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## Erase Debt With A Net Worth Worksheet

Corporations refer to this as a financial balance sheet. This will be your own personal balance sheet. Basically it gives you an overview of your net worth on paper.

All you need is a piece of paper and a pencil to arrive at your own net worth. If you want to get really fancy, you can use an Excel spreadsheet on your computer. Create two (2) columns: one labeled *assets *and a label *Obligations*. Under each column you will list the name of each asset and liability along with the dollar amount.

**assets**

List all the assets you own for the assets column. It is something with any monetary value. The total value of your home will be included in this aspect. That is, if you were to sell the house today, how much would you expect to sell it for. If it sells for $300,000 you would put the following under your assets column:

House…$300,000

Other items that may be included under assets are cash in the bank, cash on hand, investments, IRA’s, 401k’s, certificates of deposit, money market accounts, treasury bonds, stocks, car value, jewelry, special collections (eg coins, stamps, artwork). Basically anything you own that can be worth money goes on the property side of the worksheet.

**Obligations**

Liabilities are the opposite of assets. It’s every item you don’t own outright. It’s anything you pay for. This is your debt. You’ll want to list each of your liabilities just like the assets side of the worksheet. Don’t worry about monthly payments or interest rates for this worksheet. Keep down the total cost of paying off that obligation and getting out of debt.

For example, in the $300,000 home equity example above, let’s say you still have $200,000 in the mortgage. So it will take $200,000 cash to pay it off. Then in your liability column you would write:

Mortgage…$200,000

Other items to include in your liability column are: credit cards, school loans, mortgages, car loans, home equity, lines of credit, any furniture or electronics you still owe money on, and money borrowed from friends and family.

**Total it up**

1) Finally you want to calculate your net worth. To do that add all the dollar amounts in your assets column and get everything you own.

2) Then add all the dollar amounts in your liability column to get everything you owe.

3) Finally subtract your grand total. So subtract your liabilities from your assets.

Net worth = Assets – Liabilities

This number, your net worth, is the dollar amount you’re worth on paper. We say on paper, because until you sell all your assets, you don’t really know what you’ll get for them. So this is a guess. But it should be very close to the correct estimate. Hopefully your number is greater than 0, which means you actually have some wealth or net worth. If it’s zero, you’re breaking even. If it’s a negative number, that’s a worst-case scenario, where you have no assets. or negative net worth. What you owe is more than you own.

You can use this worksheet to track your progress as you eliminate debt. Go through this exercise every year to recalculate your net worth. If things are going well it should always increase. And if you’re eliminating debt, you should see a positive jump in your net worth every year. It becomes a tool to track your progress. And it’s a good gauge of how financially healthy you are.

So go ahead, create your net worth worksheet, *Debt write off*Track your progress, and build wealth.

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