What is my net worth? How do I find it?

What is my net worth? How do I find it?

Your net worth is the difference between your total assets and your total liabilities. It is a measure of your financial position, and it can be a useful tool for tracking your financial progress over time.

To calculate your net worth, you will need to first identify all of your assets, including things like your savings, investments, property, and personal possessions. You will then need to identify all of your liabilities, including things like outstanding loans, credit card balances, and other debts.

To find your net worth, you can use the following formula:

Net worth = Total assets – Total liabilities

For example, if you have $100,000 in assets (such as savings and investments) and $50,000 in liabilities (such as credit card debt and student loans), your net worth would be $50,000 ($100,000 – $50,000).

It is important to regularly update your net worth calculation, as your assets and liabilities can change over time. This can help you to track your financial progress and identify areas where you may need to make adjustments to your financial plan.

In summary, your net worth is the difference between your total assets and your total liabilities, and it is a measure of your financial position. You can calculate your net worth by subtracting your total liabilities from your total assets. It is important to regularly update your net worth calculation in order to track your financial progress.

Prominent Financial Consultants offers a range of services to help our clients succeed, and we would love the opportunity to discuss how we can help you. If you would like to schedule an appointment with us, please schedule a free 15 Minute Financial Clarity Call so that we can learn more about your needs and goals.