Tag - net worth statement

Five Steps to Creating a Personal Net Worth Statement

What is a Net Worth Statement? A net worth statement is a financial statement used to list an individual’s or family’s assets and liabilities. Assets are valuables owned by a person, while liabilities are monies owed by a person. The Net Worth Equation Net worth is calculated by subtracting total liabilities from total assets. Net Worth = Assets – Liabilities If you liabilities are greater than your assets, you are considered to have a¬†Deficit Net Worth. Deficit Net Worth: Liabilities > Assets Why are net worth [...]