It's Worth Knowing Your Net Worth

Vincenza Vicari-Bentley, AFC
Empowering Financial Wellness Program Coordinator

Have you heard that only wealthy people should care about their net worth? This could not be further from the truth, especially for women.

We know about self-care and taking preventative measures to make sure we’re staying healthy.  If you were not feeling physically well, you’d want to know what was causing your symptoms and what you need to do to feel better.  Same goes for your financial health.

When we understand how to measure and understand net worth we can keep a gauge on our financial health. Otherwise, you may end up feeling stressed or have a false sense of security of your financial future, both which can be dangerous, especially for women.

​Net worth is simply a measure of what you OWN (assets) minus what you OWE (liabilities) on those things that you own.  The goal is to build that number (in the positive) as we go through our lifetime.  It’s not unusual to have a negative or very low net worth for example when you’re young and you’re paying off student loans or just bought a house with a mortgage. It is possible to have a low net worth even if you have a high income. Why? Because unhealthy spending habits can prevent people from building net worth in the positive direction.

Keep in mind that the number you get when you calculate your net worth can’t tell you everything, whether it’s positive or negative. Try this simple net worth calculator and where you stand today: Net Worth Calculator. Ultimately, it’s up to you to take a holistic look at your finances and figure out how financially healthy and secure you are because you’re worth it!