November 6, 2004 08:18 AM
How Much Are You Really Worth?
Excerpt: If you're like most people, you've never figured out your net worth. Maybe you've eyeballed your assets; added up the house, the 401(k), the brokerage account and the cars, and then subtracted the mortgage, the car loan and a few other things and come up with a roundabout figure, but you need to do better than that.
Microsoft founder Bill Gates is worth about $48 billion, according to Forbes magazine. Donald Trump, about $2.6 billion. Oprah slides in at $1.3 billion. And Martha Stewart is no longer in the billionaires club, but she still has a hefty $335 million or so. What do these people have that you don't? Besides a lot more spending money, that is? They know their net worth.
If you're like most people, you've never figured out your net worth. Maybe you've eyeballed your assets; added up the house, the 401(k), the brokerage account and the cars, and then subtracted the mortgage, the car loan and a few other things and come up with a roundabout figure, but you need to do better than that.
David Marotta, of Marotta Asset Management in Charlottesville, Va., says computing a net worth statement is one of the first things he has prospective clients do.
READ FULL STORY ...
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