First off, what is Net Worth? Net Worth is simply what you own (assets) minus what you owe (liabilities).
If you want to learn how to manage your personal finances, it is crucial to understand the concept of Net Worth. While most people are only familiar with the income statement, which shows revenues & expenses, not everyone is familiar with the balance sheet. The balance sheet includes everything you own & everything you owe & leaves you with one thing, your Net Worth, or equity. The balance sheet & Net Worth are one and the same.
For a more detailed review of key terms & a basic overview of financial statements, check out the Financial Statements page. To calculate your net worth, check out our new Net Worth Calculator below.
Calculate Your Net Worth
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Cash & Cash Equivalents
Cash on Hand
Credit Card Debt
Rental Property Mortgage
Personal Residence Mortgage
Your Net Worth
Total Assets: 0.00
Total Liabilities: 0.00
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