Frequently referenced links: ○ MINT MOBILE: trymintmobile.com/deardebt ○ PFC COURSE: courses.personalfinanceclub.com/?ref=026c5f ○ Try Walmart+: share.walmartplus.com/amy84563 ○ UPSIDE: upside.app.link/932ZG ○ RAKUTEN: Get $30 when you spend $30! www.rakuten.com/r/YGF7T8?eeid=44749 DOWNLOAD my net worth and financial goal tracker for free here!: docs.google.com/spreadsheets/d/1IjKeXOxJ08JRhgJYtp4bG6O6THiAmv8rMR4a0LZLyp8/copy **Want to support my channel? www.buymeacoffee.com/deardebt **My Etsy Shop: go.magik.ly/ml/1qtku/ See you in my next video! XO, Amy
Include cars as assets. But use the trade in value (from kelly blue book) which is the bare minimum you can expect from the car in an emergency situation. We have three (older, but extremely reliable) paid off vehicles. The total bare bones value on them is around $10,000, but we could probably get closer to 15,000 easily for them if we needed to sell. I use $10,000 in my net worth calculation. Think of it this way…can you go to the bank and get a loan secured by an item? That item should be included in your net worth. Banks loan money on used cars all the time.
I do include my Jeep in my net worth but I lower it by $1,000 almost every month just to keep up with the depreciation. It’s paid off though! 🙌🏼 I know you don’t want to share all your numbers regarding your overall savings, retirement, etc…… but I would LOVE a video about your sinking funds, maybe what categories you used to have, what you use yours for now and *around* what amount of money you like to keep for each…. I have sinking funds but I struggle with direction on what I should keep in each category 😩 Love your channel, it is my weekly inspiration! 😊
I include our car value! But I’ve been dropping its value by $500 each month. We also plan on selling it and having no car for about a year once my husband is shipped off to OCS, and I’ll live with my family while he’s gone!
I agree with you about taking the cars out of the net worth calculation but have you considered making that change at the start of 2025 so you have an apples to apples comparison year over year? Just an idea. Thanks for sharing your journey!
I include my car but don't. I list it because its a large item purchase but I don't 'include' it as an asset. I live in a rural area that I need a car to get from point A to point B, so I wouldn't be getting rid of it. If I do, its because I purchased a replacement.
While I agree about removing cars from net worth also never say never about having nice cars 60k is not that out of reach anymore and Hondas are keeping up with price values! And you have kids gotta spend more to make sure it’s reliable and safe !!!✅
Frequently referenced links:
○ MINT MOBILE: trymintmobile.com/deardebt
○ PFC COURSE: courses.personalfinanceclub.com/?ref=026c5f
○ Try Walmart+: share.walmartplus.com/amy84563
○ UPSIDE: upside.app.link/932ZG
○ RAKUTEN: Get $30 when you spend $30! www.rakuten.com/r/YGF7T8?eeid=44749
DOWNLOAD my net worth and financial goal tracker for free here!: docs.google.com/spreadsheets/d/1IjKeXOxJ08JRhgJYtp4bG6O6THiAmv8rMR4a0LZLyp8/copy
**Want to support my channel?
www.buymeacoffee.com/deardebt
**My Etsy Shop: go.magik.ly/ml/1qtku/
See you in my next video! XO, Amy
Include cars as assets. But use the trade in value (from kelly blue book) which is the bare minimum you can expect from the car in an emergency situation. We have three (older, but extremely reliable) paid off vehicles. The total bare bones value on them is around $10,000, but we could probably get closer to 15,000 easily for them if we needed to sell. I use $10,000 in my net worth calculation. Think of it this way…can you go to the bank and get a loan secured by an item? That item should be included in your net worth. Banks loan money on used cars all the time.
That’s a good point
Agree with using blue book valuation. 😊
I do include my Jeep in my net worth but I lower it by $1,000 almost every month just to keep up with the depreciation. It’s paid off though! 🙌🏼
I know you don’t want to share all your numbers regarding your overall savings, retirement, etc…… but I would LOVE a video about your sinking funds, maybe what categories you used to have, what you use yours for now and *around* what amount of money you like to keep for each…. I have sinking funds but I struggle with direction on what I should keep in each category 😩
Love your channel, it is my weekly inspiration! 😊
Thank you so much for watching!!! I can definitely add that to my list 😃😃
I include our car value! But I’ve been dropping its value by $500 each month. We also plan on selling it and having no car for about a year once my husband is shipped off to OCS, and I’ll live with my family while he’s gone!
I wish we could live with no car, maybe someday if I can convince my husband to live in a city haha
We do include our cars, but that’s also because we still owe them so we included in assets and in liabilities
That definitely makes sense!
I don’t really track our networth but when I do count it from time to time I ”only” add the hobby cars that could be sold for cash of need be 🚘
that absolutely makes sense! ♥️
I agree with you about taking the cars out of the net worth calculation but have you considered making that change at the start of 2025 so you have an apples to apples comparison year over year? Just an idea. Thanks for sharing your journey!
Ah yes that’s a good point. Probably should have waited but I’m fine with it being slightly off. It’s really only for my purposes!
I include my car but don't. I list it because its a large item purchase but I don't 'include' it as an asset. I live in a rural area that I need a car to get from point A to point B, so I wouldn't be getting rid of it. If I do, its because I purchased a replacement.
Right exactly my same thoughts!
❤️
💙
While I agree about removing cars from net worth also never say never about having nice cars 60k is not that out of reach anymore and Hondas are keeping up with price values! And you have kids gotta spend more to make sure it’s reliable and safe !!!✅
That’s very true!! I should just say I don’t see us ever getting a new car or something that is something expensive 😂
I have never included my cars. We own more in silver and gold and don’t include that either.
That’s fair. I think about that too, we own a lot of other assets we don’t include. TVs, jewelry etc. For now this feels right :)
I would include it bc if something happened to us, it would become inherited or sold unless it was a piece of crap like our current cars 😊
That’s very true!
I do. Whoever inherits our mess will be able to sell the cars.
That’s true!