Net Worth is your assets (what you own, like a home or a car), minus your liabilities (your debt or money that you owe someone else, like a car loan, student loan, credit card debt or a mortgage).
Calculating your net worth helps you track your financial progress over time. By finding out how much your net worth has grown or gotten smaller, you can decide if you are taking the right financial decisions.
You should calculate it at least once every year. Here’s the Easy Peasy Finance Net Worth Calculator, that would take all the guesswork out of the Net Worth calculation process!