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As of today, the Dow Jones Industrial Average has erased all of its gains this year. We’re not quite in “market correction” territory, though. The S&P 500 is still up year-to-date, but it isn’t presenting as fantastic a return as was evident earlier in the year. We could be getting to the point where the market finds itself in the midst of a market correction.

I wouldn’t pretend to be able to predict the daily, weekly, monthly, or annual swings of the stock market, but there’s no reason to rule a correction out as a possibility. Investing professionals typically define a market correction as the point at which an index that measures broad market performance is down 20 percent from a high. The Dow would have to be below 14,000 for there to be a market correction (and that would be down 20 percent from high of 17,279.74). The Dow could theoretically get there.

I’ve written extensively about taking control of one’s own finances. My life changed for me when I realized I had more control over my personal situation than I previously believed. Every human has the power to make every decision based on a future benefit.

One can choose to use a pay raise to pay off an overdue credit card or to justify the unnecessary purchase of a new car. One can choose to go to work early every day and otherwise impress the executives to earn a raise, or to do nothing beyond the scope of a job description and stagnate in one position in a career for a decade or more. One can choose to work hard in school and excel to prepare for a fruitful career, or to enroll in easy classes, not take education seriously, and not develop the critical thinking skills necessary to be successful later in life.

Naked With Cash is an ongoing series at Consumerism Commentary in which readers share their households’ finances with other readers. These participants benefit from the accountability that comes from tracking their finances publicly and the feedback of the four expert Certified Financial Planners (CFPs).

For more information, read this introduction.

Net worth is a calculation that immediately defines an individual’s or household’s financial position. It’s only one piece of a greater financial puzzle, but it’s an important piece. The concept of wealth relies mostly on net worth, which contrasts with the concept of poverty, which is generally related to a different financial equation, income.

Wealth however, is relative, while net worth is absolute. Place someone with a net worth of $50,000 in the middle of New York City, and she’s likely to have problems living the same lifestyle as those around her. Place the same individual with the same net worth in rural Kentucky, and the wealth will go further. Visit a developing nation elsewhere on the globe and $50,000 will feel like a million bucks.