Net Worth Question

[meaghanchan]

Even a depreciating asset is an asset. If I could sell it in a week to avoid an eviction, and it's of any significant value (over $500ish), then I count it. As long as you're honest with yourself about the value of things (neither that car you bought for $20k five years ago nor that computer you bought for $2000 two years ago are still worth what you paid) I think including them makes more sense.

[Aleta]

When you go to a financial planner, they ask you for items you never thought about putiing down before. It's really about what are you TOTALLY worth? When people pass away, their items are assessed at market value on the day they pass away so that the next person will assume the new cost basis from that point on.

I also try to do an up-to-date type of thing, to see where we are financially. You can go to zillow.com and get a rough estimate of your house or rental property.

Again, the net worth thing is just about you adding up everything that you own and giving it some kind of value. One never knows when they would need to sell something.