Bank Asset Rankings
The first step to calculate one's total net worth is to draw up a comprehensive list of assets and liabilities. Calculating net worth is then simply a matter of subtracting those liabilities from identified assets.
Definition of Assets and Liabilities
In simple terms assets are one's possessions. These include property, vehicles, furniture, bank accounts, stocks, time shares, investments, and so on. In other words the assets are those possessions which can be transferred into cash. On the other hand, liabilities are one's financial debt, such as mortgages, personal loans, unpaid taxes and credit card debt.
Statement of Current Assets and Liabilities
To get an accurate picture of one's total assets and total liabilities one would need to calculate the monetary value of the identified assets and deduct the total value of one's liabilities thus obtaining one's personal net worth value. Home owners would most probably have their property as the most important of their assets and their mortgage as their largest liability. It is highly important to obtain an accurate estimate of the market value of one's home to calculate the property net worth adequately.
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