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How do I calculate my net worth?

Curious about Know your money

How do I calculate my net worth?

To calculate your net worth, you will need to add up the value of all of your assets and then subtract the value of all of your liabilities. Your assets can include things like cash, investments, real estate, and personal property (such as cars or jewelry). Your liabilities can include things like mortgages, car loans, credit card balances, and other debts.

Here's a basic formula you can use to calculate your net worth:

Net worth = (value of assets) (value of liabilities)

To get started, you will need to gather all of the information you need to calculate the value of your assets and liabilities. This may involve taking stock of your bank accounts, investment accounts, retirement accounts, real estate holdings, and any personal property you own. You will also need to gather information on any debts you owe, including credit card balances, car loans, and mortgages.

Once you have gathered all of this information, you can plug it into the formula above to calculate your net worth. This number can give you a sense of your overall financial health and help you identify areas where you may need to focus your efforts to improve your financial situation.

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