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Create a Personal Balance Sheet Calculating your personal net worth/equity is the best way to know exactly what your starting point is, in any financial plan you develop. A balance sheet calculates your net worth by comparing your financial assets (what you own) with your financial liabilities (what you owe). The difference between the two is your personal net worth. OMG I have a negative net worth. Don’t be discouraged if your net worth is negative —keep in mind that this should be an accurate depiction of your financial situation. Setting goals is much easier once you know what your current net worth is. Before you get started, pull together all of the information that you have available. You’ll need your latest bank statements, as well as the principal balance of any loans you have. Once you have all of that information available, start developing your balance sheet by listing all of your assets (financial and tangible assets) with the values. Cash (in the bank, money market account