Your net worth is the difference between your total assets and total liabilities. Assets are cash and other property with monetary value. Liabilities are the debts that you owe to others. To determine your net worth, you need to first calculate your assets and then your liabilities. To calculate your assets, you first need to look at your liquid assets.
Liquid assets are assets that can be turned into cash, or liquidated immediately.
Liquid assets include your checking account balance, your savings and money market account balances, cash value life insurance, and any other asset that has the same value as cash. Pull together all of your financial statements for these types of liquid accounts. The next type of assets to look at are personal assets and other possessions. These include the current market value of your home, the market value of your automobile or automobiles, your furniture, your stereo, video, or other electronic equipment, jewelry, or any other personal items that have monetary value. Once you have listed all of your personal possession you need to estimate their value and add this up.