Net Worth Calculation for 2024
I think it’s important to track your net worth on at least a yearly basis (I track mine quarterly) and there’s no better time to start than right now at the start of the new year (Happy New Year!).
Really simply:
You can use a free app like Empower (formerly Personal Capital), but I like a spreadsheet where I list out all my assets (every account separately plus major assets like my home and investment properties) and liabilities (mortgages, student loans, credit cards, other debt, etc.) individually.
Add up all the assets and subtract out the liabilities to get your 2024 net worth.
This takes all of 10 minutes and it’s really valuable to see the state of your finances at a glance like this.
2025 Federal and LT Capital Gains Tax Rates
2025 is here and it is never too early to start some tax planning, especially for those in the FI Community who can benefit from some Long-Term (LT) Capital Gain tax harvesting.
Cody Garrett and I discussed this in Episode 517, which is an absolute must listen, and Cody was nice enough to put together a helpful set of easy-to-read charts for us for tax year 2025 showing:
2025 Federal Income Tax rates and brackets (both ordinary income and LT Cap Gains) for each filing status, including the new standard deduction details and an easy way to calculate your actual Federal income tax owed at each bracket.