In this video I explain what is meant by net worth, how net worth is calculated using Google Sheets, what the average net worth is in America, and how you can increase your net worth.
We all know Forbes for their "World's Richest Person" lists, with Jeff Bezos currently in #1 position with US$177B. The way they calculate this is by determining their net worth, which is their Assets less their Liabilities. It is really this simple. The complexity here comes when there are multiple currencies, and in this video I breakdown how I do the calculation using the GOOGLEFINANCE formulas in Google Sheets to determine the live exchange rate. This can easily be replicated for your own net worth by simply pausing the video and using the same formulas I have, of course with your own financials.
The average net worth in the United States is $121,000, according to the Federal Reserve in 2019. In the video we run through the net worth amount broken down by age, education level, and stage of life. These are all important considerations when determining wealth.
To increase one's net worth, in the video we cover some of the main areas. These include increasing income, decreasing expenses, increasing investments into stocks and retirement accounts, and paying off debt. These are all important and doing our net worth calculations ensures you're always aware of how your assets and liabilities are changing over time, and you're using the above strategies to help grow your accounts and ensure you're always moving ahead financially, never backwards.
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If you would prefer to use an online calculator, MoneyHub have a great tool on their website at www.moneyhub.co.nz/net-worth-...
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// TIMESTAMPS
► 0:00 Intro
► 0:33 What Is Net Worth?
► 1:15 Why Do We Calculate Net Worth?
► 1:56 Calculation Methodology
► 2:46 Google Sheets Calculation
► 4:40 Typical Net Worth In USA
► 5:52 How You Can Grow Your Net Worth
► 6:46 Outro
Disclaimer:
I am not a financial adviser. This video is for education and entertainment purposes only. Seek professional help before making any investment decision.
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