Knowing your net worth is very important for making big
financial decisions that are in your best interest. It’s also important to know
if you want to truly understand the state of your current financial health and
come up with the right solutions that will help you improve it.
So, what is your net worth? And what does it mean exactly?
Your net worth is how much money you are technically worth when looking at all
the money you have, the assets you own, and the debts you’ve incurred, and it’s
kind of like a financial report card or a snapshot of your current financial
situation.
How to Calculate your Net Worth
Calculating your net worth is actually pretty simple and
shouldn’t take you too long to figure out, especially is you just need an
estimated net worth.
First Step
The first thing you need to do is make a list of all your
assets. Your assets are literally everything you own. This includes the money
in your bank accounts and the worth of the house you live in. These plus
retirement accounts, the cash in your wallet, savings and investment accounts
along with higher value material possessions like your car or expensive
artwork, fur coats, or high-end furniture. Add all of these up to get a total
value for your assets.
Second Step
Next, you will need to make a list of your liabilities which admittedly isn’t as fun to think about as your assets. Add up all your debts like your mortgage, car loans, personal loans, title loans, credit card debt, student loans, and any other type of debt you might have. This number will be the total value of your liabilities.
Third Step
The final step is easy enough with a calculator: simply
subtract your liabilities from your assets and, simple as that, that number is
your net worth!
Easy Ways to Track your Net Worth
Now tracking your net worth is a different story, not because it requires a different calculation, but because doing that calculation every single month is time consuming and unappealing. Luckily, there are a few ways you can track your net worth more easily without so many calculations.
Personal Capital
Personal Capital is a website that equips you with some great tools to watch your money and what makes it even better is that it is completely free. You’d be able to access all your debts and assets in one single place you don’t have to add them up every time.
2. Mint from Intuit
Another great online management
tool you can use is Mint. Mint is from Intuit and features both a website and
an app for both iOS and Android users. Mint will keep close track of all your
bank accounts, investment accounts, along with all your credit cards and
student loans. Plus, you can use it to create your own budget and categorize
your spending so you can slowly increase your net worth over time. Mint is also
conveniently free
In order to improve your financial situation, you need to
know where you currently stand and the best way of doing that is through
knowing your net worth!
Singer and record producer R. Kelly has a net worth of $150 million.
Born Robert Kelly on the south side of Chicago, R. Kelly dropped out of high school to perform as a subway musician, but eventually won the $100,000 prize on the television talent show Big Break.
He signed with Jive Records in 1991 and released the album Born into the 90s with his group Public Announcement; in 1993, R. Kelly released his solo debut, 12 Play, which was eventually certified six times platinum.
At the same time, the singer began a career producing records for others, including the debut album of the teenaged pop singer Aaliyah.
Singer and record producer R. Kelly has a net worth of $150 million
In 1995, his album R. Kelly sold four million copies; soon after, his single I Believe I Can Fly topped the charts and won three Grammy Awards.
R. Kelly released a series of multiple-platinum albums in the 2000s, as well as the multi-part hip-hop opera Trapped in the Closet, which he released to radio stations in short portions, and the next portion of which is due out in the spring of 2010.
In 1994, R. Kelly married the then-18-year-old Aaliyah, though the marriage was later annulled.
R. Kelly went on to marry dancer Andrea Lee in 1996; the couple had three children before divorcing in 2009.
With a net worth of $11.2 billion, Rupert Murdoch’s divorce from Wendi Deng could be the most expensive ever.
Rupert Murdoch was married three times and his split from second wife, of 32 years, Anna Murdoch, in 1999, is currently the world’s biggest.
Anna Murdoch received $1.7 billion of his assets – including $110 million in cash, according to ABC news.
The second most expensive divorce was in 2008, when Formula One tycoon Bernie Ecclestone settled with Slavica for $1.2 billion.
Australia-born Rupert Murdoch took residence in the U.S. in 1974 and became a naturalized American citizen in 1985, based in New York City.
Rupert Murdoch and Wendi Deng filed for their divorce at the New York State Supreme Court this morning. It is not clear which of them will move out of their Upper East Side apartment.
As well as New York being their main residence, Rupert Murdoch and Wendi Deng may have filed their petition in the city because it’s “a place where prenups are generally given a significant amount of presumptive validity by the courts”, Bernard Clair, an established Manhattan divorce lawyer not involved in the Murdoch case, told NBC.
The issue of such validity would arise if the agreement was challenged in court.
With a net worth of $11.2 billion, Rupert Murdoch’s divorce from Wendi Deng could be the most expensive ever
Entering into a prenup has long been an option in the U.S. and all states recognize premarital agreements through statutes or court decisions.
Such agreements have only recently become legally enforceable in Australia, since 2000; and prenups first became legally recognized in Britain in 2010.
A pre-nuptial agreement is a contract entered into before marriage which specifies property and financial distribution in the event that the marriage terminates.
In the case of the Murdochs, the education and upbringing of the children born to the couple will also be an issue, as they have two daughters together – Grace, 11 and Chloe, 9.
Rupert Murdoch and Wendi Deng had a pre-nup agreement and have held shares in trust for their children, so the divorce is unlikely to lessen the media mogul’s grip on his media empire.
