Statement Regarding COVID-19 ►
Gilliland & Associates, PC
  • Home
  • Company Profile
    • Company Profile
    • Careers
    • Client Testimonials
    • Company Video
  • Services
    • Accounting Services
    • Tax Services
    • Bookkeeping / Write-Ups
    • Financial Statements
    • Financial Services
    • Audits
    • Consulting Services
    • Cash Flow
    • Financial Forecasts
    • Other Services
  • Resources
  • Blog
  • Contact Us
  • Pages
    • Pages

      • #4601 (no title)
      • *WP Mobile Edition (Blog Index)
      • *WP Mobile Edition (Contact)
      • Accounting Services
      • Alexandria, VA Services
        • Audited Financial Statements Alexandria VA
        • Auditing Services Alexandria VA
        • Bookkeeping Services Alexandria VA
        • Business Tax Planning Services Alexandria VA
        • Compilation Services Alexandria VA
        • CPA Services in Alexandria VA
        • Financial Statement Analysis Alexandria VA
        • Financial Statement Review Alexandria VA
        • Individual Tax Planning Alexandria VA
        • IRS Help and Representation Alexandria VA
        • IRS Payment Plans Alexandria VA
        • Nonprofit CPA Services Alexandria VA
        • Preparation of Financial Statements Alexandria VA
        • Small Business Accounting Services Alexandria VA
        • Small Business Tax Preparation Services Alexandria VA
        • Tax Preparation Services Alexandria VA
        • Trust & Estate Tax Planning Services in Alexandria VA
        • Trust Setup Advising Services Alexandria VA
        • Trust Tax Return Services Alexandria VA
      • Annandale, VA Services
        • Accountants for Doctors in Annandale
        • Accountants For Lawyers in Annandale
        • Audited Financial Statements Annandale VA
        • Auditing Services Annandale VA
        • Bookkeeping Services Annandale VA
        • Business Tax Planning Services Annandale VA
        • Compilation Services Annandale VA
        • Construction Accountants in Annandale
        • CPA Services in Annandale VA
        • Financial Statement Analysis Annandale VA
        • Financial Statement Review Annandale VA
        • GovCon Accountants in Annandale
        • Individual Tax Planning Annandale VA
        • IRS Help and Representation Annandale VA
        • IRS Payment Plans Annandale VA
        • IT Accounting Services in Annandale
        • Non-profit Accountants in Annandale
        • Nonprofit CPA Services Annandale VA
        • Preparation of Financial Statements Annandale VA
        • Restaurant Accounting Services in Annandale
        • Retail Accountants in Annandale
        • Small Business Accounting Services Annandale VA
        • Small Business Tax Preparation Services Annandale VA
        • Tax Preparation Services Annandale VA
        • Trust & Estate Tax Planning Services in Annandale VA
        • Trust Setup Advising Services Annandale VA
        • Trust Tax Return Services Annandale VA
      • Areas We Serve
      • Arlington, VA Services
        • Accountants for Doctors in Arlington
        • Accountants For Lawyers in Arlington
        • Audited Financial Statements Arlington VA
        • Auditing Services Arlington VA
        • Bookkeeping Services Arlington, VA
        • Business Tax Planning Services Arlington VA
        • Compilation Services Arlington VA
        • Construction Accountants in Arlington
        • CPA Services in Arlington VA
        • Financial Statement Analysis Arlington VA
        • Financial Statement Review Arlington VA
        • GovCon Accountants in Arlington
        • Individual Tax Planning Arlington VA
        • IRS Help and Representation Arlington VA
        • IRS Payment Plans Arlington VA
        • IT Accountants in Arlington
        • Non-profit Accountants in Arlington
        • Nonprofit CPA Services Arlington VA
        • Preparation of Financial Statements Arlington VA
        • Restaurant Accounting Services in Arlington
        • Retail Accountants in Arlington
        • Small Business Accounting Services Arlington VA
        • Small Business Tax Preparation Services Arlington VA
        • Tax Preparation Services Arlington VA
        • Trust & Estate Tax Planning Services in Arlington VA
        • Trust Setup Advising Services Arlington VA
        • Trust Tax Return Services Arlington VA
      • Audits, Reviews and Compilations
      • Blog
      • Bookkeeping/Financial Statements
      • Burke VA Services
