Personal Balance Sheet (aka Net Worth)
Description: Whether you're beginning to put together a financial plan or wanting to calculate your net worth, the personal balance sheet is your starting place. Very similar to a balance sheet for business, the personal balance sheet is a snapshot of all of your assets (what you own and what is due to you) as well as your liabilities (what you owe).
The components within the personal balances are grouped, so the subtotals of each major class of asset or liability is apparent. Input amounts within those categories that are most meaningful - for example, if you own very little jewelry, it might not be worth the time to estimate its value. Need an item that's not listed? Add, remove, or replace individual items to fit your circumstance.
The following is a list of how individual items might be valued; the important thing to remember is to value everything as of the same date:
Keep track of your financial progress with the net worth tracker at the bottom of this template. Each time you go through this process, simply make a copy of the tab (date each tab) and keep a running history. Also, if you would like to compare your net worth to other people, or track your net worth online go to NetworthIQ - very interesting!
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* Note, utilizing the features of this excel template requires Microsoft Excel® 2003 or later - some of the attributes such as the graded shading, tables, or 3-D formatting are not compatible with earlier versions.