Under the property distribution laws in many states, a spouse who brings a large amount of cash, property, and other financial holdings to a marriage and makes them part of the marital estate may lose much of that property to the other spouse upon divorce.
Therefore, a spouse who brings substantially more money or property to a marriage may want a premarital agreement to protect some or all of those assets if the marriage fails.
Rupert Murdoch’s marriage to his first wife, Patricia Booker, a former shop assistant and flight attendant from Melbourne, lasted from 1956 to 1967.
They had one daughter, Prudence, in 1958. It is not clear what settlement they reached.
Phil Robertson of Duck Dynasty is an American hunting enthusiast, businessman and reality television star with a net worth of $5 million.
Phil Alexander Robertson, 67, is the patriarch of the Robertson family which owns and operates multi-million dollar hunting accessory company Duck Commander.
Phil Robertson of Duck Dynasty is an American hunting enthusiast, businessman and reality television star with a net worth of $5 million
He attended Louisiana Tech where he was the starting quarterback and star of the football team.
Phil Robertson actually started ahead of future NFL hall of famer Terry Bradshaw. Upon graduation Phil Robertson had the option to play football professionally but declined because he didn’t want to miss duck hunting season.
In 1973 Phil Robertson invented the Duck Commander Duck Call which eventually became the gold standard duck whistle among professional hunters. He owns and operates the business alongside his four sons, and wife Kay who have all helped turn Duck Commander into the multi-million dollar business it is today.
The Robertson family and their business are so popular that they now have their very own reality show on A&E called Duck Dynasty.
During the 10 week duck hunting season, Phil Robertson has a tradition of not showering or shaving ever to bring him luck.
Duck hunter and reality television star Si Robertson of Duck Dynasty reality series has a net worth of $2 million, according to reports.
Silas Merritt Robertson is one of the stars of A&E’s newest hit show Duck Dynasty.
Si Robertson of Duck Dynasty reality series has a net worth of $2 million
Uncle Si is the younger brother of family patriarch Phil Robertson who was the original inventor and founder of the Duck Commander company.
Si Robertson is an army veteran who served in Vietnam and was retired in 1993 and went to work full time for Duck Commander where he designs the reeds for all the duck calls.
On Duck Dynasty, Si Robertson can be seen with his nephew Willie Robertson and the entire Duck Commander family.
Jase Robertson is a professional duck hunter and Duck Dynasty reality star who has a net worth of $4 million.
Born in Louisiana, Jase Robertson is one of the sons of Phil Robertson, a man who spent 25 years creating “duck calls” carved out of cedar. Phil’s son, Willie Robertson, armed with a degree in business, turned his father’s handcrafted hobby into a multi-million dollar business. The family currently appears on the reality show, Duck Dynasty, which follows them as they negotiate the business world and their personal lives.
Jase Robertson is in charge of manufacturing the duck calls, the most popular of which is the “Duck Commander”. He hand tunes all of the calls.
Jase and Missy Robertson
He is married to Missy Robertson. Missy was born and raised in West Monroe, Louisiana. She attended the Ouachita Christian School where her mother was a teacher. Today, Jase and Missy Robertson’s three children attend the same school. Missy has been married to Jase Robertson for 22 years. They are both very religious and point to their faith in God for giving them the strength to make it through all of life’s challenges. Now that Missy Robertson is a bonafide celebrity, she hopes to use the responsibility to help her church and all the various charities the Robertsons support.
Duck Dynasty is the second show that has chronicled the lives of the Robertsons. They were first featured on the Outdoor Channel program, Duck Commander.
Amanda Bynes has been recently given full access to her millions and the troubled starlet is splashing the cash after deciding to stop saving, according to reports.
Amanda Bynes, 27, apparently demanded access to her money – including the funds tied up in investments – a few months ago.
A source told Radar Online: “While Amanda was growing up her parents and lawyers controlled all of her money, they put it away in investments so that she would be able to have it when she got older.”
Amanda Bynes has been recently given full access to her millions and the troubled starlet is splashing the cash
“Amanda made a lot of money starting with Nickelodeon and then other TV shows and movies, but she lived like a regular girl when she was young.
“However, a few months ago she demanded that she have complete access to all of the money so she could spend it, not save it anymore.”
She recently told In Touch magazine that she is as rich as the Olsen twins, Mary-Kate and Ashley, who are believed to have a net worth of $300 million.
However, according to sources, in reality Amanda Bynes “is worth $5 to $6 million”.
“Amanda knows she has a lot of money. Before she wasn’t restricted from getting to it, but a lot of it was tied up in investments and banked for her future, but she insisted that she be able to use all of it as she sees fit and there is nothing anyone can do to stop her from spending it all,” the insider told Radar Online.
“Amanda can do whatever she wants for a while with all of her money but it isn’t going to last forever if she spends the way she has been lately,” the source added.
“She’s rich but she could find herself in financial trouble pretty soon.”
Amanda Bynes’ unusual antics include regularly professing her love for rapper Drake which she did once again on Tuesday.
She posted a link to an image of Drake on her Twitter page along with the words: “Loving far apart eyes @drake.”
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