Calculate your Net worth
Generally net worth refers to a company's total Assets minus their Liabilities.
In personal finance your net worth is your total wealth or what you own minus what you owe.
It is extremely helpful for individuals to know how much their total net worth is and how much you can expect it to grow (or shrink) based on your current income and expenses.
To use this calculator :
Step 1: Your Assets - Enter in the total amount of real estate, investments, personal property, and cash, click next.
Step 2: Your Liabilities - Enter the mortgage, and other loans amounts.
Step 3: Growth - Slide the yearly asset growth cursor to the correct percentage on the chart and slide the liability growth cursor to the correct percentage on the chart.
Finally - You will get what could be your net worth in ten years.
Playing with the sliders will give you a very good idea of what effect a negative liability growth (paying off debt) versus a higher asset growth will have on your net worth down the road.
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If you would like to be able to track your Net Worth over a longer period (and I highly recommend doing that) the best way is with a spreadsheet. I have posted the one I use. Download Net Worth Calculation and Tracking Spreadsheet.
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