{"id":4872,"date":"2021-06-02T00:00:00","date_gmt":"2021-06-02T04:00:00","guid":{"rendered":"https:\/\/www.whitcomb.com\/know-this-number\/"},"modified":"2022-02-04T17:14:56","modified_gmt":"2022-02-04T21:14:56","slug":"know-this-number","status":"publish","type":"post","link":"https:\/\/www.whitcomb.com\/blog\/2021\/06\/02\/know-this-number\/","title":{"rendered":"Know This Number!"},"content":{"rendered":"\n
Knowing your net worth and understanding how it is changing over time is one of the most important financial concepts that everyone needs to understand. This number is used by banks, mortgage companies, insurance companies and you! Your net worth impacts your credit score, which in turn impacts your interest rates and things as mundane as the amount you pay for auto insurance.<\/p>\n\n\n\n
A simple definition<\/strong><\/p>\n\n\n\n Your net worth changes over time, reflecting how you spend your money. For example, if you have tons of bills and spend more than you bring in, your bank account balances will be lower. If you spend a lot on your credit cards, your debt will go up. The net effect is a lower net worth.<\/p>\n\n\n\n Everyone has a net worth<\/strong><\/p>\n\n\n\n Yes, everyone. Even a 6-year-old with money in their piggy bank has a net worth. If your child is saving up for a bike, they will convert one asset (cash) into another asset (their new bike)!<\/p>\n\n\n\n Calculating your net worth<\/strong><\/p>\n\n\n\n Why you should know your net worth<\/strong><\/p>\n\n\n\n Knowing your net worth contributes to the big picture of your financial circumstances. Here’s why it’s beneficial to know your net worth:<\/p>\n\n\n\n Knowing your net worth and how to calculate it can help you achieve some of your financial goals. Please call if you’d like help calculating and understanding your net worth.<\/p>\n","protected":false},"excerpt":{"rendered":" Knowing your net worth and understanding how it is changing over time is one of the most important financial concepts that everyone needs to understand. This number is used by banks, mortgage companies, insurance companies and you! Your net worth imp<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","compliance_id":"","post_disclaimer":"","footnotes":""},"categories":[46],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4872"}],"collection":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/comments?post=4872"}],"version-history":[{"count":1,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4872\/revisions"}],"predecessor-version":[{"id":4941,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4872\/revisions\/4941"}],"wp:attachment":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/media?parent=4872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/categories?post=4872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/tags?post=4872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}