Net Worth Inventory
Click the link below to view an example of a Net Worth Worksheet. You may use this worksheet or whatever net worth tool you have found that works for you.
The net worth worksheet or inventory is tool we use to take a look at how much we money we have accumulated.
With a net worth statement, we can take a look at the value of the assets we own and the amount of debt we owe. The difference between the value of what we own and what we owe is our net worth.
List the things you own.
Write the current market value beside each asset you own.
List your debts.
Write the amount of the outstanding balance beside each debt you owe.
Total the value of you assets.
Total the value of your debts.
Calculate the difference between what you own and what you owe.
The difference is your net worth.
This number is sometimes positive and sometimes it is negative. If we are young and just beginning to manage money, it is likely that we are starting our financial path with a zero balance or with a negative balance. Over time if we manage how we spend our money, we can grow what we accumulate into larger amounts.
If the amount of debt we have is greater than the value of the things we own, we may feel discouraged. But remember, today is a brand new day. We can start today and begin to take actions to pay down our debts and accumulate more assets.
If we have a positive net worth, that is a wonderful foundation for continuing to grow what we have.
Review your net worth statement annually to assess your financial situation. Identify ways you can increase your assets and decrease your debts to increase your net worth each year.