Why Knowing Your Net Worth Is Important & How Clark County Credit Union Can Help

Everyone has a net worth of their own. What does "net worth" mean? Why do you need to know it? How can you find out what your net worth is? Clark County Credit Union is here to help you answer these questions.

Keys to Discovering Your Net Worth

Definition of Net Worth

Simply put, net worth is the combined value of each and every thing you own plus your financial assets. It is comprised of non-financial and financial assets. Then you subtract any outstanding debts you owe. Your home should be considered part of your net worth. You take the overall value of the home, then subtract the mortgage and any other related liabilities, and you come up with the value of it.

Why Is It Important to Know Your Net Worth?

The level of importance placed on knowing your net worth is subjective. Some people may place more importance on it than others. For those to whom it is important, they often want a snapshot of their own financial situation at any given point in time. Another significant reason is they wish to know what they have accomplished during their lifetime. Knowing their net worth helps paint a picture of their overall financial achievements. If this person is relatively young, they ought to still have time to make positive adjustments to their net worth.

How Can Clark County Credit Union Help You?

As a credit union, Clark County Credit Union differs from traditional banks in that we are member-owned. All members must have specific criteria met in order to qualify for membership and receives a bonus dividend every year. Like a traditional bank, CCCU has a variety of savings and checking accounts. If members have a lot of money accumulated in an array of savings accounts, that money counts when adding up your net worth totals. Contact us at 702-228-2228 to learn how we can help you calculate your net worth.