Feeling like a million bucks? Or maybe just a thousand? If you really want to know how much you’re worth, the Net Worth Calculator will assess the data from your life and create an easy to read report showing exactly how much you’re worth.
How to use the Net Worth Calculator
Download the template from the link below and open it in Excel. The first page is where your report will be generated, so go to the bottom of the page and select “Assets” as your starting place.
This section is divided into the 4 areas of life that create your positive worth. The green “Cash” box is all of your current money (not projected). If something does not apply to you, leave it blank and it won’t be factored into your report.
The “Personal”, “Investments”, and “Retirement” boxes work the same way. Leave any categories blank that you don’t have money in. Under personal, there are two spaces for “other”. Use this if you own something like a boat or a plane. The “Other” in investments is for stock.
When you’ve finished, go back to the bottom of the page and tab to “Liabilities”. This is for categories that detract from your Net Worth. Unsecured means the amount owed could possibly change (for better or worse). Anything that has money owed and accrues interest is unsecured. Secured means the amount you owe will not change outside of your payments. If it never generates interest, then it is secured.
When finished, go back to the bottom of the page and select “Dashboard”. This will now show your report and your total Net Worth. The amount is calculated by subtracting your liabilities from your assets. It also has a circle graph showing where each category stands.
Tips for using the Net Worth Calculator
- This template can be used for fun, or as a way to track your money situation. If you end up with negative Net Worth, you’ll know that the amount you owe in liabilities is higher than what you have.
- Compare your Net Worth every six months or annually. You can track if you are making/saving more money, or spending/owing too much.
- In assets, don’t include items that would not sell. If you bought a 1995 Honda Civic for $15k, it probably isn’t worth that much today.
Template courtesy of Microsoft
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