1. Creating a Net Worth Statement#
FirstName LastName

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

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

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

5. 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 = ________. #

6. 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. #

7. 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 #

8. # 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)

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