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Credit Repair Services and Information |
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Credit Repair Services and Information Your Personal Net Worth Money Management Step 1 - Setting Goals Step 2 - Collecting Facts and Figures Step 3 - Assessment of Financial Health Step 4 - Realistic Goals Step 5 - Action Plan Step 6 - Review and Assessment Net Worth Assessment Cash Flow Assessment Your personal net worth refers to the difference between your assets (what you own) and your liabilities (what you owe). Calculating 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? 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 |
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| 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 personal net worth is, as well as enabling you to calculate net worth and track it into the future. |