Get Personal Net Worth Statement - Charlotte-Mecklenburg County - Charmeck

A personal net worth statement or personal financial statement is simply your personal balance sheet. If you were a business, what would you be worth? Add up the value of all your assets (what you own), and subtract the value of your liabilities (what you owe), and that is your net worth.

How to set up a personal net worth statement. List your assets (what you own), estimate the value of each, and add up the total. Include items such as: ... List your liabilities (what you owe) and add up the outstanding balances. ... Subtract your liabilities from your assets to determine your personal net worth.

An individual's net worth is simply the value that is left after subtracting liabilities from assets. Examples of liabilities include debts like mortgages, credit card balances, student loans, and car loans. Liabilities can also include obligations that must be paid such as bills and taxes.

A personal net worth statement shows your net worth which is your assets minus your liabilities. It shows what a person has in cash if they sold all their assets and paid off all their debts. By creating a personal net worth statement, you can get an accurate overall look at your financial status.

Mecklenburg County Government. MeckNC.gov websites belong to official departments or programs of the Mecklenburg County government.

The first step in this process is to determine the total amount of your assets. Assets are your possessions that have value—for example, money in bank accounts, stocks and bonds, personal property, your home or other real estate. Once you've calculated your assets, determine the total amount of your liabilities.

For example, if the list of everything you own has a total value of $100,000 and the list of everything you owe has a value of $60,000, your net worth statement would show that you have a current net worth of $40,000.

Definition: Net worth is the difference between the asset and the liability of an individual or a company. Description: A high net worth relates to good financial strength and ultimately good credit rating of an individual or a company.