How to Measure Your Net Worth
Valuetainment・16 minutes read
Net worth now includes money, health, skill, and influence; it's not just about finances. Tracking and improving various aspects of life like credit score, savings, health, and skills can enhance overall success and net worth.
Insights
- Focusing solely on money can hinder discovering life purpose, as net worth now includes money, health, skill, and influence/voice.
- Tracking financial progress since 2004 has led to significant improvements in various life areas through setting goals and actively working towards them.
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Recent questions
What does net worth encompass today?
Money, health, skill, influence/voice.
How does health impact financial success?
Crucial for longevity and energy.
What are the essential components of net worth?
Money, health, skill, influence/voice.
How can one improve their credit score?
Dispute inaccuracies with creditors.
Why is it important to track net worth?
Enhances overall net worth and success.
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Summary
00:00
Expanding Net Worth Beyond Money: Four Elements
- Net worth used to be solely associated with money, but it now encompasses a broader meaning.
- In 1999, a 21-year-old sought advice on becoming a millionaire from a wealthy individual in Hollywood.
- The wealthy man emphasized that focusing solely on money hinders discovering one's life purpose.
- Net worth today comprises four key elements: money, health, skill, and influence/voice.
- Health is crucial for longevity and energy, directly impacting financial success.
- Skill sets are essential for personal value and societal contribution.
- Influence and voice, through social media and communication, can lead to financial gains.
- Financial net worth is influenced by credit score, savings, income, and investments.
- Credit score is vital for loans and financial opportunities.
- Savings provide leverage and security, with short-term, mid-term, and long-term considerations.
10:27
"Tracking Financial Progress for Overall Success"
- Tracking financial progress since 2004 led to significant improvements in various areas of life.
- The process involves tracking, setting goals, and actively working towards them to drive positive changes.
- Driving credit score involves disputing inaccuracies with creditors to boost the score.
- Tracking net worth includes calculating assets minus liabilities, monitoring influence, health, and skills.
- Emphasizes the importance of focusing on multiple aspects of life to enhance overall net worth and success.
