When taking care of one’s finances, there are a few numbers a person should be familiar with. Personal net worth is among the numbers an individual must focus on as it determines the difference between the value of a person’s estate and their liabilities. Steve Sorensen Networth.
Many obsess over the net worth of celebrities and business icons but never mind their own financial standing. One way to increase personal net worth is to improve assets. Paying off mortgage, investing, collecting valuable items, and purchasing a rental property are all great ways to increase the value of assets. Make sure to review liabilities as these hurt personal net worth the most. Steve Sorensen Networth.
Avoid using credit card for all expenses. When credit card is used and not paid off immediately, interest accumulates and an individual is left with less money for investment and savings. Reduce debt significantly as this would prevent interest rates from ballooning and help build one’s credit score. Pay more than the minimum amount due per month, as not doing so reduces personal net worth. Steve Sorensen Networth.
Consider refinancing when income has increased or if credit score has improved. Doing this will decrease the amount of interest one needs to pay for mortgage and other monthly fees. Follow a budget. In building personal net worth, it is incredibly important to focus on where money is coming from and where it is spent. This will determine the amount of money left for savings and investments. Having the knowledge of how finances are distributed allows a person to trim on some areas. Steve Sorensen Networth.