If you are coupled, do this together. You both want ownership of the end product. A net worth is a snap shot of where you are financially at a given moment in time. It is a list of your assets and your liabilities.
First list your assets; house, car, retirement money, savings, household stuff, boat, second home, jewelry etc. Break those assets into two categories, Use Assets and Invested Assets. The use assets are what you use every day and the invested assets are the assets that will help you achieve your goals.
Next list your liabilities. This is the money you owe; mortgage, school loans, car loan, Aunt Mary and credit cards. Then you need to subtract your liabilities from the assets. You want a positive number here. A negative number means too much debt and it’s probably credit cards or an upside down mortgage. House values are still down in many areas over 20% "
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