Chapter 1 Planning: Your Financial Future Begins Here 11 Copyright Goodheart-Willcox Co., Inc. May not be reproduced or posted to a publicly accessible website. Give It a Go Give It a Go Net Worth You probably have some assets. Perhaps you have a smartphone, cash, money in a savings account, jewelry, sports equipment, musical instruments, or other items of value. As part of your financial plan, you will need to determine your net worth. 1. List the assets you own and the amount each one is worth. Be aware that many items you own are probably no longer worth their purchase prices. List an amount for which you could probably sell the item. List the amounts of money you have in cash or in bank accounts. Use an additional sheet of paper if you need more space for entries. Assets Amounts $ $ $ $ $ $ $ $ Total Value of Assets $ 2. List any liabilities you have and the amount of each one. Use an additional sheet of paper if you need more space for entries. Liabilities Amounts $ $ $ $ Total Amount of Liabilities $ 3. Subtract your total liabilities from your total assets to find your net worth. Assets $ Liabilities $ Net Worth $