Do you know your net worth? Net worth is the amount your assets exceed your liabilities.You should monitor this number regularly. It will tell you if you are headed in the right direction. Your net worth is not hard to compute. Add your bank accounts, investments, savings and checking accounts. Add in your retirement accounts and Social Security monthly benefit. Next determine the value of your personal property such as cars, jewelry, watches, and the value of your home. Be honest (underestimate) in your appraisals.
Then subtract all debts, mortgages, credit cards, and all other outstanding obligations.
Now you have it. Your net worth. Check this number every three months. You want it to increase.
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