Disclaimer

This blog contains some simple tips and advice from two regular guys. We're not accountants, financial advisors, or brokers, so follow, ignore, or discuss our ideas as you see fit.

Wednesday, September 26, 2007

A Web Page On Net Worth

Posted By Paul

There has already been a posting on tracking your net worth. So I won't rehash why I think tracking your net worth is a good idea.

There is an interesting web page based on this idea. It's called Net Worth IQ:

http://www.networthiq.com/

It's a page where you can sign up, enter your financial info, and use the page to track your net worth. You can also choose to make your net worth info public, and you can browse the public profiles of other people.

To be honest, I don't really recommend this page. The net worth tracking system in the web page is fine, but nothing you can't do just as easily in a spreadsheet.

The ability to look at the net worth info of other people is kind of interesting, but I don't find it very useful. We all come from different financial backgrounds, so comparing net worth seems like a pointless exercise. I know it sounds cliche, but when dealing with your net worth you're only in competition with yourself.

But if you're the kind of person who isn't comfortable with spreadsheets, then this sort of web based system might be the right thing for you.

On a personal note, I happened to browse a net worth profile of a user who had essentially no savings, a car loan, and a huge student loan. I realized that was EXACTLY where I was when I first graduated from college. That realization made me proud of how far I had progressed from that time. It also made me feel slightly nostalgic for the days when it was a hugely satisfying accomplishment to have an extra $50 that I could put into may savings account at the end of the month, and balancing my checkbook was an exciting and novel experience.

2 comments:

Anonymous said...

Paul, thanks for your observations, especially your comment about nostalgia. It can be very sweet to recall the big steps forward I have made in my life. And it helps keep me human to remember that not everybody is as well situated as I have gradually become.

Ryan Williams said...

Hi Paul, thanks for checking us out. I don't disagree that there's more power and flexibility in spreadsheets. But, your observation at the end is really what the site is about. By seeing that other users are in similar situations or going through situations you've already experienced, we can all hopefully share ideas and learn a bit more from each other. Making personal finance a more social topic. I'm glad you were able to experience that.