NET WORTH: if you don’t know it, you can’t grow it.

Net worth is how your wealth is measured. It’s calculated by adding up all of your assets and subtracting all of your debt. It’s like a report card for your financial health.

When you are making good decisions, saving consistently and keeping debt under control it goes up; but when you aren’t organized, spend beyond your means and accumulate high interest rate debt, it will likely be low or negative.Tracking your net worth quarterly will keep you accountable. Track it in good times and bad.

If you’ve lost your job recently, make cutting your expenses a priority. The less debt incurred during this time, the easier your come back will be.

If you have a job, you have two assignments: cut your “leakage” (the waste in your budget) AND assess your emergency fund - if things were to turn for the worst, could you survive at least 6 months without help from others? If your emergency fund is good, pay off any high interest rate debt and work toward maxing out your tax advantaged saving accounts (e.g., 401(k), IRA). Take one day at a time, one financial decision, then the next. You’ve got this!