Calculate Your Net Worth Instructions

How do you calculate net worth?Calculating your net worth requires you to take an inventory of what you own, as well as your outstanding debt. And when we say own, we include assets that you may still be paying for, such as a car or a house.

For example, mortgage on a house with a market value of $200,000 and the balance on your loan is $150,000, you can add $50,000 to your net worth.

Basically, the formula is:ASSETS - LIABILITIES = NET WORTH

Net Worth Calculator			Estimated Net Worth:	$167,180
8/29/23
Assets		Liabilities
Personal Items	Estimated Value		Loan Balances	Estimated Value
Home	$ 240,000		Mortgage loan	$ 200,000
Vehicles	24,000		Home equity loan	-
Jewelry	2,300		Car loans	14,000
Artwork	1,400		Real estate loans	-
Furniture	6,500		Student loans	-
Electronics	3,000		Other loans	-
Antiques	-		Other Outstanding Debt
Other	-		Credit card debt	$ 9,000
Cash or Cash Equivalent			Other debt	-
Checking account	$ 1,200
Savings account	780
Certificates of deposit	-
Money market account	-
Life insurance (cash value)	-
Other	-
Investments
Retirement account	$ 21,000
Bonds	-
Mutual funds	5,000
Individual stock shares	10,000
Real estate other than home	75,000
Other	-
Assets Total	$ 390,180		Liabilities Total	$ 223,000

Create a Budget Instructions

Everyone needs a budget, whether you're married with kids or a student embarking on an educational journey. While making and sticking to a budget may seem like a daunting task, the process can actually be easier than you think. There are a number of ways to save a few bucks every month.

An effective budget needs to be put down on paper or via a spreadsheet from a student budget template. On this budget, make a list of all your forms of incomes (including your job, loans, parents, etc.), followed by all your expenses (such as rent, books, food, etc.).

Make sure to differentiate between your needs versus your wants. The final number that you calculate should not be a negative number. If it is, you need to make some adjustments to make sure your take-home pay covers all your expenses.

NAME's Budget forMONTH
Income Items	Amount
Work
Scholarship
Family Allowance
Other income
(add your own)
(add your own)
Total Income	$ -
Expense Items	Amount
Rent
Utilities
Cell Phone
Groceries
Internet
Cable
Student Loans
Car Insurance
Health Insurance
Medical Expenses
Credit Card Debt
Entertainment
Laundry
Eating Out
Car Payments
Gas
Clothing
Travel
Personal Care
Tuition
Books
Lab Fees
Savings
(add your own)
(add your own)
Total Expense	$ -
Total Income (use amount from above)
Total Expense (use amount from above)
Difference	$ -
If you did your budget correctly, the difference (total income minus your total expense) should be $0.

Answer rating: 100% (QA)

To calculate your net worth you need to subtract your liabilities from your assets This involves tak... View the full answer