Figuring out your net worth is simple. Anyone can do it and I'll show you how. All you need to do is to get out a sheet of paper, pen, and your calculator.  First thing that you need to do is make a list of all of your assets. Your assets are the things that you own that can be converted to cash. Some examples of assets that you may own are:cash, furniture, cars, 401(k), stocks, jewelry, televisions, boats etc. Make a list of these things and give them a value .After you've made the list, add up the values. The total is what you can get ideally if you sell all of your assets. Next, you need to make a list of all of your debt. This list should not include your utilities. Some examples of your liabilities are: mortgage, car note, credit card debt, student loans, and medical debt. Add up the total. How does the figure look? Were you pleasantly surprised or were you shocked? Now subtract your liabilities from your assets. The total is your net worth.  If your liabilities exceed your net worth, then you have a problem: debt overload. You may already know this because creditors are calling your home and your cell phone from first thing in the morning until about 9:00 pm every night including weekends and holidays. Or you may have trouble sleeping at night becauseyou are worried about the sheriff showing up at your door or your being repossessed. Stay connected and I'll give you some tips to turn this situation around. |
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