How to calculate your Net Worth?

The calculation itself is not complicated, a simple formula:
* Net Worth = the value of all your assets minus the sum of all your liabilities.
The tricky part is knowing how to plug in the right numbers.
So how to work it out?
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1. Make a list of all your assets and all your liabilities.
2. Assign a current market value to your assets.
Your house, your car, your investments... If you had to sell them all today, how much would you get? This is the value of your assets for the Net Worth calculation.
3. For all your liabilities, find how much you would have to pay off today to get rid of them.
How much is left to pay on your mortgage, what balance do you have on your credit cards...
If all your creditors came in today saying they wanted to get what you owe them, how much would it be? That's the sum of your liabilities you need to know.
4. Now, subtract the sum of your liabilities from the value of your assets. The result is your Net Worth.
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