Take a look at what you own—and what you owe.

You may own a car or a home—or have money in the bank. Add it all up, and it can seem substantial. But to truly know what you own, you have to factor in what you owe.

The combination of what you own (your assets) and what you owe (your liabilities) makes up your personal net worth. Knowing your net worth is important for two reasons:

It lets you understand your current financial situation.
It gives you a reference point for measuring progress toward your goals.

Ideally, as you continue to earn and save, your net worth will grow. If your net worth is low or in the red, you’ll need to work on saving more and spending less. To watch your progress, calculate your net worth now and recalculate it once or twice a year.
How to set up a personal net worth statement.

Setting up a net worth statement is as easy as creating a simple checklist and doing some basic math.

List your assets (what you own), estimate the value of each, and add up the total. Include items such as:
Money in your bank accounts
Value of your investment accounts
Your car
Market value of your home
Business interests
Personal property, such as jewelry, art, and furniture
Cash value of any insurance policies

List your liabilities (what you owe) and add up the outstanding balances. Include items such as:
Mortgage
Car loan
Credit card balance
Student loans

Subtract your liabilities from your assets to determine your personal net worth.

Personally, I own a scooter bike, a 14inch TV, a dryer an industrial pressing iron, an electric fan and a black tux suite all this accumulate to around 150k minus 100k I owe my bank and the 20k I owe my friend. I'm left with 30k. I guess 30k is my net worth. Such is life. Abeg compare this to cristiano ronaldos 1billion dollar networth