Assessing your financial net worth in this challenging economic environment is vital to understanding your current status relative to your long-term financial goals. Comparable to a company's balance sheet a net worth assessment provides a snapshot of your current financial situation and is the first step in resolving any financial problems. In essence, net worth is your total assets minus your debts or liabilities {Net Worth = Assets - Liabilities}.
Most investment and financial management companies provide automated net worth assessment tools. Moreover, determining changes to your net worth over time (1-10 years) gives an even better picture of whether you are gaining or loosing ground. Kiplinger's on-line net worth assessment tool is an excellent place to start.
Tuesday, May 26, 2009
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