09. How to Calculate your Net Worth, Financial Security Step 4

Balanced FI Podcast

English - July 06, 2021 06:00 - 21 minutes - 19.6 MB - ★★★★★ - 2 ratings
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Welcome to the Balanced FI Podcast, episode 9! Thank you so much for listening in!

Calculate your net worth by subtracting your debts (liabilities) from your assets.

First, list your assets, such as real estate, vehicles, bank accounts, retirement accounts, investment accounts, and other valuables. Next list your liabilities, like your mortgage, vehicle loans, credit cards, personal loans, taxes owed, HELOCs, 401(k) loans, medical debt, and cell phone loans.

Make sure to also request your free credit report to make sure you have all your debts listed.

Resources:

Read: Financial Security Step 4, Calculate Your Net Worth

Download: Calculate Your Net Worth Worksheet

Read: Financial Security Step 2b, Begin Saving for Retirement