You are using an older browser version. Please use a supported version for the best MSN experience.

Calculate your net worth

Richmond-Petersburg WWBT logo Richmond-Petersburg WWBT 12/27/2021 Rachel DePompa
Looking at your networth is a good bench mark © Provided by Richmond-Petersburg WWBT Looking at your networth is a good bench mark

RICHMOND, Va. (WWBT) - A good way to get ready for the new year and figure out where you are financially-- is to look at your net worth.

Net worth is the value of your assets minus your liabilities. Or more simply, what you own or have --minus what you owe.

Add up all the things you own-- money-wise. Your 401K, IRAs, equity in your house can count toward your net worth. Your savings accounts-- and any stocks and bonds. Then you subtract all your debt, like credit cards, and what you owe on your house.

Cherry Dale a financial coach with the Virginia Credit Union says it can be a little depressing at first-- most of us will be in the negative...

”That’s ok. if you just start. Even if your net worth is negative, it’s a starting point, and what that will do is it will give you a place where you can move forward. even if you are at negative net worth,” Dale said.

If you make it a goal, and start putting more in a savings account or in your 401K - you’ll start to see that net worth number change in the other direction.

Keeping track of your net worth twice a year will help motivate you to stay focused on your financial goals.

Copyright 2021 WWBT. All rights reserved.

Send it to 12 here.

Want NBC12’s top stories in your inbox each morning? Subscribe here.

AdChoices
AdChoices

More from Richmond-Petersburg WWBT

Richmond-Petersburg WWBT
Richmond-Petersburg WWBT
image beaconimage beaconimage beacon