Financial Health Steps – #8: Identify your starting point — NMBankruptcyBlog.com

This is #8 in the series started here following a 30-step program in financial literacy over at the FinancialLiteracyMonth.com website.

Here’s from their Step #8:

Calculating your net worth is as simple as comparing what you owe (liabilities) and what you own (assets).

One thing to keep in mind is that, when they think about it, most people overvalue their assets and overvalue their debt.  Your house probably isn’t worth as much as you think; you probably owe more on the mortgage than you recall. Doing some systematic review now and then and putting the numbers down on paper can help you.

Earlier posts in the series: #1: Commitment to change, #2: Assess your financial situation, #3: Clearing out financial clutter, #4: Set yourself up for success, #5: Get copies of your credit reports, #6: Clean up your credit report, #7: Make your money count,

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