• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Mendel Law Firm, L.P.

Attorneys & Counselors

Call Now: (281) 759-3213

  • FB
  • TW
  • IN
  • RSS
LP Payment button
  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Mission Statement
    • Multimedia
    • Published Books
    • The Academy Fellow Designation
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
      • Are You A Caregiver
      • Coping With Alzheimer’s
      • Guardianship & Conservatorship
      • Hospice Care
      • Emergency Medicaid & Nursing Home Planning
      • Medicaid Planning
      • Veteran’s Benefits
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Seminars
  • Testimonials
    • Client Testimonials
    • Representative Clients
    • Review Us
  • Resources
    • Areas We Serve
      • Baytown
      • Conroe
      • Galveston
      • Houston
      • Pasadena
      • Woodlands
      • West University Place
    • Elder Law Reports
    • Elder Law Resources
      • Galveston Elder Law
      • Houston Elder Law
      • Sugar Land Elder Law
      • West University Place Elder Law
      • Woodlands Elder Law
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate and Gift Tax Figures
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top Estate Planning Techniques
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Asset Protection Planning
      • Avoidance Tax Planning
      • Avoiding Probate
      • Business Succession Planning
      • Charitable Gifting
      • Elder Law
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • IRA and Retirement Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Living Trusts
      • Medicaid
      • Medicaid Planning
      • Nursing Home Planning
      • Pet Planning
      • Power of Attorney
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Trusts
      • Veterans Benefits
      • Wills
    • LGBTQ Resources
    • Probate Resources
      • Houston Probate
      • Sugarland Probate
      • Woodlands Probate
      • West University Place Probate
    • Probate & Trust Administration Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Special Needs Resources
    • Newsletters
  • Contact Us
  • BLOG
Home » BLOG » What’s Your Net Worth?

What’s Your Net Worth?

October 11, 2010 by Stephen A. Mendel, Estate Planning Attorney

Knowing your net worth is valuable not only for purposes of financial planning – it can help you track your progress from year to year and set goals for your family’s financial growth and security; but also for estate planning purposes – especially for letting you know whether you need to engage in estate tax planning.

If you don’t already know your net worth, it’s not hard to determine. All it takes is a little bit of time, a list of your debts and assets, and a calculator.

Step One: Add Up Your Assets

The first step is to list all of your assets. Start with your home and your vehicles, then add bank account balances, CD’s, stocks and bonds, and retirement accounts. Also, be sure to include valuable personal property, like jewelry, antique furniture, artwork, and gun collections. Next to each asset, list its current value. Once you have everything listed, total the values.

Step Two: Calculate Your Liabilities

The next step is to list all of your debts. These include your credit card balances, your mortgage payoff, the payoff for your car loans, and student debt. Don’t forget signature loans and other personal debt. Add up all of your debts, and make a note of the grand total.

Step Three: Do The Math

Finally, subtract the total of your liabilities from the total value of your assets. This number is your approximate net worth.

You’ll want to repeat this process on an annual basis, to keep tabs on your financial picture. And hopefully, to watch your net worth grow!

  • Author
  • Recent Posts
Stephen A. Mendel, Estate Planning Attorney
Stephen A. Mendel, Estate Planning Attorney
Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.
Stephen A. Mendel, Estate Planning Attorney
Latest posts by Stephen A. Mendel, Estate Planning Attorney (see all)
  • Thought of the Day - February 1, 2023
  • Thought of the Day - January 25, 2023
  • Thought of the Day - January 18, 2023

Filed Under: Financial Planning Tagged With: net worth

Other Articles You May Find Useful

  • Medical Marijuana and Increasing Life Insurance Premiums
  • Why and IRA Makes an Excellent Estate Planning Tool
  • Divorce and Previously Drafted Wills in Texas
  • Famous Estates – Legacy Champ or Chump?
  • Famous Estates – Legacy Champ or Chump?
  • Famous Estates – Legacy Champ or Chump?

About Stephen A. Mendel, Estate Planning Attorney

Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.

Primary Sidebar

The Mendel Law Firm

Follow Us

  • FB
  • TW
  • IN
  • RSS

Blog Subscription

Subscribe to our blog to get all of the latest updates from our attorneys.

Plan For Your Future and Protect Your Legacy

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

HOUSTON

The Mendel Law Firm, L.P.
1155 Dairy Ashford, Suite 104
Houston 77079
United States (US)
Phone: (281) 759-3213
Fax: 281-759-3214

Map

map

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Footer

The Mendel Law Firm

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an
attorney-client relationship.

© 2023 Mendel Law Firm, All Rights Reserved. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys