What is net worth? Net worth is the total value of everything that an individual or companies owns where in their assets exceeds their liabilities. If an individual or company has more assets than they have liabilities, this means that their net worth value is bigger. The richest people in the world are ranked based on their net worth. Simply put, the bigger the net worth, the richer an individual or company is. The details of one’s net worth can all be seen in a net worth statement and that is what we will be discussing here.
In this article, we have 9+ net worth statement samples in different varieties. Some of these net worth sample statements are available in PDF and excel where you can edit or compute your own net worth and produce your own net worth statement. Together with the samples are some of information about net worth statement that you need to know. Check them out below!
A net worth statement is a document containing a list of the assets and liabilities of an individual or company. The statement is used for reporting the short-term and long-term financial state or status of an individual or company. There are a lot of different uses for a financial aside from reporting the financial state of an individual or company. Below is a list of a few other uses of a financial statement.
Aside form net worth statement, we also have other business statement samples and templates that may be interested in. They are legal statement samples and templates, mortgage statement samples and templates, and personal financial statements samples and templates.
There is a specific formula used for calculating one’s net worth and this is the formula that you need to use in order for you to find out your net worth. The formula to calculate your net worth is the sum of all your assets minus the sum of all your liabilities. The difference is will be your net worth. Sounds pretty easy right? Well, it is actually not. The formula to calculating one’s net worth may be fairly easy,but the difficult part is actually in the gathering a list of all your assets and liabilities. So we have made a few easy steps help and guide you with getting all that computation done.
Calculating your net worth will be made easy with the use of net worth calculators. You can easily find net worth calculator samples and templates online in different varieties and formats. The most common format is in Excel, but Word and PDF formats are also available. There are also calculators that are embedded on different websites and are free for use. The calculator will make it easy and convenient for do the calculation. You will just need to supply the required information.
The calculator that you have selected to use for calculating your net worth includes a list of all the possible assets to be included. Your assets are the properties or things that you own including those generate income. Not everything in the list is applicable to you as you may not own such assets or properties. Only gather those assets and their values that you have or those that apply to you in the list. Examples of the assets are:
After gathering all of your assets, proceed with gathering all of the liabilities that you have. Liabilities refer to one’s financial obligations. They are called debt in simple terms. Just like with your assets, also gather only those liabilities and their values that apply to you or those liabilities that you have. Some examples of liabilities are:
After gathering all of your assets and liabilities, you will need to enter their values separately on the required fields. For those assets and liabilities that don’t apply to you, leave them blank. Enter the data in their appropriate fields one by one.
When all the required fields are filled, go ahead and proceed with checking if the values that you have entered are all correct. Check each value carefully to avoid any mistakes. You can ask help from somebody you know check the digits for you. They might detect something wring that you have overlooked.
Your net worth calculator will do all the needed computation for you so there is no need for you to add and subtract them manually. Once everything has been filled and double checking has been done, scroll down to the bottom of your page and you will see there your net worth value based on the date that you have entered. You can also use the same calculator to calculate the the net of another person. Just clear out the required fields and start over.
With the use of a net worth calculator, calculating your net worth value is made easy and convenient. There are also other calculators that are as useful and accurate as a net worth calculator. Examples are home mortgage calculators, paycheck calculators and monthly expense calculators. You may check them out on our website.