This week’s worksheet is fairly simple. You track down the value of all your assets, and the current balances on all your liabilities, then figure out how much you are worth right now. Don’t panic if the number is really small, or even if it is negative. A lot of people hve a negative net worth at some point in their lives, especially if they took out loans for education.
The important thing about net worth is that it is a quick and easy assessment of where you stand, and that it will (hopefully) go up from year-to-year. Some people even track it from month-to-month. I’m not quite that organized, but I am sure that it is a huge motivator.
A note about the personal property section: I have included a section for personal property, but please be judicious and reasonable about what you list there. We’re talking about emergency sale, pawn-shop value. Even if you have a closet full of designer clothes, they’re not going to net much if you have to unload them tomorrow. Personally, I include just the value of our cars and don’t include anything else in this section. I think that including too much personal property artificially inflates your net worth and isn’t very accurate.
Please let me know if this doesn’t open clearly, or it you have any problems or questions.
Click here to open the PDF on your computer: Net Worth Worksheet
Click here to download the Word Document onto your computer: Net Worth Worksheet
More in the Wednesday Worksheet series:
Where Are You Now?
coming next week: Debts! (whoohoo!)
Do you want to know more about your military pay and benefits?
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