My friends, I'm going to tell you my net worth in February 2023. If you are feeling defeated financially, living paycheck to paycheck, tired of being broke and wanting a better financial future, reading this will really help you, because I am right there with you. I'm sick of that too, and I'm doing whatever it takes within my value system to become not just debt free or financially independent, but a millionaire, and I invite you to join me.
What Net Worth Actually Means
My net worth a couple of years ago was negative several hundred thousand. If you don't know what net worth means, it means all the value of everything you own, for example your house, your car, your cash in a bank, all your investments and retirement portfolios, minus everything you owe: car payments, mortgage, student loans, credit cards, and so on.
Last month, my net worth and my household net worth were negative $40,300, which is a fantastic amount of progress from two years ago, and which is down from my all-time high net worth. The highest net worth I've ever had was in 2018. I had over $600,000 in crypto, which left us with a net worth of a few hundred thousand after subtracting our debts. The value of that crypto collapsed before I could cash most of it out, and I borrowed a bunch of money from my business in 2019 that really crashed our net worth.
Where I'm At Today
Today's current value is minus $36,400, which means that my wife and I collectively grew our net worth $3,900 in just one month, which is fantastic progress. I know on a journey like this, if you look at where I'm at today, you might think me becoming a millionaire just looks impossible. It looks out of reach. It looks like something to not even consider. And what I see is that if we keep making progress like this each month, becoming a millionaire will seem effortless.
When I consider spending anything, I think about this. Anything I spend, if it's not an asset, like if I'm not buying crypto, or if I'm buying some crypto that has a high chance of being lost, I'm taking away from this. This keeps me accountable. And the biggest single thing I've done in 2023 that is making a difference for the long term of my net worth is first taking inventory of exactly where I'm at. Because if you can't be honest and tell people where you're at, and look at where you're at and face it yourself, how are you going to make the change you need to get to where you want to go?
Getting Honest and Accountable
I want to be a millionaire. I'm willing to do what it takes to be there, and I'm really excited. The biggest thing I've learned is that everyone serious about financial change makes a real commitment to it, which actually can be a bit scary. If you've been in debt, if you've been making bad financial decisions for a long time, actually letting go of that and stopping it and getting honest is hard. I've started sharing my exact net worth publicly, month after month. I'm showing you mine, and if you are tired of being where you're at, the easiest way to go somewhere new is to find a group of people who are on the same journey, some slightly ahead of you in a few aspects and some slightly behind, so you can go there together.
A mastermind has been identified as the number one way to build wealth. Today, the best way to work with me on this is to join the Jerry Banfield Family, where I get to share all the things I'm learning: whatever cryptos we think are best to buy, stocks, ways to save money, mindset, habits, books, and health. I'm really excited for where I'm going.
You might think I'd look at this with purely a sense of shame and guilt: how, 20 years after going to college, I have a smaller net worth than I did when I left my parents' house. And yes, this is probably the thing I would least like to show you about my whole life. And yet I know that I show you this every month, and this will consistently go up. I know I'll get where I'm going, because I've looked at what I've done in the past, and every time I'm open and accountable and honest and relentless about what I'm doing and where I'm going, and I work with other people, I always get there. I'm always successful when I set my mind to doing something. If you'd like to follow more of this journey, you can watch it unfold in my Life playlist.
So if you are ready to make some real change, I would like to get to know you much better. I would love to work together with you to increase your net worth as I work on increasing mine, and to accept your help in increasing mine. I really appreciate you reading this. I love you. You're awesome.