Hello, Frugalistas! I hope you had a good weekend. I spent the weekend grocery shopping, cooking and working. How is that for being fabulous? I have some deadlines to meet, so I will be a bit more social in a little while. You can always find me on twitter and here at thefrugalista.com You just may not see me at a happy hour.
Anyway, I had the pleasure of speaking to an American University graduate student who quoted me in an article on Women and Wealth. I find the topic riveting. For much of my career, I’ve always want to make more money (who doesn’t), but rarely did I think about accumulating wealth. Wealth, in a nutshell, is one’s assets minus the debts. For Frugalistas, it’s not enough to simply earn more cash. You can earn $10,000 more in a year but if you are spending all of the extra income on frivolous things, you are doing nothing to increase your wealth. You can pass wealth on to your offspring. It matters.
I’ve posted quite a bit on NBA players and celebrities who have earned millions of dollars but are hurting financially because they didn’t think in terms of being wealthy. We need to always calculate our net worth to see how we are doing financially. Here’s a calculator to figure out your net worth.
What does wealth mean to you? Have you ever calculated your net worth? Do you think about wealth?