Calculating Your Net Worth

What’s in your wallet? No, this is not the Alec Baldwin credit card commercial. What I’m talking about is your “net worth.” You see, it makes good financial sense take a look at it to see where you stand financially.

This is how you calculate your net worth:

Assets minus Liabilities = Net Worth. Very simple stuff.

So here is a refresher: Assets are anything that you own that could be exchanged for cash. Things like your home, savings and checking accounts, investment properties, retirement accounts, cars, cash value life insurance policies and more.

Liabilities are things that you owe money on. For example, mortgages, credit cards, car loans, student loans and more.

To help you figure all of this out for your specific situation, download my free “net worth” worksheet.

Once you download the worksheet and fill it in completely, you will want to see if you have a positive or negative net worth.

Your goal should be to get into the positive, and to grow it every year.

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