My Net Worth Statement
Tips To Consider When Creating Your Net Worth Statement
Next » « Previous4/5
Once you gather the information listed above, completing your statement will be relatively simple. You can find the form for a Net Worth Statement by clicking here. (If you've already signed in, your work can be saved to your Individual Home Page.)
To create a statement that is as useful as possible -- and not spend the weekend preparing it -- keep the following in mind:
- Estimate where necessary. Unless you have exact information, it's OK to include an estimate. You are not preparing an audited statement for an accountant's scrutiny; you just want to get a fix on how much and what types of assets you own, and how much you owe to whom.
- Use exact numbers if they are readily available. The computer will do the addition. If you don't have them, round them off. Depending on your circumstances, this can be in hundreds, or thousands or even ten thousand amounts.
- When you're entering values for an asset, use the fair market value. Don't deduct what you owe on items such as a car or home. You'll list your debts separately further down in the chart.
- If you are part of a couple and combine your income and expenses, make entries in the worksheet based on your incomes and expenses added together.
- Don't kick yourself for having a negative net worth, nothing more than cash under a mattress, or a small portfolio compared to other people in your social circle. Regardless of where you are now, you can take steps to improve your financial standing and meet your financial goals.
Get Your Personal Guide
Please share how this information is useful to you. 0 Comments
Post a Comment Have something to add to this topic? Contact Us.