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It’s that time of year again to think about money challenges for next year! I LOVE savings challenges or debt payoff challenges because I am a competitive person. When it comes to money, I like to compete with myself! So, every year I do a money challenge for fun and feed my desire for healthy competition. In past years, I have participated in the following money challenges:

• 2017 Saving Money Challenge by Income
• Fun Saving Money Challenge for 2018

…And now this year…

• $10K Net Worth Challenge of 2019!

I am so excited about this challenge this year because my goal is to INCREASE my net worth by $10,000!

What is Net Worth?

Net Worth is the value of your assets or what you own (money in the bank, car value, home value, retirement savings, etc.) minus the total of your liabilities or what you owe (car loan balance, mortgage balance, other debts, etc.).

Your net worth is one of the most important key factors you need to know about your money. If you have a negative net worth, then you owe more money than you own and vice versa for a positive net worth.

I want everyone to have a positive net worth value.

Why a Net Worth Money Challenge?

The reason I chose net worth is because I want EVERYONE to join me in this challenge. No matter what your financial situation is (debt, bills in collections, debt-free, saving for emergency fund/college/retirement, etc.), you can participate in the challenge.

Past challenges seemed to focus on people who were debt free. This year, being debt free is not a requirement. The ONLY requirement is you must be someone who wants to increase your net worth!

What would you do if you had an extra $10,000 at the end of the year? Would you sleep better at night? Would you stop stressing about bills? What debts would you have paid off?

Most importantly, how would you feel?…

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How to increase your net worth

Increasing your net worth is simple: pay down debts and/or increase savings. Paying extra on debt and saving more money WILL increase your net worth. Here are a few ideas to help you increase your net worth by $10k in 2019:

• Increase Retirement Savings. If you don’t have a retirement savings account, open one and start contributing!
• Increase your monthly savings. Increasing your savings by $5 to $10 per week will get you closer to the $10K.
• Pay off or pay down as much debt as possible. For those of you that have debt, this can be a big part in increasing your net worth.
• Cut unnecessary expenses. If you are not using it, get rid of it! Especially those subscriptions that you no longer use.
• Negotiate lower pay off amount for bills in collections. If you cannot negotiate a lower pay off amount, get a payment plan with a low/no interest rate.

How to track your net worth increase

First, you are going to calculate what is your current net worth. Then, at the beginning of every month, you will write down your new net worth amount. By the end of the year, we hope to have increased our net worth by $10,000!

If you think $10K is too high of a goal to reach, aim for $1,000 and see how you feel in 3 months. Once you hit $1,000 increase in net worth, then focus on getting to $5,000. No goal is too big or too small when building your wealth.

So, are you ready to take the challenge with me? 2019 will be the year that we build wealth!