How Do I Keep Track of My Net Worth?

The calculation is actually pretty simple. First, total up all of your assets. This can include: ● Savings account ● Checking account ● 401K (and other retirement accounts) ● Investment accounts (including crypto) ● Real Estate ● Vehicles (car, boat, RV) ● Personal property (i.e., jewelry, antiques, etc.) Then you’ll need to total up your liabilities or debts. This can include: ● Mortgage ● Credit card debts ● Auto loans ● Student loans ● Other types of loans (credit builder, debt consolidation, payday, etc.) ● Tax payments To get to your net worth value, you’ll need to subtract your liability total from your asset total. This number can be negative. Total Assets - Total Debts = Net Worth From here, you just need to periodically re-check it. Once a year will probably suffice. Or, if you prefer a hands-off approach, check out one of the services we mentioned above.

Is it Worth Tracking Net Worth?

There are several good reasons for obtaining knowledge of your net worth, each suited to different circumstances of life. If you are struggling with your finances or feel that you are drowning in debt, knowing your net worth can help you get the full picture of your financial situation. You can then use this information to prioritize which debts you pay down first and keep a tighter rein on spending. It is also a good number to be aware of when purchasing life insurance. The amount of life insurance you take out needs to cover the value of your debts and provide your loved ones with financial security. Your net worth value can be a good first step in purchase considerations. One of the most common times people take a look at their net worth is when they are planning for their retirement. That net worth value can give you a good idea of whether you will have enough money in retirement or not.

What is a Good Net Worth by Age?

Unlike retirement planning, there are no hard and fast rules about how much net worth you should have at any age. Circumstances change all the time, and you might find yourself taking on huge debts in your 50s or sitting on substantial assets in your 20s. While there are no proper guidelines on what your net worth should be, the Federal Reserve Board initiated a consumer finance survey in 2019 to determine the average net worth of respondents.

Best Net Worth Tracker in 2024

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These net worth trackers calculate the value of your assets and liabilities.

Many of these companies offer free net worth tracking tools alongside their core product, which are usually budgeting tools or investment management.

So let’s dive in and take a look at five of the top net worth tracking tools on the market.

The Best Net Worth Trackers

Personal Capital Net Worth Calculator
Mint Budget Tracker & Planner
PocketSmith Budgeting & Personal Finance Software
You Need a Budget (YNAB) Budgeting App
Kubera Portfolio Tracker

Best Net Worth Trackers Compared

Brand name	What’s Different	Notable Feature	Price