Calculating your net worth is super easy with the fillable document created by the FDIC. All you have to do is insert in the value. The calculations are all set up for you.
Your net worth
Your net worth is your assets minus your liabilities. It sounds so simple when someone says it, but there are always questions.
The first step is to list your assets in one column and list the value in the second column.
Assets
Here are some examples of assets:
- Checking
- Savings
- Investment accounts
- Retirement accounts
- Property (house, land, investment property)
- Vehicles
Now add up all your assets.
Liabilities
Next, make a list of all your liabilities. In the first column list who you owe the debt to and in the second column write down how much you owe.
Some examples of liabilities are:
- Student loans
- Home loan
- Vehicle
- Motorcycle
- RV or camper
Then add all your liabilities.
Calculate your net worth
The final step is to take your total assets and subtract your total liabilities. This is your net worth!
Congratulations on calculating your net worth!!! I just love this kind of stuff!
If you like to learn by watching, I created a YouTube video and inserted numbers as an example. you can watch it on YouTube.
In the video, I show you how to fill out the form on the FDIC’s website.
Knowing what your net worth is has value in thinking about how you can create a higher net worth.
How to increase your net worth.
The best way to increase your net worth is to pay off debt.
Learn More!
I hope you found this information helpful!
Any recommendations I make should be taken into consideration with your values and goals. You should make the best decision that aligns with your family’s values.
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