The The Money Principle Net Worth Calculator is ready for use. Just click on the link and it will take you the TMP Personal Finance Tools page! Click on ‘Net Worth’ and you are ready to go.
TMP Net Worth Calculator is a Microsoft Excel spreadsheet and at first will appear on your screen as a ‘read only’ file: this means that you won’t be able to edit the file. Save it on your computer and have no concern; John is very, very careful about viruses and we have none on our systems. (I also happen to believe, despite being Bulgarian, that any one who spreads viruses on purpose should be punished most severely.)
Once you have saved TMP Net Worth Calculator just enter your numbers and it will calculate automatically the totals under the different headings, your total assets, total liabilities and net worth.
TMP Net Worth Calculator has been used and tested – by us and by The Money Principle readers – for couple years now.
Our mission is to make financial management easier for you. Hence, any constructive feedback will be highly appreciated and taken on board. We’ll also find it useful to know whether there are categories and entries that may be useful but have been forgotten or others that may be redundant.
How easy, or difficult, you find using TMP Net Worth Calculator?
Before I leave you to play with TMP Net Worth Calculator I’d like to mention the following:
#1. Calculating your net worth for the first time – using the tool for the first time – may take a bit of effort. You’ll need to find information that I doubt you have at your fingertips (I know I didn’t have it.
#2. Information about the different kinds of expenditure you’ll have by using TMP Budgeting Tool. If you are using other PF tools for these, no problem: just fill in your total spend per month. The Net Worth Calculator will calculate your monthly cash flow provided you have filled in the income part of the tool.
#3. About income, I find it useful to use ‘income after tax’.
#4. You’d noticed I’ve included ‘cash value of life insurance’. If you’d like to know how much you’d be worth to the ones that survive you, leave it in. If, on the other hand, you are using your net worth to make decisions about life don’t include it.
#5. Be as precise as you could be when filling in the spreadsheet. After all, if you can’t blame the tool if you base your decisions on wrong information.