Net Worth

Financial Wellness can be largely evaluated by three major numbers. Net Income is one of them. 

Your disposable income and credit score are the other two numbers that can help you determine your current financial fitness and begin on a systematic road to financial maturity.  I repeat this value for each of the three steps for emphasis. 

As Defined in Accounting for Personal

Asset: A resource with economic value that an individual owns or controls. 

Liability: Something for which one is obligated

Net Worth = Total Personal Assets - Total Personal Liabilities 

GOALS: Build debt-free assets. Reduce Liability. 


ASSETSMarket Value

  • Cash
  • Checking/Savings
  • Home (s)
  • Time Share 
  • Other Real Estate
  • Vehicle(s) ALL kinds
  • Household Goods
  • Furnishings
  • Electronics
  • Collectibles
  • Sports & Hobbie Equipment
  • Firearms
  • Clothes
  • Jewelry
  • Any financial accts
  • Bonds/Mutual Funds
  • Stocks
  • Retirement & Pensions
  • Security Deposits
  • Annuities/ IRAs
  • Trusts
  • Patents, Copyrights, Trademarks, Trade Secrets, Etc
  • Licences, Franchises, Professional Licenses
  • Support OWED to you
  • Insurance Interest
  • Claims
  • Loans Due
  • Equity of Business Assets 
  • Inventory
  • Interest in Partnerships
  • Anything else

LIABILITIES - Balance

  • Mortgage
  • Real Estate Loans
  • Vehicle Loans
  • Department Stores
  • Other Charge Cards
  • Personal Loans
  • Credit Cards
  • Medical & Dental Bills
  • IRS / State Taxes
  • Other Taxes Due
  • Child / Family Support
  • Student Loans
  • All other debts


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Since 1991

Rica Gilmore is a non-attorney legal document preparer with over 26 years experience. This including thousands of successful bankruptcies and credit repair cases. She has prepared divorces, medicate property, children and other issues for the MSA, QDROS, name changes, and real estate documents. Rica is a licensed tax preparer and realtor.  

This website contains general information related to home buying, credit repair, bankruptcy, but it does not offer  LEGAL advice.

If you need legal advice, please consult an attorney. There are long term consequences to filing bankruptcy, purchasing a home, selling a home, property credit repair and knowing your rights and obligations.