Ladies did you know that you have a NetWorth?
How many of us have googled a famous person to see their Networth?
Well everyone and I do mean everyone has a Networth. On April 28th, Five Star Women of Color hosted a workshop educating women on What is NetWorth?, How do you calculate your NetWorth? and What are things you can do to increase your NetWorth?
Net worth is a measure of wealth. A net worth goal for anyone should be 1/2 of your salary. So for example if an indivdiual makes 100,000 a year they should have a net worth of 50,000.
Here are some tips that we learned from the workshop.
Assets - Liabilities = "Net Worth"
It's what you Own minus what you Owe. If you owe more than you own, you have a negative net worth. If your assets exceed your liabilities, you have a positive net worth.
Examples of Assets: Checking Account, Saving Account, Retirement Account, Real Estate and Auto
Examples of Liability: Consumer Debt, Personal Loan, Student Loans, Mortgage and Auto Loans
If you missed the workshop or want a recap, please check out the video below.