Here’s an excerpt from Wikipedia:
For individuals, net worth or wealth refers to an individual’s net economic position, the value of the individual’s assets minus liabilities. Examples of assets that an individual would factor into their net worth include retirement accounts, other investments, home(s), and vehicles. Liabilities include both secured debt (such as a home mortgage) and unsecured debt (such as consumer debt or personal loans). Typically intangible assets such as educational degrees are not factored into net worth, even though such assets positively contribute to one’s overall financial position
Net Worth Calculation Breakdown – September 2023
Assets: $1,800,853
- Real estate (Canada + Brazil): $1,110,000
- Pension plan: $34,054
- Investments (all accounts but the SM): $500,387
- Smith Manoeuvre (SM): $156,412
Liabilities: $748,892
- Principal residence (Canada): $748,892
Net Worth: $1,051,961
Net Worth Calculation video from September 2023
[/bleed]Financial Independence Summary
- When comparing MoM:
- Assets: Decreased -3%
- Liabilities remained flat
- Net worth: Decreased by -5%
- Even with the net worth down 5%, we were still able to keep it over 1 million dollars. This is the fourth month in a row
- Our goal is to reach $1,300,000 million dollars in 2023. With September’s numbers, we are at 80% of this goal.