DEFINITION
Net worth is the total assets of an individual, company, or household, minus the liabilities owed. Net worth is also referred to as Net Asset Value.
Individuals with considerable net worth are described as high-net-worth individuals and ultra-high-net-worth individuals.
Why is knowing your Net Worth important?
From a financial perspective, Net Worth or Net Asset Value is the most common measure of wealth
Knowing your Net Worth is important to understand your current financial standing. It also gives you a reference point for measuring your financial progress.
Information Source:
Wikipedia
https://en.wikipedia.org/wiki/Net_worth
