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Determining what you’re worth in dollars and cents: Net worth
Net Worth equals Assets minus Liabilities
A strong positive net worth indicates that you
Own more than you owe
Don’t borrow more than you can pay for
Can pay off a loan by liquidating assets, if necessary
Probably know more about net worth than you realize
To prove to a lender that you’re net worthy, type up a page that lists your assets and liabilities and presents your net worth. If you have a spreadsheet program or a personal finance program, such as Quicken, use the Reports feature to generate a net worth report.
Checking and correcting your credit report
Good credit is gold. Without it, you have access only to your own money. With it, you can put other people’s money to work for you. Whenever you apply for a loan, the lending institution performs a credit check — sort of a background check to make sure that you’re not up to your gills in debt, that your income covers expenses, and that you pay your bills on time.