Knowing your net worth is important because it shows you a snapshot of your assets and liabilities at a point in time. Why does that matter? Well, as an example, the term “millionaire” doesn’t mean that person has $1 million in their bank account. Instead, it means that their net worth is greater than $1 million.
In order to know what you need to do to reach your financial goals, you need to know where you are. This is where you net worth comes in.
Your net worth is a complete picture of your finances at a point in time. This means that when you get paid or when you use your credit card, your net worth changes. In fact, your net worth is likely changing every day. Because of this, it’s important to track your net worth over time to make sure you are progressing towards your goals. Calculating your net worth daily would likely be too burdensome to be worthwhile, but by calculating your net worth bi-monthly or monthly you can get an accurate picture of how your net worth changes.
To calculate your net worth, you simply subtract your liabilities from your assets.
Attached below is a template you can use to calculate your net worth. Update the green shaded cells and personal the template for your own situation. Then use this template regularly to calculate your net worth at set intervals (e.g., monthly or bi-monthly) to track how your net worth changes over time.
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