Understanding Your Net Worth Statement: Assets Unveiled

In this episode Mark guides listeners through the asset side of the net worth statement. Building on the last episode's discussion on tracking income and expenses with a money journal, Mark explains the importance of categorizing assets into cash and cash equivalents, investments, and use assets.

He delves into the specifics of each category, offering practical advice on how to compile and assess these assets for your financial snapshot. From understanding different types of accounts to recognizing the value of personal property and investments, this episode serves as a comprehensive guide to mastering the asset side of your net worth statement.

Tune in next time for the next part of the mini-series, where liabilities and calculating net worth will be discussed.

Episode Links:

Mark’s Money Mind YouTube Channel

Timestamps:

• 01:19 Recap of Money Journal and Introduction to Net Worth Statement
• 03:21 Cash and Cash Equivalents
• 04:45 Investments Overview
• 06:40 Use Assets Explained
• 08:23 Deep Dive into Cash and Cash Equivalents
• 12:04 Understanding Bonds
• 16:43 Stocks and Their Returns
• 22:09 Investment Accounts: Taxable, Tax-Deferred, and Tax-Free
• 25:16 Conclusion and Next Steps

Kickstarting Financial Literacy: Tracking Income and Expenses

In this episode Mark introduces a special miniseries aimed at the high school seniors of Crested Butte Community School. Mark outlines his plan for making financial literacy accessible through podcast episodes that parallel his classroom lessons.

He delves into the key components of the first lesson: tracking income and expenses. Mark discusses setting up a ‘Money Journal,' understanding paychecks, categorizing expenses, and prioritizing savings. He emphasizes the importance of living within your means and avoiding 'lifestyle creep.'

Tune in to explore actionable steps towards financial freedom and learn about tools and techniques to maintain a healthy financial life.

Episode Links:

Mark’s Money Mind YouTube Channel

Spending Tracker App (iPhone)

Spending Tracker App (Google)

Timestamps:

• 00:25 Purpose of the Financial Literacy Miniseries
• 02:35 Overview of Financial Literacy Course
• 05:23 Lesson 1: Tracking Income and Expenses
• 06:01 Understanding Financial Statements
• 12:34 Fixed, Variable, and Periodic Expenses
• 14:40 Prioritizing Savings
• 22:19 Tools for Tracking Spending
• 24:32 Wrap Up

In this episode Mark delves into the intricacies of ACA subsidies and the significant changes expected in 2026, including the return of the subsidy cliff and increases in Expected Premium Contribution levels based on household Federal Poverty Level guidelines.

He also shares insights from the new book 'Tax Planning To and Through Early Retirement' by Cody Garrett, CFP and Sean Mullaney, CPA which challenges his current approach to Roth IRA conversions.

Mark also discusses his personal financial planning strategy for 2026 while offering listeners insight on how to navigate the evolving healthcare landscape.

The episode concludes with a light-hearted note about Halloween preparations.

Episode Links:

Mark’s Money Mind YouTube Channel

Beyond the Basics ACA Subsidy Reference Chart - Coverage Year 2025

Beyond the Basics ACA Subsidy Reference Chart - Coverage Year 2026

Tax Planning To and Through Early Retirement by Cody Garrett, CFP and Sean Mullaney, CPA

Timestamps:

• 00:22 Life Update: Moving and Teaching
• 00:58 Roth IRA Conversions and ACA Subsidies
• 04:53 Upcoming Changes in ACA Subsidies
• 08:01 Federal Poverty Guidelines and Expected Premium Contributions Explained
• 18:34 Planning for 2026 and Beyond
• 25:58 Halloween Fun and Show Wrap-Up

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