How do I determine my net worth?
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I have almost ne debt except one auto loan (8,000)
Rent so no home equity
savings of 27,000 dollars by end of month.
401-k is 20,600 dollars but only 60% vested so actually only about 12,000 is mine.
Do I add value of my car and a boat that is paid off.
I would like to know how to calculate net worth
How do I determine my net worth?You take the value of all the things you "own" and subtract the total amount you "owe".
How do I determine my net worth?Your equity in your car is the value of the car minus the amount you owe. If your car is worth $10,000, then you have $2,000 in equity in your car. (Of course, your car is a depreciating asset, so that $2,000 is kind of a phantom figure.) You'd add that to your savings and the vested amount of your 401k. You'd also add the value of other assets that you have, like your boat and your personal possessions. If anyone owes you money, you'd add that in as well.
How do I determine my net worth?Congratulations on having almost no debt! That's quite an accomplishment these days. For your net worth, take your savings + 401(k) vested amount + use assets if you want (boat & car) - minus loans = about $31,000 net worth. That's great!
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