        • Audited Financial Statements Annandale VA
        • Auditing Services Burke VA
        • Bookkeeping Services Burke VA
        • Business Tax Planning Services Burke VA
        • Compilation Services Burke VA
        • CPA Services in Burke VA
        • Financial Statement Analysis Burke VA
        • Financial Statement Analysis Burke VA
        • Financial Statement Review Burke VA
        • Individual Tax Planning Burke VA
        • IRS Help and Representation Burke VA
        • IRS Payment Plans Burke VA
        • Nonprofit CPA Services Burke VA
        • Preparation of Financial Statements Burke VA
        • Small Business Accounting Services Burke VA
        • Small Business Tax Preparation Services Burke VA
        • Tax Preparation Services Burke VA
        • Trust & Estate Tax Planning Services in Burke VA
        • Trust Setup Advising Services Burke VA
        • Trust Tax Return Services Burke VA
      • Business Resources
      • Cash Flow and Budgeting Analysis
      • Centreville, VA Services
        • Audited Financial Statements Centreville VA
        • Auditing Services Centreville VA
        • Bookkeeping Services Centreville VA
        • Business Tax Planning Services Centreville VA
        • Compilation Services Centreville, VA
        • CPA Services in Centreville VA
        • Financial Statement Analysis Centreville VA
        • Financial Statement Review Centreville VA
        • Individual Tax Planning Centreville VA
        • IRS Help and Representation Centreville VA
        • IRS Payment Plans Centreville VA
        • Nonprofit CPA Services Centreville VA
        • Preparation of Financial Statements Centreville VA
        • Small Business Accounting Services Centreville VA
        • Small Business Tax Preparation Services Centreville VA
        • Tax Preparation Services Centreville, VA
        • Trust & Estate Tax Planning Services in Centreville, VA
        • Trust Setup Advising Services Centreville VA
        • Trust Tax Return Services Centreville, VA
      • Chantilly VA Services
        • Audited Financial Statements Chantilly VA
        • Auditing Services Chantilly VA
        • Bookkeeping Services Chantilly VA
        • Business Tax Planning Services Chantilly VA
        • Compilation Services Chantilly VA
        • CPA Services in Chantilly VA
        • Financial Statement Analysis Chantilly VA
        • Financial Statement Review Chantilly VA
        • Individual Tax Planning Chantilly VA
        • IRS Help and Representation Chantilly VA
        • IRS Payment Plans Chantilly VA
        • Nonprofit CPA Services Chantilly VA
        • Preparation of Financial Statements Chantilly VA
        • Small Business Accounting Services Chantilly VA
        • Small Business Tax Preparation Services Chantilly VA
        • Tax Preparation Services Chantilly VA
        • Trust & Estate Tax Planning Services in Chantilly VA
        • Trust Setup Advising Services Chantilly VA
        • Trust Tax Return Services Chantilly VA
      • Company Profile
        • Careers
        • Client Testimonials
      • Consulting Services
      • Contact Us
      • eBrochures
      • Fairfax County, VA Services
        • Audited Financial Statements Fairfax County VA
        • Auditing Services Fairfax County VA
        • Bookkeeping Services Fairfax County VA
        • Business Tax Planning Services Fairfax County VA
        • Compilation Services Fairfax County VA
        • CPA Services in Fairfax County VA
        • Financial Statement Analysis Fairfax County VA
        • Financial Statement Review Fairfax County VA
        • Individual Tax Planning Fairfax County VA
        • IRS Help and Representation Fairfax County VA
        • IRS Payment Plans Fairfax County VA
        • Nonprofit CPA Services Fairfax County VA
        • Preparation of Financial Statements Fairfax County VA
        • Small Business Accounting Services Fairfax County VA
        • Small Business Tax Preparation Services Fairfax County VA
        • Tax Preparation Services Fairfax County VA
        • Trust & Estate Tax Planning Services in Fairfax County VA
        • Trust Setup Advising Services Fairfax County VA
        • Trust Tax Return Services Fairfax County VA
      • Falls Church, VA Services
        • Accountants for Doctors in Falls Church
        • Accountants For Lawyers in Falls Church
        • Audited Financial Statements Falls Church VA
        • Auditing Services Falls Church VA
        • Bookkeeping Services Falls Church, VA
