Net Worth Statement
Compare assets vs. liabilities to determine your Net Worth, using this template.Do you know what your current financial worth is? No, then it is time you prepare your Net Worth Statement. Spreadsheet123 brings a simple yet effective template for calculating Net worth statement.
To lead a prosperous life, you need to have control over our finances. You may have a lot of assets but even more, liabilities to cater to. Once you prepare the net worth statement, you get a clear picture of your financial status (Net Worth). The statement is required if you are planning to take a loan. The net worth might also be needed when you are planning to invest as it helps to determine your affordability too. The financial institutes might ask for the net worth statement before considering your application.
Once you have your financial data recorded for two broadheads that are Assets and Liabilities, you can quickly calculate the net worth.
Net Worth Statement
for Excel & Google Sheets
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How to Prepare your Net Worth Statement
The personal financial statement provides a realistic listing of the assets we own and the debts we owe. Net worth statement should only be used to record the details of personal assets and liabilities. The business assets or liabilities details should not be added to the net worth statement. The amount entered for calculating the assets valuation should include the exact value that you would earn on selling the asset in the market.
You can record the Name of the individual whose statement you are preparing and the Date when prepared it. Country specific settings allow us to select a currency type from the drop-down menu. The sheet has two broad categories of financial information:
- Assets: what you own
- Liabilities: what you owe
Assets and liabilities are further segregated under various heads. The assets could include the cash, investments, etc. whereas the liabilities could include loans, debts, etc. The two broad divisions of financial information are further sub-divided into various categories as follows:
Assets
- Cash & Bank Accounts: details of cash in hand, cheque accounts, savings account, money market funds, cash value of life insurance, etc.
- Investments (Market value): details of certificates of deposit, stocks, bonds, mutual funds, annuities, pension plans, etc.
- Personal Property (Present value): details of automobiles, home furnishing, appliance, furniture, collections, jewelry, etc
Liabilities
- Current Debts: stores record of debts like household, medical, credit card, bank taxes, legal, etc.
- Mortgage: details of any kind of mortgage debts like home, land, etc.
- Loans: the value of debts like bank loans, automobile loans, education loans, life insurance loans, personal loans, etc.
The total for each sub-category is calculated separately in the statement, this helps to analyze the category which needs some financial revamping. The Net Total Assets amount is displayed below the assets table and the Net Liabilities amount is displayed under the Liabilities Table.
The template automatically calculates the Net worth statement by calculating the difference between the Total Assets and the Total Liabilities. Whenever any financial institute asks for your net worth statement simply print the page and sign it under before dispatching the statement to the concerned department. By signing we pledge that the data of the sheet is updated and correct.
We recommend you not to change or delete the pre-defined formulas of the template. By doing so the entire template would get altered as the various fields have interconnected formulas and the results in such a scenario would be doubtful.
Function used in template
- SUM(number1, [number2], [number3], [number4], ...)