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| What are You Worth? |
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Assets are things that you own. Even if you still owe money on
them, these are included in the list of things that you own. It
can include things like your car, furniture, house, motorcycles,
jewelry, golf club membership, savings accounts, cash and investments.
In determining your total assets, you'll want to determine the appropriate
market value, not the purchase value you bought the item at. Consider
what an item is worth if you were to sell it. Be honest with yourself
and your estimates. Figuring your net worth can help you in making
financial decisions for you and your family.
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Liabilities are things that you owe. When you are listing your liabilities, you'll want to list not just the sticker
price, but the full amount you will pay after the finance charges. For
example, your liability is not the cost of the house, but the
total amount of the loan to be repaid.
Ideally, you will have more assets than liabilities, but be sure to
look at both. When you're making up your net worth statement, you're
looking at a point in time. Your liabilities and your assets will
change in time.
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| For related
links and additional reading, select your country/ market
below. |
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