How to Put Together Your Personal Net Worth Statement
Now that tax season is over for most of us, it's the perfect time to organize your assets and liabilities to assess your financial wellness.


Editor’s note: This is the first article in a monthly step-by-step guide for getting your financial house in order. Yes, it’s a daunting process, but we’re breaking it down into manageable steps that you can take each month until the task is done. For April, we’re tackling your personal net worth statement. In May, we're covering how assets are titled and naming beneficiaries.
A personal net worth statement lists your assets and liabilities and provides a clear picture of your financial health. It is a great tool for setting financial goals and can help show you where to focus, whether it is saving for retirement, building your investment portfolio or coming up with a plan to pay off your liabilities.
It will also help your loved ones immensely should anything unexpected happen where they need to understand what you own and what you owe.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
You can use a spreadsheet or even a simple list to name your assets and the estimated value of each of the following:
- Bank accounts
- Investment accounts
- Insurance policies
- Business interests
- Homes and vacation properties
- Charitable accounts (including donor-advised funds or trusts)
- Revocable and irrevocable trusts
- Meaningful personal property (car, jewelry, art, antiques)
- Anything else of value
You should also document your liabilities and the outstanding balances, including:
- Credit cards
- Mortgages
- Car loans
- Student loans
- Medical bills or accounts
For every line item, we recommend including the account number, balance and other relevant information, such as the name and contact information or the adviser, broker, lender, etc.
You will want to make sure that at least one trusted person, such as a spouse or adult child, has access to your personal net worth statement and possibly even your computer or document storage system.
Your personal net worth is calculated by subtracting your total liabilities from your total assets. Importantly, this is not a static number. It changes as market values fluctuate and as you acquire new assets or pay down debt.
Next steps after creating your net worth statement
Once your net worth statement is complete, take a moment to reflect on what it reveals. You may find that your total net worth is higher or lower than you expected, or there may be areas where you need to improve.
Either way, it’s a great opportunity to set actionable financial goals for the rest of the year. Here are a few ideas on how to use your net worth statement to move forward:
Set financial goals. Whether your goal is to save for retirement, reduce debt or save for a major purchase like a house or education, your net worth statement can help guide where to focus your attention.
Invest for the future. If you have extra assets that are not working for you (e.g., cash sitting in a low-interest savings account), you may want to consider diversifying your investment portfolio for long-term growth, such as contributing to your retirement accounts or exploring other investment opportunities.
Review your insurance coverage. After reviewing your net worth, you may realize that you need more or different insurance coverage, whether for home or property, life or disability.
If you have meaningful personal property, such as an art collection, fine jewelry, collector cars or antiques, you should have those insured to protect these assets in case of unforeseen events.
Estate planning. If you have not already done so, now is the time to start thinking about your estate plan. A net worth statement will help you identify the size of your estate and what can be inherited by beneficiaries if you were to pass on. We will be covering estate planning in another article as part this series.
Revisit your financial plan annually. Make it a habit to revisit your net worth statement and adjust your financial plan each year to ensure it reflects your evolving needs and goals.
Life events like marriage, the birth of children, career changes or a move to a new home or state can affect your net worth and financial priorities.
Looking for expert tips to grow and preserve your wealth? Sign up for Building Wealth, our free, twice-weekly newsletter.
While putting together your personal net worth statement may feel like a chore, the benefits are significant. It allows you to have a better understanding of where you stand financially and provides the clarity needed to make informed decisions about your future.
It also provides a foundation for your estate plan. As you accumulate assets over time, you need to make sure you are incorporating those into your wealth transfer strategy.
In our next article, we will focus on why it is important to review the titling of your assets and any associated beneficiary designations so you can ensure that your assets are protected and transferred according to your wishes.
Related Content
- How Intrafamily Loans Can Bridge the Education Funding Gap
- Choosing Your Trustee: These Are the Common Options
- What Happens if You Die Without a Will?
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Denise is a Director at Hirtle Callaghan with responsibility for leading family relationships from our Arizona office. Denise brings over 26 years of her legal and financial experience working with multigenerational client families on all aspects of their financial lives. Denise draws on her past experiences to help clients develop and implement their wealth transfer plans and makes recommendations about wealth transfer and tax-saving strategies.
-
The GOP Wants to Auto-Enroll Your Child in a MAGA Savings Account
Tax Law The federal government could auto-enroll your kid in a tax-advantaged ‘MAGA savings account’ if the latest House GOP tax plan becomes law.
-
Six 401(k) Perks You May Not Know About
401(k) plans have gotten an upgrade over the years. Here's a look at what your plan may offer.
-
What to Expect as Tariffs Reach Cars
Higher vehicle prices and delayed repairs are among the potential effects.
-
The Rule of 240 Paychecks in Retirement
The Rule of 240 Paychecks can help you plan for a lifetime of withdrawals. Because, like any good boss, you need to pay yourself wisely.
-
Two Estate Planning Issues You Should Never Overlook
This estate planning attorney explains why proper asset titling and beneficiary designations make a big difference when it's time to transfer your wealth.
-
The Four D's That Could Force You to Sell Your Business
Business owners (or their heirs) can be rushed into a sale of their company if they haven't planned for a major change in circumstances — or the four D's.
-
Is ESPN’s New Streaming Service Worth It?
ESPN will release its standalone streaming service this fall for $29.99 per month for one year. Is it worth the cost? We'll break it down.
-
Stock Market Today: Nasdaq Outperforms as Big Tech Rallies
The Dow Jones Industrial Average closed lower for a second day as Amgen and Merck fell.
-
Worried Social Security Benefits Will Be Cut? This Is How Much More You Need to Save to Be Safe
The Social Security trust fund will be insolvent in 2033 and by 2035 will have to reduce benefits by 17%. Here is now much more you need to save to cover the potential shortfall.
-
The Odd Couple: Renting Out a Room in Retirement
Whether you're more Golden Girls or Felix Unger, renting out a room in retirement might make financial sense. You might even have fun.