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The Millionaire Mindset

The definition of a millionaire is having a net worth greater than 1 million U.S. dollars. Do you know what your net worth is?

Net worth is the amount by which your assets exceed your liabilities. Before you can start your wealth building journey, you have to know where you are currently financially.

I would like to challenge you to take the time to calculate your net worth. Net worth is calculated by adding up all of your assets and subtracting all of your liabilities.

Net worth = Assets – Liabilities.

Examples of your assets would be your home, cars, cash in the bank, any investments you may have, life insurance (if it has cash value), etc. In order to add your asset you must know the value of your assets.

For example, you can go to and type in your address to determine the value of your home. Once you add up your assets, you then want to add up all your liabilities. Examples of your liabilities would be what you owe on your home, car, student loans, personal loans, etc. Liabilities do NOT include monthly expenses such as utilities, food, mortgage payment, car payment etc.

See below example of calculated Net worth

Assets Liabilities

Home $200,000 Home $175,000

Car $30,000 Car $28,000

Cash $1,000 Student Loan $50,000

401K $50,000 Credit Card $3,000

TOTAL $281,000 TOTAL $256,000

Net Worth = $281,000 - $256,000 = $25,000

In this example the net worth is $25,000 or if you have the millionaire mindset, 2.5% of 1 million dollars. In some instances you will find that your liabilities exceed your assets, which causes a negative net worth. If you have a negative net worth, don’t be discouraged. Just by taking the time to calculate your net worth you have already began the process of making a positive change.

You can begin building your net worth by paying down debt and building up your assets without taking on additional debt. Building your net worth is not an overnight process. It takes time and patience. Each month, you should be setting a goal that contributes to building your net worth. An example would be setting a goal to set up a spending plan. That way, you can find money to pay down debts or use for investing.

Debt can devour net worth, which is why I recommend living a debt free life style. Imagine living a life with no debt. In the example above your net worth would increase to $281,000, or if you have the millionaire mindset, your net worth would be considered to be over a quarter of a million dollars. Doesn’t that sound much better? Your net worth makes up a great portion of your wealth. It is important to remember that the value of assets can change, so you should update your net worth statement sheet on the annual basis. Here is a link to a online net worth calculator from if you need further assistance with this exercise.

DNA Financial Services can help you position yourself to create wealth and assist in molding your behavior to that of the millionaire mindset. For more information, visit our services page on the website or call us to set up an appointment at 248-805-2218.

Founded in 2015, DNA Financial Services LLC has pledged to Educate, Empower and Equip the financial DNA of clients now and for generations to come. The company offers a number of financial services designed to bridge the gap in wealth building education while aiding and advocating for the financial literacy of people from all walks of life.


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