Personal Net Worth
What is personal net worth?
Personal net worth is the value of assets that an individual owns minus their liabilities. It is a measure of an individual's financial health and can help in determining their overall financial standing.
What are the types of personal net worth?
There are two main types of personal net worth: liquid net worth and illiquid net worth.
Liquid net worth includes assets that can easily be converted into cash, such as savings accounts, stocks, and bonds.
Illiquid net worth consists of assets that are harder to convert into cash quickly, like real estate, vehicles, and valuable collectibles.
How to complete personal net worth
To calculate your personal net worth, follow these steps:
01
List all your assets including cash, investments, real estate, vehicles, and other valuable possessions.
02
Total up all your liabilities such as mortgage, credit card debt, student loans, and any other outstanding debts.
03
Subtract your total liabilities from your total assets to determine your personal net worth.
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