        • Business Tax Planning Services Falls Church VA
        • Compilation Services Falls Church VA
        • Construction Accountants in Falls Church
        • CPA Services in Falls Church, VA
        • Financial Statement Analysis Falls Church VA
        • Financial Statement Review Falls Church VA
        • GovCon Accountants in Falls Church
        • Individual Tax Planning Falls Church VA
        • IRS Help and Representation Falls Church VA
        • IRS Payment Plans Falls Church VA
        • IT Accountants
        • Non-profit Accountants in Falls Church
        • Nonprofit CPA Services Falls Church VA
        • Preparation of Financial Statements in Falls Church, VA
        • Restaurant Accounting Services in Falls Church
        • Retail Accountants in Falls Church
        • Small Business Accounting Services Falls Church, VA
        • Small Business Tax Preparation Services Falls Church VA
        • Tax Preparation Services Falls Church, VA
        • Trust & Estate Tax Planning Services in Falls Church, VA
        • Trust Setup Advising Services Falls Church VA
        • Trust Tax Return Services Falls Church VA
      • Financial Forecasts and Projections
      • Financial Resources
      • Financial Statements
      • Gilliland & Associates Monthly Newsletter Archives
      • Gilliland & Associates Staff Profiles
      • Great Falls, VA Services
        • Audited Financial Statements Great Falls VA
        • Auditing Services Great Falls VA
        • Bookkeeping Services Great Falls VA
        • Business Tax Planning Services Great Falls VA
        • Compilation Services Great Falls VA
        • CPA Services in Great Falls VA
        • Financial Statement Analysis Great Falls VA
        • Financial Statement Review Great Falls VA
        • Individual Tax Planning Great Falls VA
        • IRS Help and Representation Great Falls VA
        • IRS Payment Plans Great Falls VA
        • Nonprofit CPA Services Great Falls VA
        • Preparation of Financial Statements Great Falls VA
        • Small Business Accounting Services Great Falls VA
        • Small Business Tax Preparation Services Great Falls VA
        • Tax Preparation Services Great Falls, VA
        • Trust & Estate Tax Planning Services in Great Falls, VA
        • Trust Setup Advising Services Merrifield VA
        • Trust Tax Return Services Great Falls, VA
      • Home
      • Home Mobile view
      • Individuals & Families
      • Industries We Serve
        • Accountants for Doctors
        • Accountants For Lawyers
        • Construction Accountants
        • GovCon Accountants
        • IT Accountants
        • Non-profit Accountants
        • Restaurant Accounting Services
        • Retail Accountants
      • Invoice Payment
      • Late filing of S-Corp returns can be costly
      • Loudoun County, VA Services
        • Audited Financial Statements Loudoun County VA
        • Auditing Services Centreville VA
        • Bookkeeping Services Loudoun County VA
        • Business Tax Planning Services Loudoun County VA
        • Compilation Services Loudoun County, VA
        • CPA Services in Loudoun County VA
        • Financial Statement Analysis Loudoun County VA
        • Financial Statement Review Loudoun County VA
        • Individual Tax Planning Loudoun County VA
        • IRS Help and Representation Loudoun County VA
        • IRS Payment Plans Loudoun County VA
        • Nonprofit CPA Services Loudoun County VA
        • Preparation of Financial Statements Loudoun County VA
        • Small Business Accounting Services Loudoun County VA
        • Small Business Tax Preparation Services Loudoun County VA
        • Tax Preparation Services Loudoun County, VA
        • Trust & Estate Tax Planning Services in Loudoun County, VA
        • Trust Setup Advising Services Loudoun County VA
        • Trust Tax Return Services Loudoun County, VA
      • McLean Services
        • Accountants for Doctors in McLean
        • Accountants For Lawyers in McLean
        • Audited Financial Statements McLean VA
        • Auditing Services McLean VA
        • Bookkeeping Services McLean VA
        • Business Tax Planning Services McLean VA
        • Compilation Services McLean VA
        • Construction Accountants in McLean
        • CPA Services in McLean VA
        • Financial Statement Analysis McLean VA
        • Financial Statement Review McLean VA
        • GovCon Accountants in McLean
        • Individual Tax Planning McLean VA
