Increasing your Net Worth

noclaf

- Discovering this forum has been one.of the best decisions I ever made....nothing else has come close so far for helping to direct my learning and development on investments and pensions etc

- Taking a leap of faith with my career when I was fearful. Not just the immediate financial benefit but also the career development to help me secure higher paid work in the future. Sounds obvious I know but it can be tough navigating.such decisions in life.
- Marrying a life partner who has a similar mindset on spending i.e: won't leave you broke!

HHarry

Rich parents who died young.

Clive_Woody

HHarry said:

Rich parents who died young.

I admire your honesty.....and "good fortune" 👍

bostonerimus

KoalaK32 said:

What’s the best financial decision you’ve made that helped boost your net worth? Also, what tool do you use to keep track of your net worth?

Deciding to pay Class 2 voluntary NICs when I left the UK 35 years ago.

I don't track my net worth actively. Every so often I will check my account levels on various websites.

talexuser

Paying off the mortgage in less than 10 years, then able to max out the ISA for the next 35. Maybe the wrong way round now, but the timing might just have been right in the days of high interest rates and house price inflation. Excel is all you need.

jimjames

annabanana82 said:

Taking critical illness cover, after 14 payments we were able to claim a 6 figure sum.

Details are all in my head, really need to put it in a spreadsheet 

My worst financial decision was not taking critical illness cover and then being diagnosed with a critical illness 6 months later. I guess there is a chance that they may not have paid out due to the short timescale but I would have had mortgage paid off 20 years ago.

JGB1955

I'm trying to REDUCE our net worth.  Need to get rid of £200K before the second of us dies - can't spend it fast enough.  After a life of frugality it's hard to spend and not look for YS items in the supermarket. Already  DOV £180K away... still working on the rest. First world problems!

strawb_shortcake

jimjames said:

annabanana82 said:

Taking critical illness cover, after 14 payments we were able to claim a 6 figure sum.

Details are all in my head, really need to put it in a spreadsheet 

My worst financial decision was not taking critical illness cover and then being diagnosed with a critical illness 6 months later. I guess there is a chance that they may not have paid out due to the short timescale but I would have had mortgage paid off 20 years ago.

I know CI isn't a popular choice on here but it absolutely worked for our situation, our finances weren't impacted by the event, in fact with my OH stopping smoking we were better off. 
We chose not to pay off the mortgage as it was quite affordable, but now have a good safety net and we could take time to decide how best to use the money. 

My OH hasn't made a full recovery but is much better and jokes it was his best days work. 

I hope you are in good health now.

Novice_investor101

- signing up to a DB pension whilst at uni working a weekend job. Ended up staying there 12 years after working my way up. 

- changing career after the DB pension was closed to go work in finance & learn tons. 

- starting to invest instead of save. Wish I’d known about investing sooner. 

Track mine one excel

CoastingHatbox

Contributing to a continuously to a company pension scheme since I was 18.