How To Apply A Formula To Entire Column In Excel Net Worth Calculator in Excel

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Net Worth Calculator in Excel

Why should you calculate your net worth?

An individual’s net worth is defined as the difference between the assets he owns and the liabilities he owes. Therefore, it will tell you whether you are using the assets and whether your finances are in good shape. It also shows you the amount of liquidity or cash you have. Lastly, it shows whether you are checking the interest rate on your assets and liabilities.

What is yours assets?

Assets can include land and houses, cash, stocks, vehicles, mutual funds, insurance funds, art, gold, jewelry, electronics, or other durable goods. When calculating the market value of electronics, cars, or other consumer goods, you need to consider depreciation.

The duties includes all arrears on mortgages, cars and other durable goods. This also includes outstanding credit cards and other loans you may have taken out from friends and relatives. The difference between assets and liabilities gives you your net worth. Does it grow every year? An increase in your net worth indicates that you are financially healthy. Therefore, net worth is a useful tool for determining whether or not you are making financial progress.

You also need to make sure you have enough money to cover unexpected expenses, such as emergency care and expensive hospitalization. A rule of thumb for wealth management is that about 25% of your income should be used to build assets and about 20% should be liquid assets.

Another important aspect that calculating net worth provides is the mismatch between the interest rates on your assets and liabilities. If you are paying higher interest than your liabilities, it is better to pay off the debts by breaking up your assets.

You should check your net worth every year and compare it with the results of the previous year. This is how you can manage your net worth. Details of your assets and corresponding values ​​can be entered in an Excel worksheet and the total asset value can be calculated using the ‘sum’ formula. Similarly, liability descriptions and values ​​can be entered in parallel columns and the total liability amount can be recalculated using the sum formula. You can then easily find your net worth using the formula ‘= total_assets-total_liabilities’. You can use the formula ‘=today()’ to display the date your net worth was calculated. At the top of the worksheet, you can merge and wrap some cells to give the worksheet a title called ‘NET WORTH CALCULATOR’. Of course, the worksheet tab can also be renamed “networth”.

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