Here are two straight-forward ways to calculate your net worth and to figure out what your financial independence (FI) number needs to be. FI is the amount that you need to have saved so that you can choose to stop working.
Net worth formula – https://www.nerdwallet.com/article/finance/net-worth-calculator
Financial Independence number formula – https://www.nerdwallet.com/investing/retirement-calculator
How Elaine Korngold Can Help with Financial Therapy
Most therapists are trained to talk about issues such as sexual behavior or substance abuse eating, but not about financial issues and their significance. This is despite the fact that couples rank money as the top problem prior to marriage, and in the early stages of marriage. Money is one of the main reasons that couples argue or divorce.
This is where I can help. My Financial Therapy page describes how I work with clients to help them resolve money-related emotional issues that interfere with their daily living. My professional background and my training give me a unique perspective on how money impacts individuals and couples. Frequently, it is not the lack of money that creates stress and anxiety, but how people mismanage their finances. I can help you clarify your values around money, identify the messages you received from your family, and understand what drives your money behaviors. For couples, I integrate Financial Therapy with Gottman Method Couples Therapy to help couples communicate more constructively and develop tactical skills to foster a healthy financial partnership. For compulsive behaviors related to money, such as shopping addiction or gambling, I offer Brainspotting therapy for addiction.
In my private practice I encourage clients to explore how their finances affect their emotional well-being through discussions about budgets, financial values, and core beliefs about money and spending. Research indicates that good financial health is important to reducing stress and increasing stability and satisfaction. With counseling, clients can begin addressing and resolving complex issues and emotions that manifest when they encounter financial stresses. Contact me to learn more.