What Is Your Net Worth?

“Easy come, easy go.” For most of us, only the second part of this old saying applies to money — “easy go”. Saving is always a battle. But for the moment, let's say you've put aside a little money for emergencies, and you've also got some dollars stashed in your 401(k). When you think about the self-control it takes to save, you feel pretty good about yourself.

But to get ahead financially, there's more to consider than just saving. You also need to ask yourself, “What is my net worth?”

Crunch the Numbers
The term “net worth” merely means the difference between what you own and what you owe. You determine your net worth by adding all your debts (credit cards, mortgages, car loans, and/or anything else you owe) and subtracting that sum from your total assets (home value, stocks, cash, furniture, and/or anything else you own). The result is your net worth.

What It Means
What happens when you do the math? Do you arrive at a positive or negative number? Either way, most of us want to increase our net worth as we age — and edge closer to retirement. However, no matter what your age — 25, 35, or 55 — the time to get serious about increasing your net worth is now. How to do it? The choices are simple. Increase your savings or pay down your debt — or do a combination of the two. Remember, it's not what you earn, it's what you keep.

Take a look at how our fictional character, “Bob,” arrives at his net worth.

(Only count assets you can live without.

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