To calculate the net worth, you subtract the total liabilities from the total assets.
First, let's calculate the total assets:
- House: $190,000
- Car: $36,000
- Computer: $1,115
- Savings account: $27,844
- Retirement savings: $90,291
Total Assets = $190,000 + $36,000 + $1,115 + $27,844 + $90,291 Total Assets = $345,250
Next, let's calculate the total liabilities:
- Mortgage: $114,500
- Credit card balance: $3,062
Total Liabilities = $114,500 + $3,062 Total Liabilities = $117,562
Now, we can find the net worth:
Net Worth = Total Assets - Total Liabilities Net Worth = $345,250 - $117,562 Net Worth = $227,688
Therefore, the net worth is $227,688.
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