Anonymous
How do I calculate my Net Worth?
Hi community! I've heard about the importance to keep track of my own net worth. While it's easy to take into account of fixed assets such as bonds and FDs, how do I include shares, robo-invest and ILPs into my net worth calculation? The price tends to change daily so is it true that my net worth daily will be volatile as well?
Thanks so much to all in advance!
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Elijah Lee
22 Oct 2019
Senior Financial Services Manager at Phillip Securities (Jurong East)
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Hi anon,
Yes, it is important to keep track of your net worth. Imagine yourself as a company with assets and liabilities. If you have no liabilities, then you are debt-free. If you do, then you need to clear them off, like how companies will want to aim to clear off theirs.
Regarding what you mention, yes, technically, your net worth will change daily. So I would suggest that you consider computing your net worth every 6 months or yearly, instead of daily. Keep a record and you will see if you have been improving your net worth over time or not. All the best!