One of the things that you need to do early on in your financial journey is to figure out what your net worth is all about. This is going to help you determine how much money you actually have and then you can use this as a baseline to help you along the way to seeing if your net worth has gone up or down depending on some of your big decisions along the way. The good news is that it is pretty simple to determine your net worth and you only nd to go through a few steps to get it all done.
To figure out the net worth that you have, all you need to do is add up all of the liabilities and then subtract those from the value of your assets. Your assets will be any current value of property that you own along with money that is in your financial accounts like retirement, checking, and emergency fund. The final number that you are able to get out of this will be your net worth.
You can do this on your own or work with an online calculator to make it easier. Once you know your net worth, you may be surprised by what you have or don’t have. You may have a positive number, but it might not be as high as you had thought. It is also possible to come in with a lower number too if you have a ton of debts and no assets in your name.
The good news is that you can work from there to make some improvements to your finances and to have your net worth go even higher. Even if you do have a positive net worth at the time, you can make some small adjustments through the month that will help you out and can make it easier for you to figure out how to improve your finances and pay off your debts. But you need to know where you are starting before you can make any changes.
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