        • IRS Help and Representation McLean VA
        • IRS Payment Plans McLean VA
        • IT Accounting Services in McLean
        • Non-profit Accountants in McLean
        • Nonprofit CPA Services McLean VA
        • Preparation of Financial Statements McLean VA
        • Restaurant Accounting Services in McLean
        • Retail Accountants in McLean
        • Small Business Accounting Services McLean VA
        • Small Business Tax Preparation Services McLean VA
        • Tax Preparation Services McLean VA
        • Trust & Estate Tax Planning Services in McLean VA
        • Trust Setup Advising Services McLean VA
        • Trust Tax Return Services McLean VA
      • Merrifield, VA Services
        • Audited Financial Statements Merrifield VA
        • Auditing Services Merrifield VA
        • Bookkeeping Services Merrifield VA
        • Business Tax Planning Services Merrifield VA
        • Compilation Services Merrifield VA
        • CPA Services in Merrifield VA
        • Financial Statement Analysis Merrifield VA
        • Financial Statement Review Merrifield VA
        • Individual Tax Planning Merrifield VA
        • IRS Help and Representation Merrifield VA
        • IRS Payment Plans Merrifield VA
        • Nonprofit CPA Services Merrifield VA
        • Preparation of Financial Statements Merrifield VA
        • Small Business Accounting Services Merrifield VA
        • Small Business Tax Preparation Services Merrifield VA
        • Tax Preparation Services Merrifield VA
        • Trust & Estate Tax Planning Services in Merrifield, VA
        • Trust Setup Advising Services Merrifield VA
        • Trust Tax Return Services Merrifield VA
      • Mount Vernon, VA Services
        • Audited Financial Statements Mount Vernon VA
        • Auditing Services Mount Vernon VA
        • Bookkeeping Services Mount Vernon VA
        • Business Tax Planning Services Mount Vernon VA
        • Compilation Services Mount Vernon VA
        • CPA Services in Mount Vernon VA
        • Financial Statement Analysis Mount Vernon VA
        • Financial Statement Review Mount Vernon VA
        • Individual Tax Planning Mount Vernon VA
        • IRS Help and Representation Mount Vernon VA
        • IRS Payment Plans Mount Vernon VA
        • Nonprofit CPA Services Mount Vernon VA
        • Preparation of Financial Statements Mount Vernon VA
        • Small Business Accounting Services Mount Vernon VA
        • Small Business Tax Preparation Services Mount Vernon VA
        • Tax Preparation Services Mount Vernon, VA
        • Trust & Estate Tax Planning Services in Mount Vernon, VA
        • Trust Setup Advising Services Mount Vernon VA
        • Trust Tax Return Services Mount Vernon, VA
      • Northern Virginia Services
        • Accountants for Doctors in Northern Virginia
        • Accountants For Lawyers in Northern Virginia
        • Audited Financial Statements Northern Virginia
        • Auditing Services Northern Virginia
        • Bookkeeping Services Northern Virginia
        • Business Tax Planning Services Northern Virginia
        • Compilation Services Falls Church VA
        • Construction Accountants in Northern Virginia
        • CPA Services Northern Virginia
        • Financial Statement Analysis Northern Virginia
        • Financial Statement Review Northern Virginia
        • GovCon Accountants in Northern Virginia
        • Individual Tax Planning Northern Virginia
        • IRS Help and Representation Northern Virginia
        • IRS Payment Plans Northern Virginia
        • IT Accountants in Northern Virginia
        • Non-profit Accountants in Northern Virginia
        • Nonprofit CPA Services Northern Virginia
        • Preparation of Financial Statements Northern Virginia
        • Restaurant Accounting Services in Northern Virginia
        • Retail Accountants in Northern Virginia
        • Small Business Accounting Services Northern Virginia
        • Small Business Tax Preparation Services Northern Virginia
        • Tax Preparation Services Northern Virginia
        • Trust & Estate Tax Planning Services Northern Virginia
        • Trust Setup Advising Services Northern Virginia
        • Trust Tax Return Services Northern Virginia
      • Other Services
      • Professional Advisors
      • Resources
      • Reston, VA Services
        • Audited Financial Statements Reston VA
        • Auditing Services Reston VA
        • Bookkeeping Services Reston VA
