Monthly Finance Message:  Net Worth Statements: A Financial
Check-Up Tool  January 2009  Barbara O'Neill, Ph.D., CFP®
Extension Specialist in Financial Resource Management Rutgers
Cooperative Extension  Best wishes for a healthy, happy, and
prosperous new year. As a new year begins, it is helpful to take
stock of your financial situation. One of the most common ways
that individuals and companies check their financial health is
with a net worth statement (a.k.a., balance sheet). A net worth
statement is a financial tool that shows your financial position
at a given point in time. It is like a "financial snapshot" that
shows the dollar value of what you own (assets) and what you owe
(liabilities or debts). This formula for calculating net worth
is Assets - Liabilities = Net Worth.  Net worth is the dollar
amount you would have if all your assets were sold today for
their current market value and all your debts were paid in full.
For example, if your assets total $208,000 and you currently owe
$8,000 on credit