I've been admiring how Caitlin at Clutter2Cash uses NetworthIQ for her monthly networth updates, so I thought I would give it a shot. I was surprised at how easy it was to use, it was much, much simpler than my old method of HTML tables, and NetworthIQ provides some nifty charts and reports. It tracks your progress against people in similar demographic groups (this is slightly depressing because we are apparently not tracking very well... all those darn people with $33 million net worths are throwing off the averages).
Anyways, we hit $113,000 this month, up $7,000 from last month. The increase was due in large part to good investment performance in our retirement accounts. We need to start thinking about our goals for next year. Right now I'm leaning towards a goal of a $4,000 monthly increase in our networth, but I think I need to put a lot more thought into it.
go ahead, check out my networth on NetworthIQ!
11 comments:
Welcome to the site! Looks like you had a good month. I look forward to following your progress.
Thanks. You've got a pretty nifty personal finance tool... I hope more people take advantage of it.
Thanks for the link ;) I'm glad you like them - networthIQ gives me a quick and easy way of taking my quicken numbers and tracking them month to month. I can't wait for them to add a monthly percentage change feature - then they'll really be cooking with gas. heh.
I have been using NetworthIQ for the last few months and really enjoy the comparison reports as well. Not to be picky but the comparison reports use median figures and not averages, so those $33 million net worths really don't skew the data.
J- The comparison reports I was seeing use both. We are kicking butt when looking at the medians, but the averages are brutal.
My apologies, the averages are there for my profile as well. Not sure how I missed that before.
J - no problem! They may not have been there earlier; I've heard that the NetworthIQ site is being continuously upgraded.
… or maybe you found a way to subconsciously block them out so you wouldn't get depressed! ;) There's nothing like seeing a 30-year-old with a $33 million net worth to make a month of great progress feel like crap.
The personal finance bloggers net worth rankings are up for November. Also included is a new October to November net worth change ranking.
Enjoy the median comparison and don't stress about the averages too much. We list them there for reference sake, but they've got a ways to go until they're an accurate representation.
We aim to update the site as much as we can, ideally on a weekly basis. There's still a ton of work left, but we really appreciate you guys putting it through its paces.
Since I am more of a visual person, I entered the net worth percent changes for the past three months (when available) of personal finance bloggers and created the following graph:
http://neos-nest-egg.blogspot.com/2005/12/personal-finance-bloggers-net-worth_06.html
Neo
Thanks for the tip on networthIQ. I plan to incorporate it on my site soon. Love your blog!
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