I need to know how to Calculate my net worth?

I'm applying for a used car dealer license and they need a net worth of 75000, I need to know how to Calculate my net worth, I have two houses, bought them in 2008. the first one I paid 7000 for it, I spend about 10000 to get it fixed up. the auditor office appraised the house 42000. the second one that I live in it, I bought it from the bank for 62000, I paid 15000 as a down payment, the reminder is 48000. the house is apprised at 110000. how do I calculate my net worth ? I do have about 25000 in my account and a couple cars as well. How do I calculate the value of the car ? they are paid in full. I need to come up with something solid because I need to send this in on paper. do I just print this stuff online ? how do I do the paper work for the net worth ? please if you don't have experience in this don't answer, this is important and I don't have time for mistakes. thanks in advance !

2 Answers

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  • 9 years ago
    Favorite Answer

    Google:

    Net worth calculator

  • Add up the fair market value of everything that you own. Those are your assets.

    Add up everything that you owe. Those are your liabilities.

    Assets - liabilities = net worth.

    Note that appraised value for real estate tax purposes is meaningless. You probably need to get certified appraisals of the value of the property.

    For the value of the cars, use either Kelly Blue Book at http://www.kbb.com/ or NADA at http://www.nada.com/

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