EASY- Calculating net worth 1. Make a list all your personal assets and liabilit

Question

EASY- Calculating net worth

1. Make a list all your personal assets and liabilities. You should list all your personal assets and liabilities. You should list at least 3-5 assets and 3-5 liabilities. Make sure to note if your asset and liability is a long-term or short-term asset and liability. Once you have all your assets and liabilities listed and identified as long or short-term, determine the value of each asset and liability. Using the information from the Charles Swab personal net worth webpage, calculate your personal net worth.

Explanation / Answer

Assets:

Savings Accounts= $50000

Car = $12000

Jewelry = $5000

Retired account = $20000

Home = $35000

Total Assets = $122000

Liabilities:

Car Loan = $4000

Home Loan = $ 20000

Other outstanding Bills = $3000

Total Liabailities = $27000

Net worth = Total Asset- Total Liabilities = $122000-$27000= $95000

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