I enjoyed reading the preview article and learning how others use the Net Worth IQ site to motivate, shame, cajole themselves towards better financial health. As always, the comments from the public are as interesting as the article. My comment, with typos and all, is below.
As someone who talked to Ron but declined to give my name, I find tracking my net worth a valuable tool. I don't generally compare myself (ourself since my net worth iq number is joint) to others, but instead compare myself to myself. On-line tracking tools are, for me, an outgrowth of Quicken which I also use. I find that tracking, lots of tracking, requires me to stay engaged with my finances, think about each dollar I spend and work to save more.In our 30s we have retired all debt, we have no credit card debt, no student loan debt, no car debt, etc., except our mortgage and the mortgages on our investment properties (which are rented and paying for themselves). We save a good chunk of money each month, both in our retirement accounts and in other savings vehicles. And we still live a good life that includes eating out, vacations, and shoes for me.
For me tracking and measuring my assets and debts on a monthly basis keeps me on track. Having to review a balance sheet each month, like a business person does or should, focuses on the fact that are household is a small business and we have to take care of ourselves.
I'm looking forward to reading the full magazine article this weekend.