Creating a Net Worth Statement # FirstName LastName

FirstName LastName Writing Prompt (1 Paragraph): Describe your vision of an ideal vacation. Begin prompt here. Be sure to indent. #

Assignment 1: Define the words Below: FirstName LastName Assignment 1: Define the words Below: Wealthy: Assets: Debts: Liabilities: Net Worth: Millionaire: Billionaire: #

FirstName LastName Assignment 2: Identify 5 American Millionaires and 5 American Billionaires and what they’re known for. Millionaires: 1. 2. 3. 4. 5. Billionaires: #

Assignment 3: Net Worth Calculations FirstName LastName Assignment 3: Net Worth Calculations You determine net worth or wealth by using the mathematical formula: Assets – Liabilities = Net Worth Determine the net worth for the people below. The first one is done for you: John has $46,500 of total assets and $22,500 of total liabilities. Net Worth = $24,000 Hewitt has $42,000 of total assets and $28,000 of total liabilities. Net Worth = ________. Jessica has $100,000 of total assets and $39,000 of total liabilities. Net Worth = ________. Laura has $75,000 of total assets and $88,000 of total liabilities. Net Worth = ________. Devon has $1,500,000 of total assets and $700,000 of total liabilities. Net Worth = ________. #

FirstName LastName Assignment 4: Read the Brown Family’s financial situation and fill in their information on the following table to discover their net worth statement. John and Susan Brown have been married for 15 years. John is an insurance agent and Susan has just enrolled in Nursing School at the local community college. They have two children. Mike is 13 years old and June is 6 years old. They have decided that their home is now too small for their family. In order to buy a new house, John feels that it is important to know the net worth of the family so a decision can be made about a possible down payment on a new house. He will also need to know their net worth when applying for a mortgage loan for buying a new house. Their assets and liabilities are shown in the following chart. #

Assets and Liabilities FirstName LastName Assets and Liabilities Amount Car insurance premium and home insurance premiums $6,600 Home furnishings $35,000 Doll collection $2,000 Roth IRA $5,000 Cash on hand Household bills $1,000 Furniture loan $2,200 Savings account $12,000 Home mortgage balance $65,000 Certificates of Deposit $10,000 Automotive loans $22,000 401k retirement plan $30,000 Medical and dental bills $2,500 Credit cards $8,000 Checking account $6,000 Money Market account Home value $150,000 Bank loan Jewelry Susan’s education loan $20,000 Department store credit card $500 Unpaid bills 2 automobiles $38,000 #

# FirstName LastName Assets Liabilities Monetary Assets Amount Debts Cash: Current Debt   Cash on hand Medical bills Checking accounts Unpaid household bills Savings accounts Insurance premiums Money Market accounts Unpaid utility bills Other Other unpaid bills Total Cash: Total Current Debt: Investments: Credit/Charge Card Balances: Savings bond Credit cards Certificates of deposit Department store cards Stocks Bonds Total Credit/Charge Card Balances: Roth IRA 401 K Retirement account Other investments Total Investments: Personal Property: Loans: Home Home mortgage balance Automobile(s) Bank/Finance Company loan Computer Automobile(s) loan Furniture Education loan Jewelry Furniture loan Other property Doll Collection Total Personal Property: Total Loans: TOTAL ASSETS Total Cash + Total Investments + Total Personal Property) TOTAL LIABILITIES (Total Current Debt + Total Credit Card Debt + Total Loans) NET WORTH (Total Assets - Total Liabilities)

FirstName LastName Quick Write (1 Paragraph): Why is it important to know your net worth or wealth? Begin prompt here. Be sure to indent. #