Determining the monetary value of your assets and liabilities is a crucial aspect of financial planning. Net worth, in essence, represents the difference between what you own and what you owe. Calculating your net worth enables you to assess your financial standing and make informed decisions about your future.
Historically, calculating net worth was a time-consuming process that required manual compilation of financial records. However, the advent of financial software and online tools has greatly simplified this task, making it accessible to individuals of all financial backgrounds.