You probably know what net worth means, but do you know what your net worth is? Knowing this number can help you get a better picture of your financial situation. Remember: this number represents one moment in time, as your financial health is always changing.
Simply stated, your net worth is the total of assets minus debts or liabilities. To find this number, use one of the countless online calculators or spreadsheets available. The downside of this method is you need to manually update the values. There are also apps for your phone or tablet, or software for your computer, that can track your net worth. You may even be able to link your accounts so the values are updated automatically.