One of the first steps in taking control of your finances is getting organized. Making a list of what you own and what you owe is the easiest way to begin.

This list is also known as your net worth statement. Knowing your net worth can help in two different ways. 1. It lets you know what your current financial situation is, and 2. it allows you to have a baseline to measure progress of your goals moving forward.

So let’s get started.

First, list all your assets and things that you own. This includes bank accounts, investment accounts, retirement plans, your home and/or other real estate. Don’t forget to list any assets like cars, tractors or equipment as well as collectibles – things like rare coins or that baseball card collection that you’ve got sitting in your basement. Now calculate what is it all worth.

Next, list all of your liabilities or things that you owe. This would include things like your mortgage, car loans, credit card balances, student loans, and any other loans and/or debt that you may have. What do these debts add up to?

The difference between the total value of your assets and your total liabilities is called your net worth.

If it’s not currently in the positive state you want, that’s okay. It usually takes a while to get into good financial shape, but intellicents is here to help you.

To download a template to help you get organized or find out your next best financial step forward, visit intellicents.com/intellisteps-journey.