… but I would LOVE a video about your sinking funds, maybe what categories you used to have, what you use yours for now and *around* what amount of money you like to keep for each…. I have sinking funds but I struggle with direction on what I should keep in each category 😩
Love your channel, it is my weekly inspiration! 😊

[debbieconnelly]

As someone who just bought a car, im happy i always included the car in my net worth. I'd suggest using trade-in value because, like you said, you can't really survive without one, but boy did that trade-in value come in clutch 😂 unless you're someone who drives them until they are truly worthless or scrap them out

[patriciavaughn]

I count my cars, but severely undervalued. I have no desire to check their value monthly. I picked a number that the most expensive car won’t depreciate down to any time soon and use that for all 4 cars for a year at a time.

[sheak]

I include our car value! But I’ve been dropping its value by $500 each month. We also plan on selling it and having no car for about a year once my husband is shipped off to OCS, and I’ll live with my family while he’s gone!

[moneywithjustliving]

Hey there, great video. I don't consider cars as net worth, due to the fact they depreciate very quickly. The Value is only if you can get the buyer to pay what you think it is worth. Cars are disposable. But great job paying down debt.

[catharinabra]

I don’t really track our networth but when I do count it from time to time I ”only” add the hobby cars that could be sold for cash of need be 🚘

[thearbitrarylife]

I include my car but don't. I list it because its a large item purchase but I don't 'include' it as an asset. I live in a rural area that I need a car to get from point A to point B, so I wouldn't be getting rid of it. If I do, its because I purchased a replacement.

[ChicagoMomTexas]

I agree with you about taking the cars out of the net worth calculation but have you considered making that change at the start of 2025 so you have an apples to apples comparison year over year? Just an idea. Thanks for sharing your journey!

[niki]

I love the name of your channel. In the opening I hear “Dear Debt, I don’t think we can be together anymore. It’s not you, it’s me, I just don’t want you in my life.”

[allthingsalecia]

We do include our cars, but that’s also because we still owe them so we included in assets and in liabilities

[GlendaWarren-fn]

While I agree about removing cars from net worth also never say never about having nice cars 60k is not that out of reach anymore and Hondas are keeping up with price values! And you have kids gotta spend more to make sure it’s reliable and safe !!!✅

[Kittenmom]

I have never included my cars. We own more in silver and gold and don’t include that either.

[summerjoy]

I would include it bc if something happened to us, it would become inherited or sold unless it was a piece of crap like our current cars 😊

[Maritza]

I do. Whoever inherits our mess will be able to sell the cars.