Net worth sounds as a fancy term for many. However, it’s simply the difference between assets and liabilities.
An asset is, according to Investopedia, a resource you own that has economic value and that can provide a benefit in the future.
A liability instead, is anything you owe to another person or to an organization; for example, a loan or a mortgage can both be considered liabilities.
You can automatically and easily calculate your own net worth through the tool below.