A Money Coach in Canada

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Money Coaching Tip, Jan. 3, 2010:  Know Your Net Worth.

Nail it down.  So many of my clients would orient their sense of financial reality in things like their debt or their cash flow.

The grounding point instead should be your net worth.  The rest is a matter of working out the details.

A little 101:  your net worth is what you own versus what you owe,  when you sum it all up.  It can get a bit tricky – do you count your car as an asset?  What about your furniture?  Your jewelry?  Personally, I kept it simple, factoring in only the value of my home, how much I owed on my mortgage, my debt, my investments’ value and any pieces of furniture valued over $2K.

So take 30 minutes, open an excel spreadsheet (or whatever works for you) and plug in the numbers.   Revisit this at least annually, but ideally every six months or so (more often if you have a volatile portfolio).

About the Author


Imagine if Canadians were known for being all over their money. Engaged. Proactive. Getting out of debt. Savvy. Saving. Generous. Nancy wants to help. Nancy started her own journey with money over 15 years ago, and formed her company “Your Money by Design” in 2004 to help others along the same path. It’s not the usual financial advising/investment stuff. It’s about taking control of day-to-day finances –managing monthly cashflow effectively, spending appropriately, getting out of debt, saving. If you're ready to take control over your finances, pop by her business site, YourMoneybyDesign.com

2 Comments

  1. Thanks, Nancy. Timely and helpful advice for the start of a new decade!

    [Reply]

    Jan 03, 2010
  2. I really really need to do this. Thanks for the encouragement!
    .-= harrietglynn´s last blog ..WordPress.com: Now on HootSuite =-.

    [Reply]

    Jan 08, 2010

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