Calculating your net worth
What’s the point of knowing your net worth? Why not know it? It’s another piece of your financial pie. The more you know about your financial status, the clearer your saving and investing goals can become. Calculating your net worth will take at least 30 minutes. Here’s an example of how to do it. (Round all figures to the nearest dollar.)
ASSETS:
Cash in checking and savings accounts: $21,000
Stocks: $1,230
RRSP: $622
RESP: $962
Vehicle (paid-off): $10,500
Personal Possessions: $12,000
__________________________
$46,314
LIABILITIES:
Vehicle: $7,030
Loans: $15,500
Credit card debt: $2,600
__________________________
$21,184
ASSETS – LIABILITIES = $25,130
This hypothetical person has pretty simple assets and liabilities, showing a net worth of $25,130. Your financials may be a bit more complex, but this example shows how to tally your net worth.
Assets can include vehicles (if you own them outright, find the value left on the car if you sold it today), stocks, home (if you own it outright; otherwise, take what the house is worth and subtract the amount you owe on the note), cash in checking and savings accounts, and more. You can also find online “net worth calculators” for help
Heres one from CNN
