Getting a Net Worth Statement Together

August 31, 2021 0 By admin

You should start online or at your local bank and get a net worth statement to fill in. They are free online. Just go to Google and type in free net worth statement and download the one of your choice. You will want to take all of your assets and liabilities to write down on here. Use the figures from the most recent month of the year. This will give you an accurate count of where you are year to date Biography .

Tips for How to Increase Your Net Worth

As you move more toward your wealth goals, you will want to update the net worth statement from time to time. You can realistically do this once a month and that would be good. Once time goes by, you will be able to see the progress that you are making on a monthly basis. This will give you confidence to succeed and continue with your goals. When a person sees themselves making progress, something almost like magic happens. You automatically get pulled toward your goals 10x as much as before. Do not under estimate this power.

A net worth statement will have all of your assets and liabilities on it. You assets will include your cash or cash equivalents, checking account, savings account, money market account, certificate of deposits, 401k, IRA, and any stocks that you may have. You liabilities are your mortgage, home equity loan, credit cards, student loans, car loans, personal loans, and anything else that you make a regular payment to. Find all of these and get them ready to write down.

Next you will need to find your hard assets. You will need to locate how much your car is worth, how much your house is worth, how much your boat is worth, and so on. You can use anything of value here. Note that when I say value, I mean it’s something that you can sell to someone else. Don’t mistake being valuable to you as being valuable to someone else. They are two different things. After you have all of these items, then you can add them all up. You will come up with your net worth. This is a great exercise to do so you know where you are in reference with where you want to go.