To see if your projects are financially feasible, you’ll need to get a snapshot of your current financial situation.
Determine your net worth
To be able to make informed financial decisions.
Example: Repay your debts, buy a home, travel, adopt an investment strategy, etc.
What is it?
Your net worth is the difference between your assets (what you own) and your liabilities (what you owe).
Assets – Liabilities = Net worth
To find out your net worth:
- Draw up a list of what you own (your assets)
List all chequing and savings account balances, personal property, real estate, and investments in your name.
- Draw up a list of what you owe (your liabilities)
List everything you owe creditors (lenders), including your mortgage, loans and credit card balances.
Calculate your net worth using the Your personal balance sheet. Simply enter the amounts and the math is automatically done for you.
Find out more
Learn about the Financial summary tab on AccèsD. You’ll see how Desjardins members can use this function to create a personal balance sheet right on AccèsD.
Now that you have the results
If your assets are greater than your liabilities, you have a positive net worth. If your liabilities are greater than your assets, you have a negative net worth and are, as they say, “in the red”. You’ll need to put a plan in place to put your financial house in order. You’ll have some work to do when you get to Step 3 – Pay off your debts.
Go to the next step
Now that you’ve determined your net worth, it’s time to outline your monthly income and expenses by using the average of the last 12 months. Go to Step 2 : Draw up a monthly budget.