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Home ยป How To Calculate Your Net Worth

How To Calculate Your Net Worth

How To Calculate Your Net Worth

Posted On November 17, 2022 By Randy Poulsen In Personal Finance /  

Your net worth is the value of your assets minus your liabilities. In other words, it’s what you own minus what you owe.

To calculate your net worth, simply subtract your total liabilities from your total assets. This will give you your net worth.

Assets

Your assets are everything you own and can use to pay your debts. They can be divided into two categories:

Non-liquid assets

Non-liquid assets are assets that can’t be easily converted into cash. Examples of non-liquid assets include your home, car, and furniture.

Liquid assets

Liquid assets are assets that can be easily converted into cash. Examples of liquid assets include your savings account, stocks, and bonds.

Liabilities

Your liabilities are everything you owe. They can also be divided into two categories:

Non-liquid liabilities

Non-liquid liabilities are debts that can’t be easily paid off. Examples of non-liquid liabilities include your mortgage and car loan.

Liquid liabilities

Liquid liabilities are debts that can be easily paid off. Examples of liquid liabilities include your credit card debt and student loans.

Now that you know what assets and liabilities are, you can calculate your net worth.

To calculate your net worth, simply subtract your total liabilities from your total assets. This will give you your net worth.

For example, let’s say you have the following assets and liabilities:

Assets:

Home: $300,000

Savings account: $20,000

Stocks: $10,000

Bonds: $5,000

Total assets: $335,000

Liabilities:

Mortgage: $200,000

Car loan: $15,000

Credit card debt: $10,000

Total liabilities: $225,000

To calculate your net worth, simply subtract your total liabilities from your total assets. In this example, your net worth would be $335,000 – $225,000, which equals $110,000.

Now that you know how to calculate your net worth, you can use this information to help you make financial decisions. For example, if you want to retire early, you’ll need to have a high net worth so you can cover your living expenses.

You can also use your net worth to measure your financial progress. If your net worth is increasing, it means you’re doing a good job of saving and investing.

No matter what your goals are, knowing your net worth is a good first step in achieving them.

Related posts:

Saving Money: Tips And Tricks For Building Up Your Savings.Saving Money: Tips And Tricks For Building Up Your Savings. How To Calculate Your Debt-to-income RatioHow To Calculate Your Debt-to-income Ratio How To Calculate Your Savings RateHow To Calculate Your Savings Rate How To Calculate Your Investment ReturnsHow To Calculate Your Investment Returns How To Calculate Your Cost Of LivingHow To Calculate Your Cost Of Living
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10000total15000credit200000car225000to335000liabilitiesmortgageAssetsCalculateCantCategoriesnonConvertedDebtsDividedExamplesGoalsLiabilitiesMinusRetireSubtract
How To Calculate Your Debt-to-income Ratio
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Randy Poulsen

Hello. My name is Randy Poulsen. I have been online for over 6 years and consistently blog about my life in internet marketing.

All articles by: Randy Poulsen

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