Your Net Worth is a good indication of where you are financially at this moment in time. I recommend preparing a Net Worth Statement at least once a year. The first time you prepare this statement will be the most difficult since you will be starting from scratch. Each time you figure your net worth in the future, you should have all the information and documents on hand.
To calculate your net worth, you need to gather together and list all your assets and liabilities. Assets are ‘what you own’ and liabilities are ‘what you owe'. Your net worth is the difference between what you own and what you owe.