True, The formula for net worth is the total value of your assets minus the total value of your liabilities.
Net worth is the sum of an individual's or institution's non-financial and financial assets less the sum of its outstanding obligations. Your net worth is an excellent measure of your financial health since it shows if your total assets are worth more or less than what you owe. Net worth is a significant indicator for financial planning, such as acquiring a property or business or developing a retirement plan. Subtracting all of your debts and liabilities from your assets yields your net worth. You may have intangible or difficult-to-sell things that are excluded from loan eligibility calculations utilized by banking institutions.
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