Definition of

Net worth

Net worth
How much a person owns (their assets) minus what they owe to others (liabilities).

Example: Alex has $1,000 in the bank, a $5,000 car, but has a credit card debt of $500.

So Alex's net worth is $1,000 + $5,000 (assets) − $500 (liabilities) = $5,500
 
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