Have you calculated your net worth recently? Where does your net worth stand in relation to your peers?
A recent article in The Tennessean emphasizes that knowing your net worth is vital when planning for your financial future. Calculating your net worth (assets minus liabilities) is an important, necessary exercise. Awareness of net worth will help you negotiate the terms on your next car loan, mortgage loan, and/or small business loan.
For more information on the importance of understanding your net worth read Brian Stoffel’s article: Typical net worth by age: Where do you stand? The article references a 2011 U.S. Census Bureau report of the median household net worth by age and in quintiles. What is your net worth using 2014 home values? As noted, the article features data from the 2011 Census.
If you are a small business owner, your personal net worth determines the loan amount you for which you qualify and the amount of interest you will pay. The greater your net worth = greater financing opportunities available to you. Knowing and using your net worth to your advantage gives you the freedom to choose how you will grow your small business.
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