Mint.com, a free online money tracking system, has just started including property values like houses and vehicles when calculating your net worth.
Previously, the service would total up your cash and other positive account balances, then subtract your credit card debt, loans and mortgage amounts, leaving you with an almost certainly negative net worth. In my case it was somewhere around -$178,000.
Now you can go into “Your Accounts” and tell it about the real things you own that have value. It uses a service called cyberhomes to estimate your home’s worth. Fortunately, it also lets you override this automatic value, since cyberhomes had no data for my house. I got an amount for my house from the local county appraisal district Web site and added in the Kelly Blue Book value for the two cars we have. Et voilà, our net worth is now approximately $50,000 in the black.
I think it could probably use a little fine-tuning but at least now I don’t feel so bad about our situation. Read more by Flexo about how to calculate your net worth.
Updated March 21, 2011 and originally published February 19, 2009. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.