The Center For Debt Management
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Get The Facts On
Saving and Investing

Know Your Current Financial Situation

Sit down and take an honest look at your entire financial situation. You can never take a journey without knowing where you’re starting from, and a journey to financial security is no different.

You’ll need to figure out on paper your current situation—what you own and what you owe.

You’ll be creating a "net worth statement." On one page, list what you own. These are your "assets." And on the other side list what you owe other people, your "liabilities" or debts.

Your Net Worth Statement

Assets

Cash

Checking Account

Savings

Cash Value of Life Insurance

Retirement Accounts

Real Estate

Home

Other

Investments

Personal Property

Other

Total

Current Value

Liabilities

Mortgage Balance

Credit Cards

Bank Loans

Car Loans

Personal Loans

Other

Total

 

Amount



Subtract your liabilities from your assets. If your assets are larger than your liabilities, you have a "positive" net worth. If your liabilities are greater than your assets, you have a "negative" net worth.

You’ll want to update your "net worth statement" every year to keep track of how you are doing. Don’t be discouraged if you have a negative net worth. If you follow a plan to get into a positive position, you’re doing the right thing.

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