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What is net worth and why should you know yours?

Mediafeed Logo By Ron Sklar of Mediafeed | Slide 1 of 10: Know thyself. This classic maxim from ancient Greece is as much true for knowing about your personality and quirks as it is for knowing about yourself financially. And one of the best ways to understand yourself financially, in a holistic sense, is to calculate your net worth.Sure, you may hear the phrase “net worth” most frequently bandied about in reference to people like Bill Gates ($96 billion), Mark Zuckerberg ($62 billion) or Jay-Z (a measly $1 billion). Despite being a financial term you most often associate with people who are out of your tax bracket, it’s true that you have a net worth, too.Whether that net worth is negative (which is fairly common among those earlier in their careers) or more than you imagined, the number is out there if you look for it.So, how do you find out what that net worth is? What does your net worth even mean? Why do you even need to know this number at all?Let’s investigate. Because no matter what your net worth is, you’re worth it. Related:    6 real questions about investing— answered

Know Your Financial Self

Know thyself. This classic maxim from ancient Greece is as much true for knowing about your personality and quirks as it is for knowing about yourself financially. And one of the best ways to understand yourself financially, in a holistic sense, is to calculate your net worth.

Sure, you may hear the phrase “net worth” most frequently bandied about in reference to people like Bill Gates ($96 billion), Mark Zuckerberg ($62 billion) or Jay-Z (a measly $1 billion). Despite being a financial term you most often associate with people who are out of your tax bracket, it’s true that you have a net worth, too.

Whether that net worth is negative (which is fairly common among those earlier in their careers) or more than you imagined, the number is out there if you look for it.

So, how do you find out what that net worth is? What does your net worth even mean? Why do you even need to know this number at all?

Let’s investigate. Because no matter what your net worth is, you’re worth it.

Related:  6 real questions about investing— answered

© Wikimedia Commons / Anthony Quintano
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