Net Worth Calculator: Assets - Liabilities = Net Worth
Ever wonder what your net worth is? This calculator tool will help you figure out that number. All you have to do is enter in your assets (what you own) versus liabilities (what you owe). Then you can see what your net worth is today.
If you’re interested in seeing that number go up even higher, we’ve got you. Check out MFF’s free online courses to help you on the path towards financial independence.
Next Steps To Improve Your Net Worth:
1
Build a Budget
Take control of your money by writing out what you earn and what you spend. Determine your monthly cash flow. Live within your means.
2
Trim Expenses/Liabilities
Remove what you don’t need. Pay down high-interest debt. Ask yourself – will this improve my net worth?
3
Increase Income, Savings, and Investments.
As Cash Flow increases, you’ll be able to increase savings accounts and investments, acquire assets, and pay down debt. The more options you’ll have, your net worth will increase.
Want to learn more?
What Are Assets?
Assets are valuable possessions that you own. This includes things like cash, retirement/ investment accounts, vehicles, and your house.
What Are Liabilities?
A liability is what you owe. In the case of net worth, we’re talking about your financial debts. Mortgage, car payment, credit card debt, student loans, and medical debt are all liabilities.
How Is Net Worth Calculated?
What you Own (Assets) – What you Owe (Liabilities). Fill in all the fields above to determine your Net Worth!
How Can Something Be an Asset and a Liability?
This is most common with houses and cars. You own a house (asset), but the house comes with a mortgage (liability). You have a car (asset), but it has a loan (liability). Hopefully there is a positive difference (equity) between the value of your asset and liability to positively affect your Net Worth!