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Monitoring progress

Determining Your Net Worth

A net worth statement is a record of your assets and your liabilities. A net worth statement can tell you at a glance what you would have if you sold off all your assets and paid off all liabilities. It sums up how much you've been able to hold on to out of all you've earned or received.

Debt Help and Bankruptcy Many people start their working lives with a negative net worth, but expect a growing positive net worth as time goes by. Those who do a net worth inventory are usually surprised by what they find. They may have more assets than they thought, or more debts than they imagined. If your goal is to increase wealth for financial security and independence, you must have some way to measure your progress. A series of annual net worth statements will reveal the rate at which you wealth is growing, and indicate whether you should make changes in your saving and investing practices. Think of a net worth statement as a snapshot of wealth on a given day — since it may be larger or smaller at different times, it should always be dated.

» Tips on setting goals

 

© 2017 Grant Thornton Limited, Licensed Insolvency Trustees. All rights reserved.


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