Nowadays many of us manage our own stock portfolios. The ability to buy and sell stocks cheaply in any quantity we desire is a major improvement over the days of being required to use a broker, buy in rounds lots, and paying huge commissions. However, I am not a believer in day trading and place it in my category of Net Worth Buster. I think most people who attempt to day trade will not do well, but I am definitely interested to hear about your personal experiences.
My personal opinion is that the average person should stay away from day trading, as I believe it is essentially a form of gambling. Here is a brief excerpt from the Day Trading wiki page defining day trading, and a link to the full post is at the bottom.
As a followup to my previous post How to Calculate Net Worth, here is a ready-made calculator you can use to enter in all of your Asset and Liability values. I included additional rows for personalized items that are not included in the pre-defined categories. After you download the spreadsheet you can rename those rows if you want.
Hope you had a safe and happy New Year’s Eve, and wishing you a higher Personal Net Worth at the end of 2010!
The basic definition of Net Worth is:
NET WORTH equals ASSETS minus LIABILITIES
To calculate my Personal Net Worth, I use the following approach.
I was browsing Amazon for some books on the subject of Net Worth. The title and description of this one really caught my eye because it is similar to my philosophy.
Make a Life, Not Just a Living: 10 Timeless Life Skills to Maximize Your Real Net Worth
UPDATE January 21, 2010: HSBC Direct Renamed – HSBC Advance is the New Name
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I have used the HSBC Direct High Yield Online Savings Account for several years now. They have always been in the top tier of interest rates, without offering unnaturally high initial rates that are unsustainable. I have signed up for other online savings accounts over the years; however, I selected HSBC due to the following reasons:
I now realize there are many popular, reliable, and affordable choices for hosting Wordpress blogs in addition to GoDaddy. Here is a summary list of some big name, popular, and cheap Wordpress blog web hosts. Some are offering incredibly cheap deals to get started.
A2 Hosting
Household net worth is the concept that the U.S. Census Bureau describes in their report of Household Net Worth and Assets. The most recent version of this report was issued in April 2008 and is located here:
http://www.census.gov/prod/2008pubs/p70-115.pdf
From page 1:
