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Calculating your net worth 💸

Xtrack Team | 2 min read | April 6, 2024


Are you curious about your financial health? In this guide, we'll walk you through the steps to calculate your net worth using a simple Google Sheets template.

Understanding Net Worth

Your net worth is essentially a snapshot of your financial health at a specific point in time. It represents the difference between your assets and liabilities. Assets are anything of value that you own, such as cash, investments, real estate, and personal belongings. Liabilities, on the other hand, are debts or obligations, including loans, mortgages, and credit card balances. By subtracting your total liabilities from your total assets, you arrive at your net worth.

How to Calculate Your Net Worth

To calculate your net worth, follow these simple steps:

Total Your Assets: Sum up the values of all your assets to calculate your total asset value.

Total Your Liabilities: Sum up the balances of all your liabilities to calculate your total liability amount.

Calculate Your Net Worth: Once you have your total assets and total liabilities, subtract the total liabilities from the total assets. The result is your net worth.

Using the Google Sheets Template

We've provided a free Google Sheets template 🎯 to help you get started.

Simply make a copy by clicking Google Docs: "File" --> "Make a copy", and you can start inputting your financial information right away. The template is preformatted with sections for listing assets and liabilities.

Tips for Improving Your Net Worth

Conclusion

Calculating your net worth is an essential step in knowing your financial situation better. By using the provided Google Sheets template, you can gain insights into your overall financial health.