Evaluating your financial health can be a simple process, which should be done regularly. The first step in determining your financial health is to use this Net Worth Calculator to calculate your net worth. Your net worth is simply the difference between the total value of all your assets and your total liabilities. Knowing your net worth will help you to make decisions about taking on new debt, such as mortgages or loans, and track progress towards long term goals. Using the Net Worth Calculator on this page will allow you to do this quickly and easily.
How to Use the Net Worth Calculator Template
The free, downloadable Net Worth Calculator template on this page is customizable to meet your needs. To use it, follow these simple steps.
First, gather all the information necessary on assets you own and your liabilities. You’ll need to estimate how much each asset is worth, as well as the total owed on each liability. Monthly billing and investment statements usually contain this information. For property, such as a house or car, estimate how much it can be sold for.
- Your house or any other real estate you own
- Cars, RV’s, boats or other vehicles you own
- Household items such as electronics
- Equity loans
- Car loans
- Credit cards, department store cards
- Student loans
Enter the value of each asset or liability into the Net Worth Calculator template. Customize the template to fit your financial situation by adding a descriptive name for each item.
The template will automatically calculate your net worth, giving you a clear picture of where you stand financially. Your net worth value can be positive or negative. A positive value can indicate you are on the right track. Negative values can mean you should work towards reducing your liabilities.
Tips for Using the Net Worth Calculator Template
- Your net worth will change as your investments grow or take on new liabilities. You should use this Net Worth Calculator frequently to keep track of your changing situation.
- This Net Worth Calculator can be used to track investment performance over time. Also, it can be a motivator to pay off debts.
- Progress towards long term goals; such as retirement, college tuition, down payment on a house, can be monitored.
Download: Net Worth Calculator
Check this out while you wait!