What is net worth data?

Net Worth Statement Concept and Example

Net worth statement is a visual record of an individual or business’s financial wealth at a specific point in time. It serves as a financial snapshot that allows you to assess your financial situation at any stage of your financial journey.

How Does a Net Worth Statement Work?

A net worth statement functions as a financial document that helps measure your financial progress. You can use the statement to evaluate your current financial situation, track your net worth, and adjust your long-term or short-term financial goals. A net worth statement gives you an overview of your assets versus your liabilities.

Creating a Net Worth Statement

Preparing a net worth statement is not a difficult task. All it requires is a simple checklist and some basic mathematics.

1- List all your assets (anything of value that you own) in a net worth worksheet or on a piece of paper. Estimate the current cash value of each item – what it would sell for in the current market, not what you paid for it. Calculate the total. Assets should include items such as:

• Cash in any bank accounts
• Balance in investment accounts (stocks, bonds, retirement accounts, etc.)
• Market value of your home and vehicles, if applicable
• Your interest or ownership in a business
• Personal property such as household furniture, jewelry, art, antiques, and appliances
• Cash value of any life insurance policy

2- List all the liabilities you owe. Sum up the amounts due using the most recent figures available. Liabilities should include items such as:

• Outstanding principal balance on your mortgage or home loan
• Balance on car loans
• Balance on credit cards
• Balance on student loans
• Any medical or tax debts

3- Subtract the total liabilities from the total assets. This will give you the approximate value of your net worth.

Whether your net worth is positive or negative, it is important to have a starting point and to know where you stand financially. These strategies can help improve your net worth statement and enhance your financial health. Regardless of whether the net worth statement is positive or negative, it’s essential to have a starting point and know where your financial position lies.

Source: https://www.thebalancemoney.com/what-is-a-net-worth-statement-5225879

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