November 24

034 | What is YOUR Net Worth & Why is it Important?


1984 was the year Dave first began to keep track of his finances with the help of a Net Worth Statement.

Every year since, Dave takes an hour or so on the first week in January and determines that number. 

Now 35+ years later he has a simple 1-page record of what his net worth is. That first year it was just $50K.

In this episode, Dave is going to explain what a Net Worth Statement is and why it’s helpful to do it annually. He outlines a simple process so that you can complete it in (likely) less than an hour's time.

We really recommend you do this as it gives you a quick visual of where you are financially… and frankly it’s very encouraging to see your year-to-year growth!

Listen in to this week's episode as you will discover why completing a net worth statement is important and how you too can succeed at it with very little effort on your part.

Questions for Review:

  • Do you know what your net worth is?
  • Do you now feel comfortable with calculating your net worth statement?
  • Add a 1-hour timeslot to your calendar, sometime this year, to calculate your net worth statement.

Verse of the Episode: "My Wealth Has Come From A Combination Of living in America, some lucky genes, and COMPOUND INTEREST." -Warren Buffett


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  1. I have quick books and do a net worth printout every year and actually it comes up every time I open the Quickbooks program. I use their budgeting program and that has been very helpful. I continue to listen to Dave Rames and his ideas. I would have liked to retire at 55 but I was having too much fun doing what I do. I still took time off to travel and continue to do that. Two years ago I sold my business but I still get to work there part time which allows me to use the skills that I have acquired over the years. Joy and Peace.

    1. Great to hear from you, Orvin. Very exciting and it sounds like you are in a great place in terms of work and travel. I think Dave mentions it in one of the episodes, but retirement for retirement’s sake isn’t all that exciting. Sounds like you have a great balance where you can still do what you love at your prior business and also have more time freedom to do other things.

      Have a great day!

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