A financial inventory sounds complicated. Where do I start?

Start with a list of your assets and liabilities. Use this worksheet to list what you own (your assets), as well as what you owe (your liabilities). If you are married, indicate if the asset or the debt is in your name separately or jointly with your spouse. Then, find your net worth by subtracting the dollar amount of your liabilities from the value of your assets. 

Property you own might include financial property such as savings accounts, checking accounts, mutual fund accounts, retirement plans, annuities and life insurance. It might also include real property, such as a house or land, or hard assets, such as cars, artwork, jewelry, coin collections and furniture. Debts include mortgages, credit card balances, car loans and other money you owe.

While you're doing this inventory, record serial and model numbers, take photos or make a video of your possessions, and store these items in your safe deposit box at the bank. If your possessions are ever stolen or destroyed by a fire, flood or other natural disaster, you'll have a record of what you lost. This record will help you file a claim with your insurance company.

©2001. National Endowment for Financial Education. All rights reserved.

Note: Certain content areas in this material are current as of the publishing, but legislative and regulatory changes as well as new developments may date this material over time. This content is meant to provide general financial information; it is not meant to be a substitute for or to supersede specific professional or legal advice.