When you do your NW statement, do you count personal possessions? For example, my wife’s rings are appraised at $28k. I assume I could get about 50% of that selling it back so I add $14k to my NW. Considering stopping this…thoughts?

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Yes. I also include what I could get for other liquid assets such as spare kidneys and spare children of working age.

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Kidneys and children aren’t tangible? TIL

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No, way too much work to look at the fine details like that. NW isn’t that important to spend time on

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My guy, forest through the trees

Are you ever going to seriously consider selling your wife’s rings lol

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Classic Deloitte response

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I wouldn’t count that

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I don't see a problem with it but I would just have one line for it, value conservatively, and only revalue when you make significant purchase as it isn't worth your time to be that granular.

For example if you expect them to hold their value and you spent $10k this month on them then why should your NW immediately drop by $10k? Maybe $5k is a good placeholder to halve that impact.

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Nope. Only the house. Not the cars or any of the other personal stuff. If you have enough tied up in other stuff to move the FIRE needle, you’re not doing FIRE right.

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Hey—I count my watch collection and artwork and cars. Those, for me, are not insubstantial.

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Ha! No “grail watch”. Some Rolexes, Cartiers, and a tag. They add up though. No Patek in my collection—yet!

Make a personal goods line item and a bulk value.

I think rings or jewelry are hard to value because there’s a big difference between replacement value and your secondhand sales price.

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I’m order to buy your next house, or retire, would that be an asset that you would willingly sell? Probably not, so no don’t count it. Also, as GT1 said, way to detailed if you count things like that

14k is a rounding error in the long run

The key is in the long run. We all start from somewhere, even if someone has negative NW due to student loans or poor spending habits in the past.

Keep investing, stay patient, and you’ll see the gains.

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Illiquid assets aren’t counted in your NW when you apply for a mortgage so interpret that as you may.

No kidding - fair enough! The more you know…

No, the only physical items I include in my net worth calculation are my homes. I don’t include anything else, including cars.

If you want to include them then assess them at the price you could sell them for. Go to a jewelry store and find out.

I wouldn’t

Yes, I count jewelry and possessions.

In my networth or inventory assessment? Sure, why not

In retirement planning for FIRE? No

I‘m including my higher value art (>4K), it‘s also a way of diversification

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