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Create Your Own Net Worth Snapshot

Updated: Apr 17

Follow these simple guidelines to get your net worth snapshot in place and begin your complete financial plan

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Did you know that 61 percent* of Americans don't keep track of their money? This begs the question: How can you know if you have enough money if you don't know how much you have?  

Most of us have a general idea about how much money we have in our savings account and approximately how much we have in our 401(k). But, that doesn't mean it's all gravy!

People often tell us two things: they wish they had an organized snapshot of all their cash, assets, accounts, debts, etc. at any given moment; and, people worry that their spouse will be blindsided if they pass away. The second worry is especially true for couples who have one person designated to manage the finances. But rest assured, we've seen some cool tools that can help with these worries.  

Our Recommendation

To start with, consider if you're a digital or paper kind of person. Spend the time getting everything in one place. Make a list and share it with your spouse or valued family member. Get organized and make sure all important documents are in a safe place, including things like account usernames and passwords. From there, download Pocketnest to get all of your accounts in one place—don't worry, it only takes approximately 15 minutes—and set up your budget.

Your Action Plan

Once you get your Pocketnest account set up, next comes your net worth snapshot.

Collect all of your assets and liabilities for your snapshot:

  • Checking accounts

  • Savings accounts

  • Investment accounts, like retirement and taxable accounts, old 401(k)s

  • Investment real estate, or other atypical investments

  • Kids' college savings accounts 

  • Pensions

  • Active credit cards

  • Debt balances, including personal, credit, mortgage, and student loans

  • Value of any businesses you are involved with

  • Life insurance that has a cash value

Next, you'll want to keep documentation of your accounts. This will help you keep everything in order and, importantly, will help your loved ones understand your finances in the event of your passing.

Important documents to compile for your loved ones:

  • Net worth snapshot, featuring all of the content above

  • Debt documents, including personal, mortgage, student, and credit

  • Investment real estate, or other atypical investment backup, including title/ownership structure, etc.

  • Life insurance policies, including personal, work, old policies your parents may have purchased for you as a child

  • Home owners and car insurance policies

  • A copy of your budget, if you have one

  • A copy of your estate documents, or a note where to find them if your attorney has them

  • If you have a closely held business, buy-sell agreements, etc.

Once you compile your net worth snapshot and compile your documents, it's time to log onto Pocketnest and complete the rest of your financial plan.

*Business Insider, "61% Of US Adults Don't Keep Track Of Their Money"


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