Everyone has a financial net worth. It is a financial "snapshot" of what you own, minus what you owe. "Not much," you say? You may be surprised. You may actually feel quite good about yourself after you fill in and evaluate the information.

Over your lifetime, you have likely increased your net worth. You may have taken on debts such as your home mortgage. But your home has probably increased in value, and you have accumulated valuable possessions, increased your savings and investments and may have built up tax-deferred assets in retirement plans. Annually, perhaps at the first of each year or on the anniversary of a special date, review your net worth statement and update your figures for the past year. Determining your net worth should be done before you estimate future living and retirement expenses.