How to Calculate Your Net Worth

Written by promotiondept

September 27, 2018

Last Updated: Jun 5, 2018How much are you worth? Not a clue? Knowing your own net worth helps you plan for your future – and your business’s future. Here’s how you calculate it. Do you know how much you’re worth? Most people don’t but as a business owner, your personal net worth may be important. […]

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Last Updated: Jun 5, 2018
How much are you worth? Not a clue? Knowing your own net worth helps you plan for your future – and your business’s future. Here’s how you calculate it.

Do you know how much you’re worth? Most people don’t but as a business owner, your personal net worth may be . Although your business is probably legally separate from your personal assets, a bank that considers giving you a business loan will likely ask for personal collateral if your business has little real value. Calculng your net worth gives you an accurate picture of how much of your personal worth you’re pledging to your business.

On a more personal level, having a clear picture of how much you’re worth helps with financial . Do you have ough saved for retirem; where is your debt and are there assets that could help you pay it down it down faster? What percage of your net worth is in liquid investms and is it allocated appropriately? Your net worth is more than a single number—it’s an ire report full of data.

Terms

Before diving into the calculons, you need to know a few terms:

Asset– Any property with real value. Real estate, a car, and jewelry or art are a few examples.

Illiquid Asset– Something that can’t be converted to cash quickly without a substantial loss. Remember the crisis that left people underwater on their homes? Homes became an illiquid asset for many.

Liability– Something you owe—a debt.

Liquid Asset- Something easily sold for profit. Stocks might be the best example.

Personal Property- Something you own that is movable—boats, , collectibles, and furniture are examples of personal property.

Real Property– Property permanly attd like a home, a barn, or detd garage.

Gather the Informon

Probably the toughest part of calculng your net worth is gathering the informon. Some of the informon might be an estimate. Unless your real property was appraised recly, you won’t know it’s curr value without paying an appraiser. In the case of your home, look up rec sales of similar homes in your neighborhood and use those as a guide for estimng your home’s worth. These are called “comps” or comparables in the real estate business.

RELATED: 14 Things to Ask a Potential Financial Advisor

If you have jewelry, some jewelry stores have appraisers on staff or they can recommd somebody. 

For assets like your car or some collectibles, look at online guides that list their value. If you hav’t dug into the value of a 401(k) from a past employer or the cash value of a life insurance policy, set up online accounts with the firms holding these investms or call and request a curr statem.

If you’re going to invest time into calculng your net worth, do the legwork to compile the most accurate data. The more you estimate, the more inaccurate your final calculon will be.

The Calculon

Calculng your net worth is simple once you have the informon. It’s simply your assets (what you own) minus your liabilities (what you owe). Add everything you own including:

Next, add your liabilities

Subtract your total liabilities from your total assets. Now you know your net worth.

RELATED: How to Get Paid What You’re Worth

What’s Next?

Once you do the work the first time, the calculon is easier the next time around. If you hav’t already, use a free service like Mint.com to keep many of the numbers up to date in one place. Instead of having to compile the value of each of your investm accounts, credit cards, and everything else, you simply op Mint and copy the numbers into your spreadsheet.

In fact, Mint tracks the estimated value of many of your personal and real assets and gives you your net worth based on the informon it has. It won’t be perfect but it will be pretty close.

Bottom Line

Your net worth is a very geral view of your financial health. Do a quick Google search and you’ll find ply of websites telling you what your net worth should be as you hit certain age brackets. What might be more is to make sure you’re saving ough for retirem, paying down debt as quickly as possible, saving for your childr’s’ college educon, and keeping money set aside for unforese expses. Net worth is an metric but other metrics are more crucial.

© 2015 Attard Communicons, All Rights Reserved. May not be reproduced, reprinted or redistributed without writt permission from Attard Communicons,

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Happiness is for those who plan well and pursue. A profound among us have been proven those who have true dream to live for likely REALIZED IT. It is just simply the person working toward the DREAM days and night until accomplishment. There is a phrase of efficiency a head of you. Steps and obstacles at first seem tremendous. However, just with some times those difficult steps and challenges are so easy performance for you. There are also plenty of tools including VISUALIZATIONS and helps are around you.

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Last Updated: Jun 5, 2018How much are you worth? Not a clue? Knowing your own net worth helps you plan for your future – and your business’s future. Here’s how you calculate it. Do you know how much you’re worth? Most people don’t but as a business owner, your personal net worth may be important. […]

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How To Really REALIZE DREAMS COME TRUE?

Happiness is for those who plan well and pursue. A profound among us have been proven those who have true dream to live for likely REALIZED IT. It is just simply the person working toward the DREAM days and night until accomplishment. There is a phrase of efficiency a head of you. Steps and obstacles at first seem tremendous. However, just with some times those difficult steps and challenges are so easy performance for you. There are also plenty of tools including VISUALIZATIONS and helps are around you.

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COVID-19 – Effective Tips For You!

COVID-19
HOW TO DEFEAT DEADLY CORONAVIRUS EVERY TIME?

The Greatest Virus Surviving 10 Steps Guide

Free Risks Helps & COVID-19 Solutions

Here Are Great Free Tips For You.

Please Order If See Anything You Need? Mutual Reciprocal & Have Great Days!

 

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