A net worth statement reflects your financial health by calculating assets (what you own) minus liabilities (what you owe).  Think of it as a financial “selfie”. It’s a snapshot of your financial standing and is used for financial planning, loan applications, and tracking personal wealth over time. Regular updates help you make informed decisions, set realistic goals, and identify areas needing attention.  You can create your own net worth statement or use technology like the Mosaicfi, MyMosaic Portal.  Where to begin:

• List all your assets (everything you own; use current statements and market values):
  • Cash in bank accounts
  • Investment/retirement accounts
  • Real estate
  • Vehicles
  • Business interests
  • Valuable items/collectibles
  • Life insurance cash value

• List all your liabilities (everything you owe, including credit card debt that you pay off monthly):
  • Mortgage balance
  • Car loans
  • Credit card debt
  • Student loans
  • Personal/business loans
  • Any other debts

• Calculate:
  • Add up total assets
  • Add up total liabilities
  • Subtract liabilities from assets to get your total net worth

That’s it!  It is a straightforward document that helps provide insight into your financial strength.  Whether you will be able to withstand financial setbacks (i.e. job loss, health issues, compromised earning due to child & family care issues, etc.), your net worth statement can help you determine.

It is important to treat this as a living document that evolves along with your financial situation. Regular updates help you make better financial decisions and build long-term wealth.

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Mosaic FI, LLC is a registered investment adviser. The opinions expressed herein are those of the firm and are subject to change without notice. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Any opinions, projections, or forward-looking statements expressed herein are solely those of Leslie Meisner and Jenifer Aronson, may differ from the views or opinions expressed by other areas of the firm, and are only for general informational purposes as of February 14, 2025.

Mosaic FI, LLC has provided links to various other websites. While Mosaic FI, LLC believes this information to be current and valuable to its clients, Mosaic FI, LLC provides these links on a strictly informational basis only and cannot be held liable for the accuracy, time sensitive nature, or viability of any information shown on these sites.