How to Determine Your Net Worth (with Worksheets)

I Love Making Money
5 min readNov 29, 2020
How to Determine Your Net Worth with Worksheets from I Love Making Money

Your net worth, in simple terms, is the difference in what you own and what you owe. (Assets — liabilities = net worth.)

Let’s start with your assets. Assets are cash or items that can be turned into cash.

Bank accounts, stock investments, etc. are assets. If you don’t have an emergency savings account, then I recommend a high-yield, compound interest rate. Axos offers the highest one I have found here.

Your home is an asset, as long as it has equity, meaning it is worth more — in terms of real market value — than what you owe. If you could sell your house for $200,000, and you only owe $150,000, your equity is $50,000. That equity is an asset.

If your car is paid off, and you could sell it for $5,000, it’s an asset. If you just bought a car with a loan, and you put little or no money down, even though it’s “worth” $20,000 it’s not an asset, because if you sold it today, the proceeds wouldn’t go into your pocket — they’d go to paying off your loan. (This process will help you figure all that out.)

Use the following worksheet to list all your assets. (Remember, actual value is what you can sell the item for, not what it is theoretically “worth.” A silver necklace that cost $200 isn’t worth $200 unless someone will actually pay you that amount for it.)

A number of online value guides are available: For example, to determine the value of an automobile, go to Kelly Blue Book (www.kbb.com). Collectibles can be valued at item-specific sites, or you can check auction sites like ebay.com to see what similar items are selling for.

To get you thinking, here’s a list of some common assets you might have:

  • Savings accounts, checking accounts, investment accounts
  • 401(k) accounts, retirement accounts, life insurance policies (cash value, not the policy value)
  • Home
  • Automobiles, motorcycles, boats, RVs
  • Jewelry
  • Furniture
  • Collectibles
  • Antiques
  • Artwork
  • Cash

Now fill out your sheet:

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I Love Making Money
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Kit Elliott is the founder and CEO of I Love Making Money, an independent publisher specializing in making and management training, guides and reviews.