Thursday, May 13, 2010
Article on NetWorthIQ in NYT
Interesting article on NetWorthIQ in NYT. The article takes a negative angle on net worth tracking. Personally, I get a feeling of security to some degree from the net worth number when it is heading in the right direction and when it's not I know something needs to be done... I think it is essential to know how much you are saving and whether you can meet retirement and other financial goals. For these purposes, tracking net worth is necessary.
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A nice light read. Didn't seem too negative to me - just pointing out the pitfalls of posting your networth under your real name, the fact that by itself NW isn't the whole picture, and that comparing NW to others is enticing but may be bad for your happiness.
I can't work out how the guy who lives at home paying $8,400pa rent and living 'frugally' on a $65,000 income only manages to save $18,000-324,000 a year. When I was his age I was saving more than that on an income around $45,000.
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