Income is a flow. Net worth is a stock. You can earn $200,000 a year and have negative net worth, and you can earn $60,000 a year and be a millionaire by 55. The number that actually matters is assets minus liabilities, tracked monthly. Here is how to do it right on iPhone.

What counts as an asset

Anything that holds or grows value and could be converted to cash within 12 months at a reasonable price. The big categories:

  • Cash and checking: today's balance.
  • Savings and money market: today's balance.
  • Brokerage accounts: market value.
  • 401(k), IRA, Roth: vested balance.
  • Primary home: last comparable sale minus selling costs (6%).
  • Rental property: conservative market value.
  • Crypto: today's USD value, no lottery-ticket pricing.

What does not count (or counts weird)

Cars depreciate 20% year one, 15% year two. Track them at Kelly Blue Book private-party value, not what you paid. Furniture, clothes, and the Peloton are worth $0 for net-worth purposes. Collectibles only count if there is a liquid market (graded Pokémon cards yes, your grandpa's baseball yes, the weird painting no). Future income — an expected bonus or inheritance — does not count. Ever.

On the liability side: mortgage balance, car loans, student loans, credit card balance (not limit), buy-now-pay-later, medical bills, personal loans. Sum them up; that is the subtraction.

Tracking it in Plan!

Plan!'s Net Worth dashboard aggregates every goal across asset and debt types and gives you one number in your home currency, even if the underlying accounts are in EUR, GBP, or JPY. The 40+ supported currencies use live rates refreshed daily. You create one Savings goal per account (Chase checking, Fidelity brokerage, etc.), one Debt goal per loan, and the dashboard does the math in real time.

  1. In Plan!, create a Savings goal for each asset account with the current balance.
  2. Create a Debt goal for each loan with the principal owed.
  3. Open the Net Worth dashboard; the number is assets minus liabilities.
  4. Update account balances on the 1st of each month. It takes 8 minutes.
  5. Watch the line chart over 12 months; that is your real wealth trajectory.
People who track net worth monthly grow it 22% faster than those who do not, according to a 2023 Fidelity study. What gets measured, grows.

The monthly ritual

First day of the month. Coffee. 8 minutes. Open every account or log in to the aggregator. Update balances in Plan!. Screenshot the Net Worth dashboard. File it in a Photos album called "Net Worth Monthly". In 12 months you have a scrollable flipbook of your financial progress that beats any spreadsheet chart.

Multi-currency twist

If you keep GBP in a London account, USD in a US brokerage, and EUR for a Portuguese apartment, most apps break. Plan! converts everything to your home currency using its built-in daily rate feed, across 40+ currencies. Digital nomads, expats, cross-border couples: this is where Plan! is structurally better than any US-centric competitor.

Checklist

  1. List every account you own, in every currency.
  2. Create Savings goals for assets, Debt goals for liabilities in Plan!.
  3. Set the first of the month as your "Net Worth Day" reminder.
  4. Screenshot the dashboard monthly; archive in Photos.
  5. Review the 12-month line chart every December.

Your income is noisy. Your net worth is signal. Plan! is where you keep reading it.