How can you calculate your net worth?
In: 5
It’s your assets – debts.
So add up the value of your investments, retirement accounts, equity in home, cars.
Subtract debt like balance on mortgage, car loan, student loans, credit card balance.
The difference is your net worth.
Imagine you have a stock portfolio worth $50k. $100k in a 401k. Your home is worth $400k and your mortgage balance is $180k. You have a car worth $20k you still owe $10k on. And a credit card balance of $5k.
Your net worth is 50+100+(400-180)+(20-10)-5 = $375k
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