As regular readers of Free Money Finance know, this blog is about helping you increase your net worth. Now there's a new online tool that can help you in this process.
It's called NetWorthIQ and the site's stated purpose is as follows:
"It’s all about your net worth and keeping track of your overall financial health. No one wants a physical, but we all need one now and then, just to keep tabs on our well being. Your finances deserve nothing less, and determining your net worth is a good first step.
NetworthIQ™ is a social personal finance manager designed to make monitoring your net worth easy and, dare we say it, maybe even fun. Heck, it’s even FREE!"
Did someone say "free"?
Seriously, the site lets you track your net worth from month-to-month, share it with others (if you want to) and trade comments, and (coming soon) compare your net worth with others of like age, geography, etc.
One caution to use when comparing net worths: I have found that most Americans have net worths far below what they need to have in order to be in a comfortable financial situation and ultimately have a good retirement lifestyle. As such, while comparing net worths to others is fun and interesting, be sure to set your own goals that will allow you to achieve what you want to financially and measure yourself against these. You may be beating most Americans, but if you are way behind on your personal goals, it doesn't mean much.
Thanks for the post. You make a great point. It's going to be very interesting to see how our members compare to the general population.
Posted by: Ryan Williams | July 19, 2005 at 01:23 AM