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Did you know?

In one year:
• 1 in 68 will be injured in a house fire
• 1 in 258 will have a house fire
• 1 in 113 will die
• 1 in 8 will be disabled

Taking Stock

How clear are you about where you stand financially? If you're like many people, you probably focus on only part of the picture, perhaps how much money you have in your retirement savings or the amount of equity you have in your home. To better understand your financial progress from year to year, you may want to try estimating your net worth.

Did Your Net Worth Increase in 2000?

Net worth represents the total amount of money you would have left after selling all your assets and paying all your debts. To calculate net worth, put together a personal balance sheet using current values as of a certain date, December 31 for example.

The accompanying worksheet is designed to help you calculate the amount you added to your personal wealth during 2000 – or the amount of wealth you lost. To use it, list all your assets at their estimated market values as of December 31, 2000, and December 31, 1999. Then estimate the amounts you owed at the end of 2000 and 1999. Subtract total liabilities from total assets to arrive at a net worth figure for each year. If your 2000 net worth figure compares favorably to 1999's, you're making progress toward increased financial security.

Time for Some Changes?

If you're not happy with your progress or you find yourself losing ground, consider making some changes. Perhaps you should review your investment portfolio to see whether it is performing up to your expectations. Maybe you are carrying more debt than you should. By reviewing the mix of your assets and liabilities, you may uncover weaknesses in your financial situation that can be corrected.

Personal Balance Sheet

 

12/31/00

12/31/99

ASSETS

Cash (in the bank, money market accounts, etc.)

________

________

Mutual Funds, Stocks, Bonds, and other securities

________

________

Retirement Account(s)

________

________

Business Interest(s)

________

________

Life Insurance Cash Value

________

________

Residence(s)

________

________

Other Real Estate

________

________

Cars, Trucks, etc.

________

________

Other

________

________

Total Assets

________

________

LIABILITIES

Credit Card Balances

________

________

Mortgage(s)

________

________

Car Loan(s)

________

________

Other debts

________

________

Total Liabilities

________

________

NET WORTH (Assets minus Liabilities)

________

________

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