        • Business Tax Planning Services Reston VA
        • Compilation Services Reston VA
        • CPA Services in Reston VA
        • Financial Statement Analysis Reston VA
        • Financial Statement Review Reston VA
        • Individual Tax Planning Reston VA
        • IRS Help and Representation Reston VA
        • IRS Payment Plans Reston VA
        • Nonprofit CPA Services Reston, VA
        • Preparation of Financial Statements Reston, VA
        • Small Business Accounting Services Reston, VA
        • Small Business Tax Preparation Services Reston, VA
        • Tax Preparation Services Reston, VA
        • Trust & Estate Tax Planning Services in Reston, VA
        • Trust Setup Advising Services Reston, VA
        • Trust Tax Return Services Reston, VA
      • Sample Page
      • Services
      • Share your Gilliland & Associates experience
      • Sitemap
      • Slider 5
      • Small Businesses
      • Springfield, VA Services
        • Audited Financial Statements Springfield VA
        • Auditing Services Springfield VA
        • Bookkeeping Services Springfield VA
        • Business Tax Planning Services Springfield VA
        • Compilation Services Springfield VA
        • CPA Services in Springfield VA
        • Financial Statement Analysis Springfield VA
        • Financial Statement Review Springfield VA
        • Individual Tax Planning Springfield VA
        • IRS Help and Representation Springfield VA
        • IRS Payment Plans Springfield VA
        • Nonprofit CPA Services Springfield VA
        • Preparation of Financial Statements Springfield VA
        • Small Business Accounting Services Springfield VA
        • Small Business Tax Preparation Services Springfield VA
        • Tax Preparation Services Springfield VA
        • Trust & Estate Tax Planning Services in Springfield VA
        • Trust Setup Advising Services Springfield VA
        • Trust Tax Return Services Springfield VA
      • Statement Regarding COVID-19
      • Tax Dates to Remember
      • Tax Planning Guide 2019 – 2020
      • Tax Resources
      • Tax Resources Guide – Thank You
      • Tax Services
      • Tax Services
      • Thank you eBrochures
      • Thank you for your interest in our eBrochure library
      • Thank you for your interest in our extensive reference selections!
      • Thank you for your interest in our Tax Planning Guides
      • Thank You for your Interest in our Tax Planning Tips
      • Thank You!
      • Thank you!
      • Thank you!
      • Thank You!
      • Tysons, VA Services
        • Audited Financial Statements Tysons VA
        • Auditing Services Tysons VA
        • Bookkeeping Services Tysons VA
        • Business Tax Planning Services Tysons VA
        • Compilation Services Tysons VA
        • CPA Services in Tysons VA
        • Financial Statement Analysis Tysons VA
        • Financial Statement Review Tysons VA
        • Individual Tax Planning Tysons VA
        • IRS Help and Representation Tysons VA
        • IRS Payment Plans Tysons VA
        • Nonprofit CPA Services Tysons VA
        • Preparation of Financial Statements Tysons VA
        • Small Business Accounting Services Tysons VA
        • Small Business Tax Preparation Services Tysons VA
        • Tax Preparation Services Tysons VA
        • Trust & Estate Tax Planning Services in Tysons VA
        • Trust Setup Advising Services Tysons VA
        • Trust Tax Return Services Tysons VA
      • Video
      • Vienna, VA Services
        • Audited Financial Statements Vienna VA
        • Auditing Services Vienna VA
        • Bookkeeping Services Vienna VA
        • Business Tax Planning Services Vienna VA
        • Compilation Services Vienna VA
        • CPA Services in Vienna, VA
        • Financial Statement Analysis Vienna VA
        • Financial Statement Review Vienna VA
        • Individual Tax Planning Vienna VA
        • IRS Help and Representation Vienna VA
        • IRS Payment Plans Vienna VA
        • Nonprofit CPA Services Vienna VA
        • Preparation of Financial Statements Vienna VA
        • Small Business Accounting Services Vienna VA
        • Small Business Tax Preparation Services Vienna VA
        • Tax Preparation Services Vienna VA
        • Trust & Estate Tax Planning Services in Vienna VA
        • Trust Setup Advising Services Vienna VA
        • Trust Tax Return Services Vienna VA
      • Welcome To Our Financial Services Section
(703) 448-9121
phone-4060860_1920
June 16 2020

