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Your Net Worth
Net Worth is something we all need to know about, if we are planning to be financially successful! Your Net Worth is when you subtract what you owe(liabilities) from what you own(assets). This will help you determine your financial worth.
What are my assets? Well, that’s a good question. Your assets are any material or financial possession that has a monetary value at the current market value. Examples of your assets would be the following: checking and savings accounts, your home, 401K plan, IRA, mutual funds, certificate of deposits, stocks, cash, vehicles and anything else that has a monetary value.
What are my liabilities? Your liabilities are debts that you owe to a creditor or anyone else. Your liabilities may include some or all of the following: your mortgage payment, rent, credit card bill, vehicle payment, student loan, and any other liabilities you may owe. By knowing what your liabilities are, this will help you to determine what you are worth. Once you determine what your financial worth is after subtracting your liabilities from your assets, then, you can work on making adjustments to your spending. By adjusting your spending you will be able to increase your overall worth, to assist you in achieving your financial goals. You've worked hard for your money so continue to make your net worth grow by decreasing your liabilities and increasing your assets!
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