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My Net Worth Calculation
I would calculate net worth the following way:
PLUS
Value of House
Value of Cars
401k/retirement balances
Cash in savings/checking/cd's
Investments/mutual funds/stocks
Real Estate (if other than primary residence)
Clothing
Jewelry
Appliances, electronics, other household goods
MINUS
Mortgage
Car loan
Student loans
Home equity loans
Credit card debt
Any other debts
This should get to your net worth. You can only include insurance if it has some sort of cash surrender value. Usually term life policies are not considered assets.
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