Financial Basics: Calculate Your Net Worth

Financial

Whatever your financial goals in life – whether they include buying a new house, taking a trip to Europe, funding your children’s college educations, having enough money for a comfortable retirement, or all of the above – you are more likely to reach your goals if you do some planning. The fact that you are reading this indicates your desire to plan and to take control of your financial life.

After you’ve set your financial goals, the next step is to determine your current net worth. Only when you know where you are today can you calculate how far you have to go to reach your financial goals in the future.

On a sheet of paper, list everything you own (your “assets”) and everything you owe (your “liabilities”). Subtract the total liabilities from the total assets; the result is your current “net worth.”

In doing this exercise, it’s important to review the actual documents for the specific assets and liabilities and accurately record account numbers, identification, and dollar amounts. It’s easy to forget details about assets and liabilities and to list misleading information.

After you’ve arrived at your current net worth, ask the following questions:

1. Has your net worth increased since you last did this listing? If it hasn’t, you need to determine the reason and perhaps make some changes in your spending, saving, or other financial habits.

2. Does your net worth statement reflect a preference for personal assets such as an expensive home, cars, furs, and jewelry? Your balance sheet should show a concern for acquiring investment assets, not just personal assets that are far less likely to increase in value or produce income that will help you meet other financial goals.

3. Is your debt out of proportion? If your sheet shows excessive debt, especially for personal consumption, that’s a signal to review your spending. Keeping debt under control is essential in good financial management.

4. Have you given enough thought to money needed for retirement? If your sheet shows total neglect for accumulating funds for retirement, you’ll want to make some changes as soon as possible.

5. Are your assets diversified? Diversification is a good hedge against inflation and changes in the economy. Having all your eggs in one basket is seldom a good idea. Also, don’t keep excess cash in no-interest or low-interest accounts unless you have an immediate need for the cash.

6. Where do you want to be three years, five years, and ten years from now, in terms of your net worth? You might determine this by doing projected net worth calculations for three years, five years, and ten years from now.

Conduct a net worth calculation like this every year in order to chart the progress you’re making in increasing your net worth.

Share this:

  • Facebook
  • Twitter
  • LinkedIn
  • Email
  • Print
Share
The Lost Art of Tracking Home Improvements Correspondence Audits: What Everyone Should Know

Related Posts

Mature couple

Financial, Personal Planning

Baby Boomers Become the Sandwich Generation

pexels-photo-261909

Financial, Individual Taxes, Personal Planning, Uncategorized

Paying for college can be less taxing

theft

Business Tips, Financial, Money Management, Uncategorized

Nonprofits should take five simple steps to avoid internal theft

Resources

COIVD-19 Tax Resource Portal
Tax Resources
Business Resources
Financial Resources
Tax Dates to Remember
Pay your invoice online
tax tips

Client Portal Login

Email:

Password:


Forgot your password?
ShareFile by Citrix

Contact Us

7700 Leesburg Pike
Suite 402B
Falls Church, Virginia 22043

Phone: (703) 448-9121
Fax: (703) 893-6485

Areas We Serve | Industries We Serve

Copyright © 2011-2020 Gilliland & Associates All Rights Reserved


Due to various state regulations and registration requirements concerning the dissemination of information regarding investment products and services, we are currently required to limit access of the following pages to individuals residing in states where we are currently registered. Investments products and services available only to residents of: DC, GA, MD, NC, VA, CO.

Site designed and developed by
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.