When Was the Last Time You Did a Net Worth Statement?

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Taking just five minutes to calculate your net worth can be one of the most crucial steps for managing your finances. Here’s how you can do it on a simple piece of paper:

  1. List Your Assets
    • Cash: Include checking and savings account balances.
    • Investments: List stocks, bonds, mutual funds, and retirement accounts.
    • Property: Note the market value of your home, cars, and other real estate.
    • Other Assets: Include valuable items like jewelry, collectibles, and artwork.
  2. List Your Liabilities
    • Mortgages: Write down the outstanding balance on your home loan.
    • Loans: Include car loans, student loans, and personal loans.
    • Credit Card Debt: Sum up all your credit card balances.
    • Other Debts: List any other outstanding liabilities.
  3. Calculate Net Worth
    • Total Assets: Add up all the values from your assets list.
    • Total Liabilities: Sum up all the values from your liabilities list.
    • Net Worth: Subtract the total liabilities from the total assets.


Assets Amount ($)
Checking Account 5,000
Savings Account 10,000
401(k) 50,000
Home Value 200,000
Car 15,000
Total Assets 280,000
Liabilities Amount ($)
Mortgage 150,000
Car Loan 5,000
Credit Card Debt 2,000
Total Liabilities 157,000

Net Worth: $280,000 (Total Assets) – $157,000 (Total Liabilities) = $123,000

Taking a few minutes to do this simple calculation can give you a clear picture of your financial health and help guide your future financial decisions.

Disclaimer: This guide is for informational purposes only. Consult with a financial advisor for personalized advice.

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Investment advisory services provided by Arkfeld Wealth Strategies, L.L.C. All content on this site is for information purposes only and should not be considered investment advice.  Material presented is believed to be from reliable sources and no representations are made by our firm as to another party’s informational accuracy or completeness.  Arkfeld Wealth Strategies, L.L.C. and its representatives do not provide tax or legal advice and nothing herein should be construed as such.  Always consult with your tax advisor or attorney regarding your specific circumstances. 


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