To calculate the person's net worth, we can use the following formula:
Net Worth = Total Assets - Total Liabilities
Total Assets:
- Emergency Fund: $5,000
- Car Value: $8,000
- Retirement Account: $15,000
- Home's Market Value: $250,000
Total Assets = $5,000 + $8,000 + $15,000 + $250,000 = $278,000
Total Liabilities:
- Car Loan: $2,000
- Credit Card Debt: $900
- Mortgage: $100,000
Total Liabilities = $2,000 + $900 + $100,000 = $102,900
Now, we can calculate the net worth:
Net Worth = Total Assets - Total Liabilities Net Worth = $278,000 - $102,900 = $175,100
Therefore, the person's net worth is $175,100.