Use this calculator to quickly determine what your net worth should be based on your age and income. Your net worth should increase with age and income through your working years.
Your current net worth is defined as everything you have minus everything you owe, or your assets minus your liabilities.
The greater your net worth, the richer you are. The earlier you start saving and building wealth, the richer you will be. You can calculate your future net worth to see what your wealth creation will look like over many years.
Tracking your net worth throughout your life will give you a more encapsulating understanding of your financial health than simply tracking expenses. For most, an increase of net worth comes through the saving of job income and appreciation in value of one's home and investments. Many saw a major swing in their net worth with the real estate boom over the past years.
* The Millionaire Next Door offers a formula for determining whether you have a net worth that is commensurate with your income: Multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by 10. This, less any inherited wealth, is what your net worth should be.
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Calculate Your Future Wealth