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Before starting our financial freedom journey, we had no idea why we needed to be tracking our net worth.In fact, we weren’t even entirely sure what our net worth number meant or how to calculate it. After diving head first into the FIRE/FIOR movement, we now know that tracking our net worth is the single best metric for our money and our #1 motivator.
You may remember that in the past couple of years, I released my first year of freedom, my second year of freedom so I figured I might as well keep that going, because I’ve definitely learned a lot this year and I feel it’s been my best yet.
Of course, it’s not always the best idea to compare yourself to others.
But when it comes to your finances it’s nice to know where you stand.
Having a snapshot of your overall financial health is unbelievably helpful when you’re trying to build wealth.
You can be laser-focused on paying down debt or investing, but by tracking your net worth you’ll actually see your progress in black and white.When you know your numbers and you’re watching your net worth skyrocket compared to your peers, it becomes a lot easier to control unnecessary spending.