How Do I Find Out My Net Worth?
Question of the Week
"Hey Treyton, how do I find out my net worth?"
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One of the quickest and easiest ways to figure out your net worth is by using a personal finance app such as Personal Capital (no affiliation).
By using an app to help calculate it, you can link your bank accounts, investment accounts and credit cards to get a brief overview of what your net worth looks like - and if needed, do some manual calculations afterwards for liabilities that you can't link such as a mortgage or other loans.
To do it without an app, your net worth is calculated by adding up your assets, adding up your liabilities (debt) and then subtracting the liabilities from the assets:
Net worth = Assets - liabilities
Another way to think about it is that your net worth is what you own less what you owe.
One thing I recommend to do when figuring out your net worth is to write down the number or keep it in your Notes app. Then, recalculate your net worth every so often (maybe once a quarter) to see your progress.
You can then watch your growth over time, see what's working, and work to keep increasing it.
Here's a solid net worth calculator from Kiplinger's website: Net Worth Calculator