Today on the Finance Flash Go! podcast, I’ll share how to calculate your net worth AKA the scorecard of your wealth!
What is net worth?
Net worth is the scorecard of financial well-being, security, and ultimately independence. You want to increase your net worth every day.
To review, net worth is equal to all of your assets added up subtracted by all of your liabilities added up.
In the way of definitions, assets are things that put money in your pocket. A cash-flowing real estate investment property is an asset. A liability is anything that takes money out of your pocket. A brand new luxury car that depreciates 10% when you drive it off the lot is a liability.
Without keeping score, we have no idea how we are doing financially.
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