When making a plan it’s best to know where you are starting to know what you need to change to get to your goal.  One key tool for assessing where you are today is calculating your net worth.  I calculate personal net worth quarterly.

Total assets – Total liabilities = Net worth

Total assets include things such as – cash, bank accounts, cars, real estate, retirement accounts, stocks, etc.  Anything you could sell tomorrow worth over $1000 with a reasonably determined market value.

Total liabilities are what you owe- current balance owed for credit cards, student loans, mortgages, car loans, personal loans, etc.


House $300,000

Cars $20,000

Retirement $35,0000

Total Assets: $355,000


Mortgage $220,000

Car Loan $5,000

Credit Cards $2,500

Student Loan $10,000

Total Liabilities: $237,500


Net Worth: $117,500


Calculate your Net Worth using this template:


Type $ Value
Total Assets :
Type $ Value
Total Liabilities :
Assets – Liabilities = NET WORTH :