Net Worth | Credit Report Repair

Your Net Worth

Your net worth refers to the difference between your assets (what you own) and your liabilities (what you owe). Determining your net worth allows you to get a glimpse of your financial situation at a particular point in time. It is also useful for setting financial goals. What do you want your net worth to look like in 1, 5, 10 or 20 years?

Do you need help determining your net worth? Is your net worth in the negative, impacting your ability to obtain credit?

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The chart below can be printed and filled in using bank account statements, any investment statements, life insurance statements and basic information about the value of any assets (a house, for example) or liabilities (credit card statements, for example).

As you complete a net worth statement bi-annually, keep the completed copies in a file for future reference. This will enable you to see how far you've come after deciding to take control of your financial health.

Total Assets - Total Liabilities = Net Worth

Step: 1

A. Liquid Assets Current Value

Checking Accounts

Savings Accounts

GICs & T-Bills

Cash Value of Life Insurance

Money Market Mutual Funds

Other Liquid Assets (for example, money owed to you, tax refunds, etc.

B. Long-Term Assets Current Value

Mutual Funds (non-money market)

Stocks

Bonds

RRSPs/RRIFs/RESPs

Company Pension Plan

Other Long Term Assets

C. Property Assets Current Value

Principal Residence

Vacation Property

Other Real Estate

Vehicles

Jewelry/Art/Collectibles

Other Property Assets

Step: 2

Liabilities Current Value

Mortgage (principal residence)

Other Mortgages

Personal Line of Credit

Auto Loans

Investment Loans

Credit Cards

Other Loans

Total Assets - Total Liabilities = Net Worth

Subtracting the total of your liabilities from your total assets gives you your net worth at a particular point in time. Complete these steps every 6 months or once a year. This helps you to see what your net worth is, as well as enabling you to track your net worth as it grows over time.

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