NET WORTH CALCULATOR - WEALTH TRACKER
WHAT IS A WEALTH TRACKER?
A wealth tracker is a personal finance management app with a net worth calculator that allows you to link, sync, and monitor your multiple assets and liabilities across borders. Some of its main features include the ability to track your stock portfolio, crypto portfolio, property and car valuations, monitoring multiple bank accounts, retirement accounts, loans, mortgages, credit cards, and more. You can have an aggregated financial view of your total wealth on the app’s desktop or mobile version.
WHAT IS NET WORTH?
Some people think, what does net worth mean? – questioning whether it’s reserved for the rich and famous or high-revenue generating businesses. It’s for you and everyone around you with an accumulation of wealth.
If you want to know the net worth meaning, there are various definitions if you search for ‘what is net worth’. One definition is that net worth is the value of the assets a person or business has, minus liabilities they owe.
Link your assets and liabilities into a net worth calculator, and you’ll have a clear understanding of your overall financial picture. Some people – especially those with more net worth meaning more liabilities and assets – use a net worth tracker to monitor their finances closely. And, by using software like the Prillionaires Personal Finance Management App that has a flawlessly accurate wealth tracker built-in, it’s easier to track it than ever before.
If you’re thinking, what is your wealth even worth? It’s worth a clearer understanding of your financial picture to support future financial decisions. And, with the sophisticated Prillionaires platform, you’ve got a net worth calculator and an effortless money management app at your fingertips to make it easier.
Net worth isn’t limited to a business or individual – households can use a net worth calculator, schools and governments can, and the list goes on. But, realistically, only a small number of people actually track their wealth. Those that do can make more informed financial goals, build their wealth, and understand when cutbacks may be needed.
Not everyone will have a positive figure shown in their wealth tracker. Those with assets they don’t own, for example, a car on loan or a mortgage in its infancy and the house has lost value, often find their net worth is less than what they thought it would be – on the premise that if that asset were to go on sale, it would be to pay off debt rather than to gain wealth.
HOW DO YOU CALCULATE NET WORTH?
It’s easy to start the calculation by first looking at your assets. By definition, an asset is anything with a value that you can sell and convert into cash. As you go through life, you’ll acquire multiple assets – but your income isn’t actually one of them despite that being the sum of money that keeps you going each day. However, if you’ve managed to save a sum of money from that income, it then becomes an asset.
The main asset most adults have is property or land. Your home is likely to be the most valuable asset you have if you own it. But your home can also be a liability (explained in the next paragraph). Next is household furnishings like your TV, car – if you own it – collectibles, jewellery – basically anything you have that’s yours that you can sell. There are some financial assets that people sometimes forget about:
- Bonds
- Cash value of life insurance
- Mutual funds
- Retirement funds
- RRSPs and TFSAs
Businesses might look at machinery, tools, and company vehicles as assets.
Once you’ve totalled up your assets in the Prillionaires App, the net worth formula will ask for your liabilities. These, by definition, are financial obligations that deplete resources. Even though your home can be your biggest asset, it can also be your most substantial liability. Your mortgage is a loan. Therefore, it’s a liability. However, you’ll often find that selling your home covers the remaining loan amount and leaves you with a cash sum that could be an asset. Other liabilities include:
- Credit cards
- Personal loans
- Car loans
- Accounts payable
Prillionaires wealth tracker software will ask you to detail all your assets and liabilities to calculate the total for you using the formula.
NET WORTH TRACKER – WEALTH TRACKER
The Prillionaires wealth tracker platform is a highly-advanced and user-friendly net worth calculator and tracker rolled into one. It will ask you to input all your assets and liabilities but not your income – net worth versus income is very different.
Using a wealth tracker like the one on the Prillionaires app will allow you to make better future financial decisions, manage debts with ease, and grow investments. It reduces the risk of calculation errors – and by inputting and saving the data, the wealth tracker will store the details ready for future analysis or changes.
NET WORTH CALCULATOR
Are you still wondering how to calculate net worth? It’s easy to find a net worth calculator online, but few are as sophisticated and easy to use as the Prillionaires App. Your aim should be to find a net worth calculator that takes all the hard work out of calculating your net worth. The Prillionaires wealth management platform has a great user interface with an easy-to-use wealth tracker.
The net worth formula is – as stated above – your assets minus your total liabilities. Using a net worth calculator can still be confusing for some people, adding up liabilities and assets – and understanding what assets and liabilities are in the first place.
The Prillionaires Wealth Tracker App will have a section for your assets and one for liabilities. It will make it easy to see clearly what is what, and the end figure will tell you all you need to know.
HOW MUCH AM I WORTH?
Are you now wondering, what is my net worth? With the Prillionaires wealth tracker application, you have a powerful and secure net worth tracker and calculator in the palm of your hand that makes monitoring your net worth on the go as easy as ever. Once you use it and subtract your liabilities from your assets, you’ll have a figure that answers your net worth.
It’s essential to assign accurate values to your assets and liabilities before using the net worth calculator. For instance, if you’re calculating the value of your home, you’d need to look at the price of similar homes sold recently in your local area and subtract that from the mortgage loan you have outstanding. Not doing so will give you an unrealistic view of your wealth.
Your wealth is subject to inflation as your asset and liability values change, so updating your total by inputting new data through the net worth calculator gives you a real-time picture of your finances.
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