I have calculated my net worth but I never thought to track it. I improved my credit score to the 650 range to the 790-800 range in 2 years. I'm done tracking my score.
That is a nice gain! One thing I learned is that your score is going to do what it's going to do, so there really is no need to track it once everything is on track. In the end, new worth is what will really matter! Here is how I track mine ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-jrTdVs7YHhU.html
Love the pictures behind you. And...you’re right. They certainly didn’t teach this stuff while I was in school. And I’m paying dearly for my ignorance now, at 40 years old. I appreciate your videos.
Always tracked credit, but recently track net worth as well. Paying off debt so look at report to make sure accurate. Already have mortgage and car loans, so not looking for more loans. Just wanna make sure it’s accurate now, while I don’t need it. I do like as my debt goes down (no matter the score), my net worth is moving in the right direction. In the grand scheme of things, a great score means nothing if you don’t have any assets or money. You’re just broke with a great score. Great video!
Glad I found your channel, very informative and helpful. Thanks and keep doing what you’re doing, you’re helping a lot of people out there! More power to you bro.
I have the cash to pay off but would clean me out- should I pay off and sell myself or trade? I want cheaper car but not sure about trading- not upside down... ?
If your income is stable, I would use all but 1-2k to pay off the loan and then aggressively save up an emergency fund. You will have it done in no time! Great job! If you want a cheaper car I would then sell it privately (you will get more) and buy something cheaper with the cash. Trading in a car is faster but you will get less money for your car (on average).
@@DiamondEdwards thx for your quick reply- I’ve been studying too long about what to do and just paralyzed by uncertainty and mixed messages- just when I felt I had worked 45 years and splurged on a dream car- only to watch the economy take a dive- just trying to be real- I should sell and get a 0%=finance forever and no payments for years-+ your right- I need a reliable car for cash- then pay down credit- I’m tapping out- next is a bitchin golf cart at the Villiages- 😎🇺🇸✌️
I use Personal Capital to track my net worth. I created an entire video showing the entire process. Check out that video here ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-jrTdVs7YHhU.html
I don’t agree ...you need to track you score .. you don’t want to be that guy that wants to buy something and realize you can’t because there is things on your credit score that are inaccurate
Fair enough but you also don't want to buy something on credit and later realize you can't afford to make the payments. That's why I can say track what's important, track your net worth. It's sad that some people know their credit score but not their net worth. Meanwhile, the middle class is been wiped out. Credit tip - track your credit report because inaccurate information won't necessarily negatively impact your score. Ex: someone opens credit cards in your name but pays the bill on time. You wouldn't know this by just monitoring your score until they stop paying.
Yeah i have to admit i do track my credit Score but just started tracking my net worth ..... tying to build generational wealth... you should do a video on building generational wealth... keep up the good work
Absolutely! Generational wealth is were my focus is now. All these debt video's is just the setup to more investing videos down the line. For me debt was in the way and I feel others would agree. Since I removed debt from life I have been investing regularly. I have video's planned for investing vs trading, retirement saving, IRA's vs 401k's, Roth vs tradition, 529's vs UTMA and more. I'm thinking big like I working to start a new tradition in my family will the parent's buying the kids 1st house in CASH. Stay tuned and I won't talk about something I'm not doing myself. Theory has no place on this channel!
@@DiamondEdwards oh hell No. I plan on financing it from a credit union. I'll also put my current car on turo.com which will be paid off in a couple months. Instead of trading it in for 10k, i can rent for 8 to 10k for the next 4 years. Model Y. Waiting on the green deal to be passed also. 👍🏾🤞🏾
I was using Experian through my bank to monitor my score which I stopped using about two years ago. I currently use Personal Capital to track my net worth. That's the number the will matter in the end.
I purchased a 2020 Kia in November of 2020...my credit was ok but now it is much better...I wanted to refinance but I also want a different car. Should I sell the financed car and then get another one (hoping to get a better interest rate due to better credit)or can I get a different car during the refinance process?
Refinancing is a separate transaction from buy a new car and only affect your current loan. You can either sell or trade your current car and buy another one without needing to refinancing. My suggestion is you take your time and find the car you want to drive for a few years because cars are too expense and drop in value to fast to swap them every year unless you have a ton of money and can afford these hits. When you look up the value of your 2020 Kia I think you may be shocked at what 5 months of ownership has costed you. Look it up at KBB or NADA website. You may find this video helpful understanding the impact of interests and loan terms ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-EL1IlyEf0-k.html
That is a good idea. I will add it to my list and will most definitely make that video down the road. I'm glad you got what your car was worth! Remember "keep that same energy"!
LOL I think the reason lots of people don't track net worth is because it's negative. This is really helpful though... it took me a long time to build my income up enough to be able to fix my credit so I think for me that was the first step because you can only cut expenses so much.
Absolutely, well said! Too many people out here trying to fix/improve their credit when they really have an income and/or spending/tracking problem. Sad part is those are the ones who need to play attention the must so they end up 20 years later still in the negative. I just watched a CNBC special on Discover Card where they said there primary customer were middle class Americans with an average credit of 660 and 60% of their customer base CARRY a balance month to month! We've been sold a false bill of goods and I want us to wake up!
i know this is off topic but Hello i have a question for you since you have work at best buy before i have alot of problem with a monitor i just bought this is my second unit of the same model but it has the same problem but worst adaptive sync flickers and give you eyes sores and the monitor has ghosting i understand its not best buys fault or mine either but the company that makes them. im still withing the 15 day return but im quite scare to go back and for them to tell me we cant help you anymore. im still quite undecided on what decision to make.
No worries, I still love electronics. I just watched the Apple event today, thinking about pre ordering some Homepod minin's. Since you are within the return policy I would return in and purchase a different model or maybe even another brand. Sometimes you get a bad batch of products and other times products have know issues. A quick google search of your model number followed by reddit or forum will reveal what people are saying about your product. If you really like this monitor or it is the only one that fits your need then exchange it again, purchase the protection plan and cross your fingers.
@@DiamondEdwards thank you very much i will return it tomorrow i just hope they accept it yes this is probably a defect from the company i check many reviews many forum pages and almost everyone who owns it has this problem.
I stopped tracking my score years ago and guess what? My life has not been affected at all. In fact, I'm doing better than ever. The score is gimmick, it's the data that matters and it only matters if you want to borrow more money.
Well sir! My net worth is bigger than my current creditcard debt.. but I have been extremely paying them off just to gain more scores.. and now My scores are in between 697-717? What u think diamond 🤔
Just think how much bigger and how much faster you could grow you net worth if you didn't have credit card debt! It's not just credit card debt that goes against your net worth. You to add up all your debt: student loans, auto loans, credit cards, mortgages, HELOC's, etc and compare that to your assets. The big thing is you can build a credit score without trying but the same is not true for net worth. You have to be intentional and debt has to be subtracted from your net worth. No one wants to have a 800 credit score but is really broke as a joke and this happen far to often.
Thanks for my next video idea. I'll answer both of these in a video this week and include examples. Make sure your notifications are all on! The quickest way is to added up everything you own and subtract it from everything you owe and the number see is your net worth be it positive or negative. This can be done with pencil and paper or excel. My favorite app at the moment is Personal Capital.
