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Figuring Out Your Net Worth

March 26, 2014, 10:03 PM by Angela Kennecke

Figuring Out Your Net Worth

You may have a good idea of your physical health, but how is your financial health?  The best way to tell is to figure out your net worth--and it's not just for millionaires.

It's either a number you could brag about or be ashamed of, but financial literacy teacher Mike Finley says take the time to figure out your net worth. 

"It's critical; and the reason is, that's how you identify how you are doing financially--your net worth statement.   Not how much stuff you have, not how big your income is," Finley said.

Finley says people often think if they're earning a lot of money, they're worth a lot, but net worth is about what you own versus what you owe. 

"We look at our assets that hopefully are appreciating, by owning stocks, real estate and bonds.  And we reduce our debts and our net worth gradually goes up. But you can't do that until you actually put it down on paper and figure out where you're at," Finley said.

Websites like NetworthIQ will let you compare your net worth to others based on age, income, occupation, where you live and even your education level.  That can serve as a motivator to increase your net worth.

"You should be improving that net worth every year by at least 10 percent," Finley said.

Finley's Net Worth Statements

Net Worth Calculator

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