10 Reasons Why You Should Know Your Net Worth

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Your net income is based on your gross or pre-tax income and reflects your annual salary or based on hourly wages times the number of hours you worked.

Gross income consists of commissions earned and interest income from investments. Deductions for taxes and pension and retirement accounts will be your net income for the year.

10 Key Reasons Why You Need To Know Your Net Worth:

1. Key Benchmark

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Knowing your net worth is essential to set your immediate and long-term goals and planning your family.

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You should track changes in your net worth as early as possible to make sure you are making progress in managing your money correctly.

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Citi Credit Card Rules:

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An ample emergency fund should provide some needed padding for unexpected events like a lost job. Liquidity can vary among different assets we own.

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5. For Borrowing Your bankers will want to review your financial statements, including an income statement with your earnings history and your net worth.

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