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By Kate Santichen
October 29, 2015

Want to be wealthy? Want financial freedom? “The one thing that really changed my outlook, and even my actions, was tracking my net worth,” says financial blogger J. Money.

Track your net worth. You start to change your behavior when you pay attention to how much debt you have compared to your assets. Tracking helps to curb unnecessary spending.

Cut your expenses. There are two ways to increase your net worth, increase your income or decrease your expenses. It’s financially freeing to cut your expenses; you can have less wealth and still accomplish a lot as long as your expenses are low, says J. Money.

Advertiser Disclosure

The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

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